Households in Luxembourg struggling: almost 25% could barely make ends meet in 2021
23.6% of all households in Luxembourg were struggling financially, barely making ends meet in 2021. 69.5% of Luxembourgers were paying off a loan or other debts. For them, this has become a serious economic burden. Such data was published by the STATEC agency today, July 26. 4353 households participated in the survey.
The number of households with financial problems has decreased compared to the last year. In 2020, it was as high as 26.5%. Loans and debts weighted 3.5% less on Luxembourgers than last year. The world economy as a whole recovering after the difficult first year of the pandemic is likely the cause.
But there are also negative changes. 3.9% of households are in a very difficult financial situation. That’s a third of a percent more than a year ago. And 67.5% of the residents of the Grand Duchy are not ready for any unexpected expenses in 2021. Compared to 57.5% last year this is rather distressing.
STATEC has not yet provided any data for 2022. But there is already cause for concern. Inflation and the energy crisis have already significantly raised the cost of living in the country.
Luxembourg has support programs for households in difficult financial situations. There’s also help from EU. We recently wrote about a grant of 390 thousand euros, which was allocated to provide food for the poor and those approaching the poverty line in the Grand Duchy.
