(This means not having any savings, spending all of your paycheck within a single pay period)

16 comments

  2. Well it really depends, mostly if that happens it’s because ppl are overspending compared to their income or have some previous debts (also most often it’s a self-made problem). I know ppl who only make about 1200 euros a month (close or under the poverty line here, can’t recall exactly) but still travel abroad multiple times a year, they just count every cent and are very cheap in their everyday life. We have really good social security system so even a working person may receive the benefits if calculations prove that they need it to survive (there are limits how much is reasonable rent etc. necessary things per person etc). I think mostly if that happens without previous debts it’s because they are living in an overexpensive apartment, they eat too fancy food or otherwise overspend. I’ve been on welfare myself and I could still afford to get some nice things for myself and I managed to save money for the vet bills of my pet etc. with my 500e/month budget.

  3. Here in Sicily, pretty common.

    In fact people living day to day is also really common here…a lot of people don’t even have a regular paycheck, they work on the black market.

    Those with a good, medium-high monthly salary are a fairly small minority.

  4. Fairly common, a quick Google gave me some 15% of all households who have no savings at all, and a further 20% have less than 2.000 euro’s to their name and are unable to save from their paycheck. With the looming recession and the energy prices, it is bound to get worse.

  5. Not that common I think. I don’t find any data about the subject. Maybe I live in a bubble and don’t know the word the search for the data.

    I know we have a culture to save money in the flemish part. There are articles that can’t save and need to use their savings.

    Maybe an other belgian has beter information.

  6. Here in Kraków, Poland, I live from a tourist to a tourist and at this time of the year it really sucks 😅

  7. I can‘t find any hard numbers but I wouldn‘t say it’s too incredibly high. Culturally unnecessary debt and overspending is frowned upon, so most people live within their means. Not saying most people have a lot of money, but living truly paycheck to paycheck, without any kind of savings or buffer is not super common

  10. Hungary – fairly common, I think, especially among pensioners, many of whom live on such a ridiculously small pension, I can’t even begin to imagine how they can get by, especially those who don’t have a family that could support them.

    And it’s going to be even more people forced to do this, what with over 40% inflation on grocery prices, and energy prices having shot over the roof. See, in other countries governments provide at least *some* kind of support for people to deal with crazy energy prices, especially during winter. Not here in Hungary! Where, after a decade of keeping utility fees artificially stable and having the propaganda machine go “lol don’t worry, Fidesz/Orbán gives you all the energy you want crazy cheap! 👍” a few months ago they basically said “well guys, that’s it, no more cheap energy, you’re on your own now, good luck. 👍”

    Sooo yeah. This is hitting people incredibly hard because a lot of them found that their gas bills have not doubled but often tripled, and most of these people live in old, outdated, badly insulated houses. Never mind those who can’t afford to keep their businesses open anymore…

    (“Funny” detail: this year they poured tons of money and energy into openly mocking the EU for suggesting ways for people to cut back on energy usage and spending. Orbán himself said things like “here it will be warm in the winter, there men can give birth” and “the left says we should use less water, electricity and gas, well, I’d say something about this but I won’t because I respect all mothers”, and so on… clearly believing that by sucking up to Putin he could avoid the energy crisis hitting Hungary. Well, he couldn’t, but a week or so before the announcement of abolishing the energy price cap, he at least managed to double his own salary, and that of Parliament representatives. I honestly can’t understand how people can just take all this shit lying down, wtf is wrong with this country…)

  11. I see it a lot here. Even more since pandemic started. Much more since it “finished” (all restrictions ending in England).

    I remember seeing it a lot growing up though. Mid 00s onwards. Quite common.

  13. The latest survey by VCIOM says 40% of Russians have no savings at all. Even among the other 60% many can save only by living a very frugal life.

  15. In my social circles in Portugal, it’s pretty much the norm. Having a sizeable amount of savings is the exception.

  16. I don’t know if it’s that dire, but poor money management is quite common in my field of social -and healthcare helpers and I suppose assistants and nurses too.

    In my husband’s field of sales/engineering (he’s a technician not an engineer by education but does the same work as the engineers) to the oil an pharmaceutical industry, it’s unheard of. Everyone in the company he works for have also opted for private health insurance even though healthcare is free here and staring private retirement savings early (20s) is the norm as well.

    I was in my late 30s before I began to save up for retirement because I don’t trust public retirement to be around when I need it, but I couldn’t afford to begin to save until my husband decided to help me out. None of my colleagues have thought of private retirement savings.

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