Due to the corona pandemic and inflation, many incomes fell in Austria last year. According to a survey by Statistics Austria, one in three had less money available in 2021 than a year earlier. Almost half have saved or borrowed. Savings were mainly made on consumption, such as food and services.
The most common reasons for the lower income were short-time working, wage cuts and unemployment. In addition, respondents often mentioned high inflation. “Despite a huge expansion of benefits and subsidies, the Corona crisis has had clear social consequences. Every third person of working age had to deal with a loss of income by 2021 – with sometimes noticeable effects on consumption options and life satisfaction,” said director- General Tobias Thomas of Statistics Austria Tuesday.
The unemployed and those employed in certain professions, such as services and sales, agriculture, crafts, operating or assembling systems and machines, and unskilled workers were particularly affected.
cost of living problems
In detail, 39 percent limited their consumption, for example with food, clothing or services. Nearly half said they had to fall back on savings or borrow money. About 14 percent took no specific action. Likewise, many have great difficulty coping with their livelihood, regardless of the development of the past twelve months. They experience the cost of living as a special burden.
Higher income
“On the other hand, the income situation of every sixth person has improved over the same period,” Thomas explains in a broadcast. The main reasons for this were longer working hours, an increase in professional income or a new job or job change. In the previous year, the income winners were mainly academics, people in technical professions and managers.
Source: Krone
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