Europe's financial health: who considers themselves poor

According to Eurostat data for 2022, the average score of satisfaction with financial situation among residents of the European Union was 6.6 out of 10. This is lower than the average level of general life satisfaction of 7.1, which indicates a certain gap between the feeling of life comfort and personal financial situation.

The highest scores are recorded in the Nordic countries, with the Netherlands (7.6) and Finland (7.6) leading the way, followed by Sweden (7.4) and Austria (7.3). These results reflect not only high income levels, but also confidence in the social support system, labour market stability and, importantly, the predictability of the economic environment. In these countries, financial security is not felt as a privilege, but as a norm.

At the other end of the scale are six countries where satisfaction with financial situation fell below 6 points. The absolute outsider was Bulgaria with a score of 4.6, indicating a strong perception of a lack of funds even for basic needs. This is followed by Greece (5.3), Croatia (5.7), Slovakia (5.8), and Hungary and Latvia (5.9 each). These figures illustrate not only real economic difficulties, but also a heightened sense of social vulnerability, especially against the background of rising prices, debt burden and uncertainty about the future.

It is important to emphasise that the data are based on respondents' self-assessment and not on objective economic indicators. This means that personal perceptions may be influenced by cultural and social factors. For example, in some countries high expectations may underestimate subjective assessments, even when living standards are relatively good.

Life satisfaction and financial well-being indicators are collected as part of the EU-SILC project, the largest quality of life survey in Europe. In contrast to the annual overall satisfaction measure, the financial well-being data are published every six years, emphasising their analytical value and sustainability over time.

And while the published figures are for 2022, they reflect a post-pandemic perception, when the impact of COVID-19 has begun to recede and attention has shifted to inflation, the energy crisis and rising interest rates.

The results of the study create a kind of social map of Europe, where on one side are countries with sustainable social policies, high levels of trust in the state and low levels of inequality, and on the other side are regions where economic insecurity remains part of everyday life. For the European Commission, such data is not just a statistic, but an indicator to judge the effectiveness of support measures and priorities for future social policy.