Czechs Declare Household Economic Situation Best in 20 Years

According to the survey, 58 percent of Czechs can easily live on their income. On the other hand, 40 percent of people admit to financial struggles.

The assessment of the economic situation of one’s household is thus the best since 2002 when the Center for Public Opinion Research (CVVM) started this survey.

One-fifth of those who responded consider their household to be poor, which is the lowest proportion since the inception of the survey. The assessment of the economic situation of households has been steadily improving since 2013.

The worst evaluation was recorded in 2012, when only 30 percent of respondents could easily manage to live on their income.

“This was not an accidental fluctuation, but a gradual deterioration after 2008, in parallel with the global economic recession. On the contrary, we have been observing a gradual improvement since 2013, and despite the undercurrent of the coronavirus pandemic, this year’s evaluation is the best for the entire period under review,” said the statisticians.

The first public poll, when the share of positive evaluation outweighed the negative one, was in 2017.

Subjective assessment of household income is highest for university degree recipients, self-employed, and managers. Meanwhile, financial difficulties are more often reported by the unemployed, unskilled workers, and pensioners.

During the last 12 months, which was significantly affected by the coronavirus epidemic, 19 percent of households found themselves in a very difficult financial situation.

One-fifth of people described their household as poor, ten percent as rich, and most people chose the answer “neither poor nor rich“. For those who consider their household rich, the median net monthly household income is about CZK 57,000. In the case of people who chose a neutral answer, the amount is CZK 37,000, and in the case of people who perceive their household as poor, CZK 24,000.

The income of 95 percent of households makes it possible to satisfy basic needs, such as food, clothing, or ordinary household needs.

About four-fifths of people also say that their household income is enough to pay for health care, medicines, and medical devices, which in turn is a problem for 16 percent of respondents.

The survey took place from May 29 to June 13 and involved 957 people.

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