The financial satisfaction of Belgians continues to weaken. A survey of 5,000 people about personal well-being and living conditions conducted by Statbel, Belgium’s statistics office, has shown that Belgians rank their financial situation as 6.6 out of 10, down from 7 the year before.
The survey asked Belgians about how satisfied they were with the financial situation of their household. Scores of 0 to 10 were collected from each household about their financial situation, where zero is equivalent to "not at all satisfied" and ten is "completely satisfied."
The results of the survey have been viewed by experts as concerning. The percentage of individuals who gave a (very) low value, between 0 and 5, has significantly increased. This third-quarter survey shows that 20.9% of Belgian households are unhappy with their financial situation, compared to 14.7% just a year ago.
In contrast, fewer Belgians consider their financial situation to be satisfactory (score of 8-10). In 2021, only 39.4% of respondents said that they were satisfied with their finances, against just 33.8% this year. The share of individuals who gave scores of 6 or 7 remained stable.
Feeling the pinch
Data shows that it is the most vulnerable members of society who are feeling the pressure of inflation and increased economic pressure, partially a result of the war in Ukraine.
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People in the first and second income quintiles, the 40% of the population with the lowest incomes, went from an average financial satisfaction score of 6.4 and 6.6 respectively, to 6.0 a year later. Likewise, young people, the unemployed, those unable to work, households with four members or more, and families with children have experienced a significant deterioration of their household finances.
Respondents were also asked to rank their personal relationships and general life satisfaction for the third-quarter of this year.
While these criteria remain largely unchanged from last year (7.7, 7.3), there is a marked decrease in general life satisfaction for the poorest people in society. Their life satisfaction score dropped by up to 0.3-0.4 points for personal relationships and general life satisfaction, compared to the same period last year.
As of 2021, one in eight people in Belgium now live below the poverty line. Most of these people are found in Brussels, where 25.4% of residents live in a household affected by poverty.
