The income situation in Austria has improved again despite the economic crisis. This is evident from a study by Statistics Austria and IHS. In the third quarter of 2024, 21 percent of respondents indicated that they had suffered a loss of income in the past twelve months. However, for 43 percent the income situation has improved slightly or significantly.
Compared to the previous year, the number of income losers has decreased. However, the share of respondents who perceive an improvement has also fallen slightly since the last quarter. At least eleven percent indicate that they had difficulty with their current income in the third quarter.
Food and housing costs cause problems
Despite the improved income situation, 30 percent of 18 to 74 year olds indicate that they are (much) less able to manage their household income than twelve months ago. The main reasons for this were the additional food costs and higher housing and energy costs.
The results of the study show that people living in households with children under the age of ten are exposed to significantly greater financial and social risks than people in comparable households without children or with older children. 62 percent of people in multi-child households with young children report difficulty or rather difficulty making ends meet; a considerably higher figure than, for example, for couple households without children (25 percent).
Single parents are particularly affected
People from single-parent households with young children (70 percent) also had a worse income than people from single-person households (50 percent). Moreover, housing costs are a heavy burden for a third of people in single-parent families with young children. For more than half (53 percent) of this group, an annual holiday of one week is not affordable.
Minister of Social Affairs Johannes Rauch, on behalf of whom the regular research is carried out, pointed out in a press release that there had been improvements on almost all parameters: “Our research once again makes it clear that this aid has reached the people with the increase.” Pensions, social assistance and all social and family benefits of 4.6 percent will also provide a noticeable relief in the coming year. However, further steps are needed. For him, this also includes establishing basic child safety ‘in the longer term’. He hopes this will be at the top of the priority list in the coalition negotiations.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
