One in three people in Switzerland fear for their finances in 2023, survey finds

A new study by comparison site Comparis has revealed that one in three people in Switzerland sees themselves as financially worse off now than they were in 2021. The main reason cited for the scepticism was the imminent rise in the cost of health insurance.

One in three in Switzerland worried about finances

According to a survey of 1.000 residents in Switzerland, 33,4 percent expect their finances to worsen in the future, a rise of 16 percent compared with March 2022. Comparis explained that the increase in pessimism is not because of fears of unemployment or a reduction in salaries, but due to rising costs.

63,6 percent of respondents said that the heightened cost of basic and supplemental health insurance in Switzerland was the main reason why they expect to have less money in the future. The government confirmed in September that the cost of basic health insurance would rise by 6,6 percent on average when premiums are renewed for 2023.

According to 20 minuten, the average adult premium for basic health insurance will rise to 4.882 Swiss francs a year in 2023. The cost of insurance is already having a knock-on effect on people’s finances, with 14,1 percent of people surveyed reporting that they had difficulty raising enough money to pay for health insurance even before the premium rise was announced.

Health insurance and rental costs blamed for fears for finances

In second place with 30,8 percent, residents said that the rising cost of renting a house or apartment in Switzerland was the primary cause for concern. This is perhaps unsurprising, as a recent study by IAZI found that rental costs in Zurich have risen by 3,7 percent in the last month alone. Finally, 21,6 percent said that the loss of investment value at Swiss banks and other financial institutions was the main reason for the scepticism.

"In the spiral of inflation, the massive surcharges for basic insurance are omnipresent and fuel concerns about a deterioration in personal finances," noted Comparis finance expert Michael Kuhn. With more cost rises for energy and other goods still on the horizon, it is likely that this scepticism will continue.