The latest survey by Comparis has suggested that more than a quarter of the Swiss population have less money today than they did in 2022. Experts have blamed the higher cost of living, heightened insurance premiums and skyrocketing rental costs.

Quarter of Swiss report being poorer than a year ago

According to the study, 28 percent of the population of Switzerland reported having less money in August 2023 compared to the same time the year before. Low-income households have been impacted the most, with 38 percent of those with gross monthly incomes of less than 4.000 francs reporting having to tighten their belts over the last year.

For those with salaries of between 4.000 to 8.000 francs a month, 30 percent reported having less in their wallets compared to 2022. Comparis noted that women are most likely to have less to spend, with 31 percent expecting that they will have less money available this year. For men, this figure was just 23 percent.

Ticino the region struggling most with higher costs

When broken down by region, Ticino is the area with the most people struggling with 39 percent of the population facing worsening finances this year. In German and French-speaking Switzerland this value dropped to 19 percent. Those living in rural areas were also more likely to face austerity compared to the residents of cities.

When asked why they have less money than a year ago, a whopping 65 percent said it was because of the cost of health insurance. Bear in mind that the survey was taken before the announcement that the cost of all basic and supplemental health insurance plans would rise by 8,6 percent on average when policies are renewed for 2024.

Costs only set to rise further, say Comparis

The cost of renting a house or apartment and the heightened interest rates on Swiss mortgages were the second most common reasons given for having less money. The heightened cost of living was the final crucial factor, with a quarter of respondents nationally and 60 percent of Ticinese now saying they would shop abroad to avoid higher Swiss prices.

Looking to the future, Comparis consumer expert Michael Kuhn said that the “burden of these two expenditure items will continue to increase, as both health insurance premiums, as well as rent and mortgage costs, will continue to rise…This particularly affects people who are already restricting themselves financially more often than average and paying attention to every franc.”