In comparison to the rest of Europe, living conditions in Switzerland are some of the best, with a high standard of living being fuelled by good jobs and high salaries. However, poverty does remain a concern, with 8,5 percent of the population on a low income.
New data released by the Federal Statistical Office (FSO) shows that in 2020, disposable income in Switzerland remained high: 2,6 times higher than Greece, 1,4 times higher than France and 1,2 times higher than Germany. Despite high prices, workers were compensated by rewarding work contracts that offer good salaries.
Switzerland had a better standard of living than its neighbours and all European countries except Luxembourg and Norway, when ranked by the purchasing power of its citizens. In a survey conducted in 2020 by the FSO, 40,4 percent of the population aged 16 or over were very satisfied with their current life - an increase of 1 percentage point compared to 2014.
Only Ireland, Denmark, Finland, Austria and Norway had comparable figures. However, the FSO said that early indications show that life satisfaction has declined slightly during the pandemic.
It was also stressed that 8,5 percent of the population still had a “low income.” The FSO defines low income as “not having the financial means necessary for a socially integrated life,” at around 2.279 Swiss francs a month for a single person and 3.963 for families with children.
Around 720.000 people in Switzerland were affected by income poverty in 2020, either through low pay or reliance on welfare and unemployment benefits. Around 158.000 people didn’t earn above the poverty line, despite having a job. The FSO said that expats and those without higher education were the most affected.