Households lost 13 000 crowns during corona time

Czech households lost an average of thirteen thousand crowns due to the coronavirus, according to a survey by the MindBridge Agency. According to it, more than half of Czechs had their incomes reduced or expenditures increased. On the contrary, some people used the crisis to invest or started saving for worse times.

According to the survey, 43 percent of people lost part of their income, on average it was about 24,000 crowns until the beginning of the summer. It is for such cases that experts recommend creating a financial reserve of at least three monthly household incomes. According to the experts, people should put aside roughly one-third of their salary. If their income is very low, it should be at least ten percent.

But not everyone can do it. Although the survey shows that almost a third of respondents have savings for half a year or more, a quarter of households would last a maximum of two months and fifteen percent of people even less than a month.

More often than the average, the coronavirus had a financial impact on Prague residents (67 percent) and on entrepreneurs (72 percent). According to the survey, the least financially affected were seniors.