New Survey Shows - One in Four People Spend More Than They Earn
Anyfin AB•September 26, 2023
- 28% report that their debts have increased over the past 12 months.
- 27% of Swedes struggle to make ends meet each month as their expenses typically exceed their income.
- 36% are in a situation where they cannot cover an expense over 10,000 SEK without taking out a loan.
- 91% do not consider negotiating their loan terms when money is tight.
Stockholm, 27 September 2023 – A recent survey by YouGov, commissioned by Anyfin, highlights how persistent high inflation is putting pressure on household finances, with millions of Swedes reporting an increase in their debts. More than one in four Swedes (27%) struggle to make ends meet each month as their expenses typically exceed their income. Additionally, 36% are unable to cover an unexpected expense of over 10,000 SEK without taking out a loan, and 28% report that their debt is greater now than a year ago.
Swedes are employing various strategies when money runs short. The most common approach is to cut back on expenses (64%), followed by trying to sell something (29%) and attempting to find a side job (16%). Nine percent try to renegotiate the terms of their loans and credits in such situations.
"It is clear that many are facing significant financial challenges right now, and cutting back on expenses is not always an option when living on the edge. The fact that one in four people spend more than they earn is alarming and frankly a societal issue that we need to address," says Felix Sjöholm, financial health expert at Anyfin.
