Almost 37% of the Bulgarians are Unable to Face Unexpected Financial Expenses

Society | May 5, 2020, Tuesday // 17:22| Views: | Comments: 0
Bulgaria: Almost 37% of the Bulgarians are Unable to Face Unexpected Financial Expenses www.pixabay.com

In the European Union (EU), almost one in three people were unable to face unexpected financial expenses (32%) in 2019. These people were not able to face unexpected financial expenses such as costs for surgery, a funeral, a replacement of washing machine or a car in 2019, Eurostat data showed.

Since its peak in 2012 (40%), the ability to handle unexpected expenses has improved markedly. Due to lockdown implemented across the world in 2020 to slow down the rapid spread of the coronavirus, the ability to face unexpected financial expenses is crucial, especially in case of loss of income.  

The highest shares of people unable to face unexpected financial expenses was reported among single person households: 40% of single persons were unable to face unexpected financial expenses, and in particular 56% of single persons with children. Higher shares were recorded for single females (43%) than for single males (36%).

In contrast, the lowest shares were recorded in households with two adults: 25% were unable to face unexpected financial expenses; 28% of two adult households with one dependent child and 26% of those with two dependent children.

Among all household types, the proportion of people unable to face unexpected financial expenses was lowest for two adults, of whom at least one is 65 or over (24%).

Inability to face unexpected financial expenses highest in Croatia, lowest in Malta

Among the EU Member States, the share of people unable to face unexpected financial expenses was highest in Croatia (52%), followed by Latvia (50%), Greece and Cyprus (both 48%), Lithuania (47%) Romania (44%). Bulgaria (36.5%) ranks after Romania, Eurostat data showed.

This means that more than 1/3 of Bulgarians are unable to meet unexpected costs.

Fewer than one in four people were unable to face unexpected financial expenses in Denmark (23%), Czechia and the Netherlands (both 22%), Luxembourg, Austria and Sweden (all 20%, 2018 data) as well as Malta (15%).

We recall that in 2019, the rate of severe material deprivation in the EU-27 was 2.8 percentage points lower than in 2015, down from 8.4 % to 5.6 %.This rate varied substantially between EU Member States

In 2019, the highest rates were 19.9 % in Bulgaria, 15.9 % in Greece and 12.6 % in Romania, while the lowest rates, all between 2.7 % and 2.4 % were in Czechia, Germany, Denmark, Slovenia, the Netherlands and Finland;

In general between 2015 and 2019, the highest rates among the EU Member States were recorded in Bulgaria (decreasing from 34.2 % in 2015 to 19.9 % in 2019), Romania (peaking at 23.8 % in 2016 and in excess of 10.0 % for all years between 2015 and 2019) and Greece (peaking at 22.4 % in 2016 and in excess of 10.0 % for all years between 2015 and 2019).

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Tags: unexpected financial expenses, eurostat, Bulgaria
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