More than half of all Flemish households face financial worries. 3 in 10 households do not even have enough left over at the end of the month to pay their bills, even in two-income households. The figures come the ‘Family Barometer’, a survey conducted by the Gezinsbond, the Family Association.
Householders’ spending power i.e. how much a household can buy on average is under pressure. The Family Barometer global index, which surveys parents with children each quarter, drops further to 6.5 out of 10.
The Gezinsbond is particularly worried about the income index. In less than a year, it has gone from 6.3 to 5.3 out of 10 and the index is "worryingly low", the organisation reports.
1 in 7 families seek financial help
Even having a job is less and less a guarantee of financial peace of mind. As many as 32 per cent of those who work report having difficulty making ends meet.
1 in 7 families sought financial help from family or friends last year. Energy bills are a problem, but so too are high prices in the supermarket. "Food is still much pricier than say a few years ago," says Ivo Mechels, president of the Gezinsbond.
18 per cent of workers have no savings
The results are particularly alarming for people in the low-skilled group. 80 per cent of those surveyed with only a lower secondary school diploma indicated difficulty making ends meet. Among single parents the figure is 69 per cent.
Among families with a family member with care needs, 54 per cent worry about their family budget. In contrast among the group with a master's degree, only 13 per cent report difficulty in making ends meet.
Savings reserves also score poorly: 18 per cent of people in work have no reserves at all, another 24 per cent say they have a savings reserve of less than 3 months' wages.
"Less than a year ago in the first Family Barometer, this was 13 and 21 per cent respectively. Household purchasing power is really under severe pressure and things are heading in the wrong direction," adds Ivo Mechels.
Two realities
The Family Association identifies two clear realities. Highly educated workers with well-paid jobs and fringe benefits generally enjoy high well-being in all areas of life.
Families on lower incomes were already struggling and are finding it increasingly difficult to get all the bills paid. "As the Family Association, we are concerned about this evolution. It is clear to us that measures to protect and strengthen the purchasing power of families are urgently needed. It is 5 for 12," Mechels says.