Survey: 42 percent of residents feel effects of increased cost of living
Close to 42 percent of Estonian residents find that their expenses are growing at a more rapid pace than their income, and 46 percent said that the ever-increasing daily upkeep is affecting their well-being, according to the results of a survey by Intrum, a major European credit management service.
For 25 percent of respondents in Estonia, their disposable income after paying their rent, mortgage and other loan commitments accounted for up to 20 percent of their total earnings. 27 percent of respondents, however, said that their disposable income accounted for over 50 percent of their wages, the results of the survey show.
"The average income in Estonia has grown over 8 percent on year, however, despite wage growth, people in Estonia feel that their cost of living has increased," said Ilva Valeika, managing director at Intrum Baltics.
According to the survey, Estonians are diligent in paying their bills. 97 of respondents in Estonia were either certain or rather certain that they would be able to pay their household bills on time. 30 percent, however, said that they had not duly paid their bills on one or more occasions in the past 12 months. The corresponding average figure in Europe was 33 percent.
Altogether 83 percent of Estonian consumers deemed it most important that their gas, water and power bills are paid on time, followed by rent, internet bills and healthcare costs.Education and childcare services-related expenses were prioritized by 24 and 16 percent of respondents, respectively.
Intrum has published the European Consumer Payment Report on an annual basis since 2013. The report is based on an external survey conducted simultaneously among a total of 24,004 consumers in 24 European countries, providing an overview of respondents' expenditures and ability to manage their household finances.
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Editor: Aili Vahtla
