Three quarters of the German-speaking Swiss population feel comfortable or even very comfortable with their financial situation, as a ZHAW survey shows. However, there are sometimes considerable differences depending on gender, level of education and income.
The researchers understand financial well-being as a state in which a person can meet financial obligations and is not worried about their future because of money.
How comfortable a person feels with their financial situation depends on many different factors. For example, women and divorced people have significantly lower financial well-being. In addition, homeowners assess their situation better than tenants.
Higher education ensures greater well-being
The study also shows that well-being increases continuously with the level of education. Graduates from universities and technical colleges also showed the highest level of well-being of over 80 percent.
The proportion of people with a high school diploma, BMS or secondary school diploma or those with a federal specialist certificate, specialist diploma or master’s certificate is also comparatively high at three quarters. Graduates of a vocational apprenticeship or a commercial school qualification fall slightly behind, accounting for two-thirds.
Legend: According to a ZHAW study, how comfortable you feel with your financial situation also depends on your level of education. IMAGO / image broker
Meanwhile, there is a clear discrepancy among people with only compulsory primary school qualifications. Here, only a little more than half felt comfortable with their own financial situation.
In contrast, the differences between full-time and part-time employees, self-employed people and pensioners are only small. Around three quarters feel financially comfortable. Only among students and people in training did a third of those surveyed express a very low to moderate level of well-being. Only among housewives and housemen is there a significantly higher proportion of dissatisfied people at 43 percent.
The savings rate remains high in Switzerland
Compared to the last study from 2018, saving behavior in Switzerland has not changed. Four out of five people still put money aside.
Details about the ZHAW study
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The representative one Study “More income, fewer financial worries? – Findings on financial well-being in Switzerland” from the ZHAW examines the psychology of household finances, i.e. the effects of finances on the psychology of a private household. A total of 1,054 people in German-speaking Switzerland were surveyed for the study in spring 2023. The results from the survey were used to make comparisons with surveys from 2018 and international comparisons were made. The study was carried out by researchers from the ZHAW School of Management and Law.
Almost three quarters of those surveyed (71 percent) save money for “security and freedom”, which is nine percentage points more than five years ago. Only then do categories such as holidays (59 percent) and retirement provision (55 percent) follow at a clear distance. The increase in retirement provision was particularly significant at 11 percentage points.
“In a year-on-year comparison, we see above all that saving for safety has become more important in order to financially cushion oneself against the unforeseen,” says ZHAW researcher Selina Lehner, classifying the numbers.