Single Hungarians earn twice as more than families with three or more children

According to the Hungarian Central Statistical Office, the income situation of Hungarian families improved in 2017. However, the subjective requirements suggest that the better financial situation the household is in, the higher wages the inhabitants think is needed to cover its needs on a certain financial level.

The gross income per person was HUF 1 million 644 thousand annually, which is 9.3% higher than in 2016, while the net income was generally HUF 1 million 300 thousand (EUR 3 900), being 8.4% higher than last year; real income improved 5.9%, claims Portfolio.hu referring to the statistics of the Hungarian Central Statistical Office.

The income of the households can be distinguished into three groups: work-, social- and other income. Since 2010, an increasing number of the overall income comes from one’s payment, which is a relevant component of a sustainable improvement in living standards.

As it turns out from the statistics, the highest earning people were single men in 2017, whose net income was generally HUF 1 million 754 thousand per year (EUR 5 263), while women earned 7.9% less. The average income of families with children was HUF 1 million 42 thousand (EUR 3 126) which 19.8% less than all the average of all the other households, while pairs without children exceeded this by almost the same rate, earning HUF 1 million 549 thousand (EUR 4 647) annually.

The net income of adults with children increased by 11%, while the increase was 7.1% in the case of childless adults in comparison to 2016. The situation was the worst for single-parent families and families with 3 or more children, whose net income did not reach two-thirds of the national average net income.

Data about how much monthly income per person is needed to cover certain subsistence levels mirror the opinion of the different households: the better financial situation the household is in, the higher wages the members of the household think is needed to cover their needs on a certain subsistence level. An interesting fact is that the best-earning households have 44.7% more income than they think they need to make a living, which means they know they are in a better financial situation than the average.

Interested which Hungarian university has the highest earning graduates? Learn more here.

Source: Portfolio.hu