A third of Finns cannot get by on their salary. The everyday realities of the economy have changed this autumn. The trend is largely due to the Ukraine war and the EU sanctions agains Russia and the resulting energy crisis. At the same time, 28 percent of Finns have not reduced their consumption in the fall due to the rise in prices.
The prevailing inflation is also reflected in salary increase requests. Between September and November alone, 17 percent of Finns have asked for a salary increase. Half of them did not get a raise. Before September, 15 percent of Finns asked their employer for a salary increase. Next year, 43 percent plan to ask for a salary increase. Only 28 percent of Finns have not reduced their spending this autumn due to the rise in prices. 42 percent of Finns have reduced their spending on money for food, clothes, interior decoration, electronics, hobbies, pastime, driving or services this autumn. The latest information comes from the answers to a survey conducted by Oikotie in November. 1504 Finns responded to the survey.
Every third Finn feels that they cannot get by on their salary at the moment. The everyday realities of the economy have changed this autumn, when the prices of food, goods and services have risen sharply and quickly. The trend is largely due to Russia's war of conquest in Ukraine and the resulting energy crisis. When prices have risen, the value of money has decreased, i.e. inflation has arisen.
- The prevailing inflation is also reflected in salary increase requests. Between September and November alone, 17 percent of Finns have asked for a salary increase. Half of them did not get a raise. Before September, 15 percent of Finns asked their employer for a salary increase. At the same time, 35 percent of Finns reported a salary increase before September. This difference is due to the fact that a significant part of salary increases are received without your own request, as part of company processes, union negotiations or when changing a job, says Joonas Pihlajamaa, director of Oikotie Jobs.
The data on the frequency of salary increases are from two different surveys, so the percentages cannot be directly added together, as there may be people who have requested and received a salary increase both before and after September. The latest information comes from the answers to a survey conducted by Oikotie on the Tori.fi service in November. 1504 Finns responded to the survey. 53 percent of the respondents are men, 43 percent are women, 1 percent are of the opposite sex, and 2 percent did not want to disclose their gender.
Salary transparency increases interest
Only half of Finns estimate that they get enough information about salaries and remuneration from job advertisements.
- For 86 percent of job seekers, the amount of salary stated in the job advertisement increases the interest of the job. Still, only 37 of the employers believe that disclosing the salary amount will increase the number of applicants. This result came from a survey conducted in March. Regarding salary transparency, it seems that employers are slow to adapt to the already existing wishes of job seekers, Pihlajamaa states.
- In the current situation, job seekers are putting heavy emphasis on salary information. At the same time, salary transparency increases the employer's attractiveness, because job seekers desire and appreciate transparency, Pihlajamaa adds.
At the beginning of the year, Oikotie became able to add salary information to job advertisements, but only a small percentage of employers are utilizing this capability.
43 percent want more pay
Inflation will probably continue at least at the current level well into next year. Next year, 43 percent of Finns intend to ask for a salary increase.
- Employers should take into account the broad desire for wage increases. Of course, you don't have to respond positively to requests for a salary increase, but refusal inevitably creates motivation to change jobs. And when up to 43 percent of Finns plan to ask for a raise, the mass is quite large, commented Pihlajamaa.
42 percent have cut back on significant expenses
This fall, 42 percent of Finns have reduced their spending on food, clothes, interior design, electronics, hobbies, pastimes, driving, or services due to rising prices. Only 28 percent of Finns have not reduced their spending this autumn due to the rise in prices.
- Reducing clothing purchases has been the most common reduction, specifically because of the price increase. More than half, 51 percent, of Finns have not bought clothes this fall because of the prices. The second most common is cutting back on grocery shopping. 44 percent have skipped grocery shopping because of the price increase. The third largest number have limited their use of services. 43 percent have done so, says Pihlajamaa.
About 40 percent of Finns have cut back on most consumption items this fall. When it comes to food, clothes, interior design, electronics, hobbies, pastimes, driving or services, the last thing people have been cutting back on are hobbies and driving. Still, 36 percent of Finns have reduced their spending on hobbies, and 38 percent on driving.
HT
Source: Oikotie Jobs
