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One in three Finns can’t get by on their current salary, survey finds


https://sputniknews.com/20221125/one-in-three-finns-cannot-get-by-on-current-salary-survey-finds-1104670470.html

One in three Finns can’t get by on their current salary, survey finds

One in three Finns can’t get by on their current salary, survey finds

In October, food prices in Finland jumped 15.9% year-on-year and are rising at a pace not seen since the energy crisis of the 1970s. Inflation… 25.11.2022, Sputnik International

2022-11-25T06:19+0000

2022-11-25T06:19+0000

2022-11-25T06:19+0000

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Finland

Scandinavia

crisis

wages

energy crisis

inflation

price increase

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Following a marked change in economic reality in recent months, a third of Finns cannot get by on their current salary, according to a survey by pollster Oikotie. Meanwhile, 42% of Finns have cut back on spending money on food, clothing, home decor and electronics this fall amid an energy and living cost crisis, so that the prices of food, goods and services have risen sharply and rapidly, driving down the value of money. Although hobbies and driving tend to be among the last things people usually cut back on, 36% of Finns have cut spending on hobbies and 38% on driving. Current inflation has also been reflected in demands for salary increases. Between September and November alone, 17% of Finns asked for a pay rise, and only half of them got one. Next year, 43% of them plan to ask for a pay rise, as inflation is expected to continue next year. by far the fastest in the 2000s — and unprecedented since the energy crisis of the 1970s. In addition, many pundits, banks and other financial institutions have warned that food and electricity will continue to accelerate inflation for several months, with no signs of slowing down. to push house prices in Finland to a level not seen since the mid-1990s, the Finnish Mortgage Corporation (Hypo) has warned. and his energy meant “punishment” for his special operation in Ukraine. Amid gas and electricity shortages, Finnish grip operators have warned of possible power outages this winter. The country’s energy crisis has been exacerbated by the delay of the ailing Olkiluoto 3 reactor which will remain offline longer than expected as large-scale power generation will not begin until 2023.

https://sputniknews.com/20221123/delay-at-finlands-new-nuclear-reactor-imperils-countrys-power-supply-1104567883.html

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cost of living crisis, energy crisis, energy shortage, runaway inflation, low wages, crisis in finland

cost of living crisis, energy crisis, energy shortage, runaway inflation, low wages, crisis in finland

In October, food prices in Finland jumped 15.9% year-on-year and are rising at a pace not seen since the energy crisis of the 1970s. Inflation, fueled by soaring food prices and energy, is expected to continue for several months, with no signs of a slowdown in sight.

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

Meanwhile, 42% of Finns cut cash spending on food, clothes, home decor and electronics this fall amid a double-whammy energy and cost-of-living crisis , when the prices of food, goods and services rose sharply and rapidly, pushing the value of money down. Although hobbies and driving tend to be among the last things people usually cut back on, 36% of Finns have cut spending on hobbies and 38% on driving.

“Purchases of clothes were the most common reduction, especially due to rising prices. More than half, 51%, of Finns did not buy clothes at all this autumn because of prices. The second most common is to cut back on grocery shopping. 44% have skipped groceries because of price increases. The third most have limited their use of services. 43% have done so,” said the director of Oikotie, Joonas Pihlajamaa, in a statement.

Current inflation has also been reflected in demands for salary increases. Between September and November alone, 17% of Finns asked for a pay rise, and only half of them got one. Next year, 43% plan to ask for a pay rise, as inflation is expected to continue next year.

“Employers should heed the broad desire for wage increases. Of course, you don’t have to respond positively to requests for a raise, but a refusal inevitably creates motivation to change jobs. And when up to 43% of Finns are considering asking for a raise, the mass is quite large,” said Pihlajamaa.

In October, food prices in Finland jumped 15.9% year-on-year and are rising at by far the fastest rate in the 2000s – and unprecedented since the energy crisis of the 1970s. In addition, many experts, banks and other financial institutions have warned that food and electricity will continue to accelerate inflation for several months, with no signs of a slowdown in sight.

Delay in Finland’s new nuclear reactor puts the country’s power supply at risk

Rising house prices and inflation-induced rise in interest rates are poised to push property prices in Finland to a level not seen since the mid-1990s, the Society has warned. Finnish mortgage (Hypo).

Finland’s spiraling crisis, which largely mirrors that of the eurozone, was prompted by Helsinki’s self-crippling sanctions against Russia and its energy meant as “punishment” for its special operation in Ukraine. Amid gas and electricity shortages, Finnish gripping operators have warned of possible power outages this winter. The country’s energy crisis has been exacerbated by the delay of the ailing Olkiluoto 3 reactor which will remain offline longer than expected as large-scale power generation will not begin until 2023.



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