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Tag Archives: Personal finance

Swiss inflation rises further in May 2022

On 2 June 2022, Switzerland’s Federal Statistical Office (FSO) published May inflation data, which show prices 2.9% higher than one year ago. © Nora Tarvus | Dreamstime.comSwitzerland’s consumer price index (CPI) increased by 0.7% in May 2022 compared with the previous month. Inflation was +2.9% compared with the same month of the previous year. Inflation in Switzerland is currently running at its highest annual rate since 1993. Big drivers of rising prices are higher energy prices and...

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Migros launches 10% deposit home loans in Switzerland

Buying a home in Switzerland is difficult. Homes are expensive and lending is typically restricted to those with a 20% deposit and significant income. Migros Bank, an offshoot of the Swiss supermarket, recently launched a product that reduces the deposit requirement to 10%. © Anneleven | Dreamstime.comMigros bank has launched the new product under the brand Cactous. According to the bank, 9 out of 10 Swiss households are unable to buy because they don’t meet Switzerland’s rigid financing...

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Taxes to fall in the canton of Vaud

A recent political shift following cantonal elections in March 2022 has led to lower personal taxes in the canton starting in 2023, reported 20 Minutes. Photo by Pixabay on Pexels.comThe canton of Vaud has one of Switzerland’s highest personal tax burdens. In 2018, a couple with two children earning CHF 150,000 paid more than three times as much tax in Vaud as the same couple in the canton of Zug. The only cantons where taxes would have cost them more were Neuchatel, Jura, Solothurn, Bern...

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Electricity prices set to jump next year in Switzerland

As the prices of the fossil fuels used to produce electricity rise so must the price of electricity. According to the Association of Swiss Electricity Companies (AES), record market prices mean that a majority of electrical supply companies will have to charge their customers higher prices in 2023. © Valery Shanin | Dreamstime.comA survey run by the Association at the beginning of May 2022 found that half of electricity supply companies in Switzerland plan to increase electricity prices...

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Federal government aims to make Swiss childcare cheaper

Switzerland has the world’s fourth most expensive childcare according to UNICEF. The federal government is working on a package of financial subsidies costing CHF 530 million a year to reduce the cost to parents, reported RTS. Photo by Ksenia Chernaya on Pexels.comA 2021 UNCEF study of childcare in rich nations ranks Switzerland as having the fourth most unaffordable childcare, a measure that considers the cost relative to income. The only places with more unaffordable childcare are...

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Recent price rises only the beginning, says Swiss consumer association

© Debove Eric | Dreamstime.com Food, energy and housing costs are rising in Switzerland and consumers are beginning to change their spending habits. So far inflation in Switzerland has been moderate with annual inflation of 2.5%. However, according to FRC, a consumer association in French-speaking Switzerland, recent price rises are only the beginning, reported RTS. The biggest driver of Swiss inflation is energy where prices have leapt 25%. This appears to be...

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Health premiums to rise 5% says Swiss price comparison website

According to the price comparison website Comparis.ch obligatory Swiss health insurance premiums are set to rise by an average of 5% in 2023, in some cases as much as 10%. Photo by Karolina Grabowska on Pexels.comKey drivers of the rise are the impact of the pandemic and pressure by the federal government on insurance companies to refund reserves to policy holders, said Felix Schneuwly, a health insurance expert at the company. Before the refunds a number of insurance companies had...

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Swiss government concludes discussions on cutting social welfare for foreigners

As part of a revision of the rules related to foreigners in Switzerland the federal government has concluded discussions around cutting welfare entitlements for nationals from much of the world, reported the newspaper Le Matin. © Photosbypanda | Dreamstime.comDiscussions on restricting the welfare paid to some foreigners, which have been going on for some time, concluded on 3 May 2022. The resulting plan aims to cut the amounts of welfare paid in the first three years of residence. It...

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Recent price rises only the beginning, says Swiss consumer association

Food, energy and housing costs are rising in Switzerland and consumers are beginning to change their spending habits. So far inflation in Switzerland has been moderate with annual inflation of 2.5%. However, according to FRC, a consumer association in French-speaking Switzerland, recent price rises are only the beginning, reported RTS. © Debove Eric | Dreamstime.comThe biggest driver of Swiss inflation is energy where prices have leapt 25%. This appears to be affecting consumer behaviour....

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Swiss consumer sentiment drops sharply in April

A survey published on 2 May 2022 shows a marked weakening of consumer sentiment in April in Switzerland. Consumers’ outlook for the general economic situation has turned far more pessimistic, said Switzerland’s State Secretariat of Economic Affairs (SECO). © Marlon Trottmann | Dreamstime.comIn April 2022, the consumer sentiment index plunged to -27, well below the long-term average of −5, marking the biggest decline since the onset of the pandemic in the spring of 2020. Swiss...

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