In the wake of the economic crisis and rising inflation, Czech households are grappling with financial challenges that have impacted various aspects of their lives. A significant number of families are finding it difficult to afford expenses that were once easily manageable. Surprisingly, despite the financial constraints, a determined portion of the population is unwilling to give up on their holiday plans and is exploring alternative ways to make ends meet, such as taking on part-time jobs.

A recent survey conducted by Ipsos for Tymbe shed light on the financial struggles faced by Czech families. Over half of the respondents revealed that they lacked sufficient funds for vacations, while a third of them remained resolute in their determination to maintain their holiday plans. Many respondents reported a monthly budget shortfall ranging from three to eight thousand Czech crowns needed to return to their pre-crisis standard of living. Meanwhile, a quarter of respondents claimed that the crisis had not significantly impacted their financial situation, and just over a quarter reported a shortfall of up to three thousand Czech crowns per month.

According to Michal Harásek from Tymbe, the crisis has affected individuals across the board, but those around 30 years old, particularly families with young children, have been the most severely impacted. Regionally, Prague residents experienced the least financial fluctuation, with a third reporting no constraints in their monthly budgets. In contrast, less than a fifth of people in Moravia expressed satisfaction with their financial situation. Women bore the brunt of the crisis, with four-fifths of them feeling financially burdened.

Despite the lack of vacation funds, 52 percent of Czechs expressed their determination to find solutions and not give up on their holiday plans. Approximately 31 percent planned to save on other expenses, while 30 percent intended to earn extra income through part-time jobs. Women were more inclined to seek additional work, while men were more likely to tap into their savings.

The survey also unveiled additional insights, revealing that one-fifth of Czechs lacked funds for necessities. While 45 percent of young individuals aged up to 26 were reluctant to cut back on entertainment, 75 percent of those over 54 years old expressed willingness to make such sacrifices. Notably, nearly 80 percent of women experienced a deterioration in their financial situation. Around a third of Czechs planned to address the problem by taking on part-time jobs, with a quarter of them falling into the 45 and older age group.

The findings of the survey underscore the financial challenges faced by Czech families in the midst of the economic crisis. Despite these hardships, a significant portion of the population remains resilient and determined to find alternative solutions to maintain their holiday plans and improve their financial situation.

Article by Prague Forum