One in Three Finns Cannot Get By on Current Salary, Survey Finds

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cost-of-living crisis, energy crisis, energy shortages, galloping inflation, low wages, crisis in finland

cost-of-living crisis, energy crisis, energy shortages, galloping inflation, low wages, crisis in finland

In October, food prices in Finland saw a 15.9-percent year-on-year jump and are rising at a rate unseen since the energy crisis of the 1970s. The inflation, fueled by soaring food and energy prices, is expected to continue for several months to come, with no signs of a slowdown in sight.

Following a marked change of the economic reality in recent months, a third of Finns cannot get by on their current salary, a survey by pollster Oikotie has found.

At the same time, 42 percent of Finns have reduced their spending on money for food, clothes, interior decoration and electronics this autumn amid a double-whammy of energy and cost-of-living crises, when the prices of food, goods and services have risen sharply and quickly, pushing the value of money down. While hobbies and driving tend to be among the last things people usually cut back on, still, 36 percent of Finns have reduced their spending on hobbies, and 38 percent on driving.

“Clothing purchases have been the most common reduction, specifically because of the price increase. More than half, 51 percent, of Finns have not bought clothes this fall at all because of the prices. The second most common is cutting back on grocery shopping. 44 percent have skipped grocery shopping because of the price increase. The third largest number have limited their use of services. 43 percent have done so,” Oikotie director Joonas Pihlajamaa said in a statement.

The prevailing inflation has also been reflected in salary increase requests. Between September and November alone, 17 percent of Finns have asked for a salary increase, with only half of them getting one. Next year, wholly 43 percent plan to ask for a salary increase, as the inflation is bound to continue next year.

“Employers should take into account the broad desire for wage increases. Of course, you don’t have to respond positively to requests for a salary increase, but refusal inevitably creates motivation to change jobs. And when up to 43 percent of Finns plan to ask for a raise, the mass is quite large,” Pihlajamaa said.

In October, food prices in Finland saw a 15.9-percent year-on-year jump and are rising at a rate that is by far the fastest in the 2000s — and unprecedented since the energy crisis of the 1970s. Furthermore, numerous experts, banks and other financial institutions warned that food and electricity will continue accelerating inflation for several months to come, with no signs of a slowdown in sight.

Delay at Finland’s New Nuclear Reactor Imperils Country’s Power Supply

The uptick in housing costs and the inflation-driven increase in interest rates is about to push house prices in Finland to a level not seen since mid-1990s, the Mortgage Society of Finland (Hypo) has warned.

Finland’s spiralling crisis, which largely mirrors that of the eurozone, has been driven by Helsinki’s self-crippling sanctions against Russia and its energy meant as “punishment” for its special operation in Ukraine. Amid shortages of gas and electricity, Finnish grip operators have warned of possible rolling power cuts this winter. The nation’s energy crisis has been exacerbated by the delay at the troubled Olkiluoto 3 reactor that will remain offline longer than expected, as full-scale electricity production will not commence before 2023.




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