The economic crisis, accompanied by high inflation, has left its mark on the household budgets of nearly every Czech family. Many people face financial constraints in various areas of their lives, making it difficult to afford the same expenses as before the crisis. Surprisingly, over half of Czechs do not have sufficient funds for vacations; however, a determined third of them are unwilling to give up on their holiday plans and are exploring alternative ways to make ends meet, such as taking on part-time jobs.
A recent survey conducted by Ipsos for Tymbe revealed that a significant number of respondents stated a shortage of three to eight thousand Czech crowns in their monthly budgets to return to their pre-crisis standard of living. Meanwhile, just over a quarter of respondents claimed that the crisis had not impacted them and they could continue to live as they did before. In another quarter they reported a monthly budget shortfall of up to three thousand Czech crowns.
Michal Harásek from Tymbe noted that the crisis has affected everyone to some extent, but the age group most impacted is individuals around 30 years old, primarily families with young children. From a regional perspective, Prague residents experience the slightest fluctuation in their finances, with one-third reporting no financial constraints in their monthly budgets. On the other hand, less than a fifth of people living in Moravia are satisfied with their financial situation. Women are more likely to feel the financial strain, with four-fifths stating that the crisis has burdened them.
Despite lacking vacation funds, every second Czech (52 percent) mentioned their unwillingness to forgo their holiday plans. Instead, they are determined to find solutions. Some individuals plan to save on other expenses (31 percent), while others intend to earn extra income through part-time jobs (30 percent). Women are more inclined to rely on additional work (32 percent vs. 25 percent of men), whereas men are more likely to dip into their savings (26 percent vs. 19 percent of women).
The survey also revealed additional insights, such as one-fifth of Czechs lacking funds for necessities. While 45 percent of young people aged up to 26 are reluctant to cut back on entertainment, 75 percent of individuals over 54 would be willing to sacrifice it. Approximately 80 percent of women experienced a worsening of their financial situation. Nearly a third of Czechs plan to address the problem by taking on part-time jobs; a quarter comprises individuals aged 45 and older.