Coronavirus – Majority of Hungarians to lose most of their reserves?

One out of every ten Hungarian employee already has significant financial losses because of the virus. 8 pc of them has already been sent on leave without payment while 3 pc was fired.

According to Index, 1/4th of Hungarians think that they have to go on unpaid leave, or they will shortly get fired. Furthermore, 2/3rds of the people said that the virus causes financially difficult times for them. Business owners are especially pessimistic – 80 pc of them expect negative news about the economy. Interestingly, only 2 pc of the people had to use their financial resources as of yet, but

more than 40 pc of Hungarians have postponed their big purchases.

People hope that the government will ease the safety measures by the beginning of June while they expect the end of the epidemic by mid-August. 

The above-mentioned findings were the most important results of a survey conducted by ZRI Závecz Research and CAWI Services. They asked 6,400 people online between the end of March and the beginning of April, representing the population of Hungary.

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The highest rate of employees sent on unpaid leave is in the tourism and catering sectors, where 1/4th of them are waiting for a new job and salary. If someone is educated, there is a smaller chance that they will lose their job: 5 pc of those having a degree was fired, but this rate is 10 pc among those who only have basic qualifications. In villages, this rate is 11 pc, while in Budapest, it is only 4 pc. In the tourism sector, 5-6 pc of employees have already lost their job.

56 pc of those working in the tourism sector fear that their salary will be reduced or revoked. Meanwhile, this rate is 45 pc in the catering sector. If that happens,

more than 70 pc of the people working in these two sectors think they will face financial difficulties, starting as early as May.

If one lives in the country and does not have a qualification, there is a much higher chance that the negative economic effects of the virus will have a significant impact on their lives.

More than 71 pc of business owners think that their income will decrease in the next months, and the older they are, the worse expectations they have about the future.

64 pc of Hungarians think that the virus will affect them negatively from a financial point of view, and only 13 pc of them hope that the crisis will not affect them.

People between 50 and 65 have the worst expectations

in that respect, probably because they are before retirement, so if they lose their job, it is harder for them to find a new one.

Only 52 pc of people have some kind of savings, but only 2 pc of them had had to use at least part of that already. 40 pc of people decided not to buy something they had planned to buy before.

25 pc of Hungarians think that measures implemented to stop the spread of the virus will be eased in one month, 37 pc of them say that this will happen only 2 months later, while 25 pc said that it will not happen until July. Furthermore, 20 pc said that the end of the epidemic will be in June, 43 pc thinks that it will not happen until July-August, 20 pc voted for half a year, and 17 pc said that it will need even more time.

Source: index.hu