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The Financial Life of Hungary’s Gen Z: Online Shopping and Full-Time Jobs

Tamás Vaski 2021.07.14.

A large portion of young Hungarian adults work full-time jobs, donate to civil organizations, and prioritize their families and their health, according to a recent study by Mastercard. The study, shared with MTI on Tuesday, surveyed the financial habits and choices of young adults between the ages of 18-24 in 11 different Central-Eastern-European countries. While Hungary’s Generation Z had similar results to the youth of other countries, there are a few interesting differences.

Mastercard’s study found that around 32 percent of those surveyed have full time jobs, 19 percent have part-time jobs, and 30 percent are dependent on their parents’ support. In Hungary, however, 40 percent of Hungarians surveyed responded that they have full time jobs, 16 percent have part-time jobs, and 22 percent said they are dependent on their parents.

What is Best in Life for Gen Z: Family, Health, Friends, and Love

The average monthly salary of young adults in Central-Eastern-Europe is 450 euros (HUF 160,600), according to the study. Respondents consider it a priority to finish school and be financially independent from their parents, with the ability to sustain a family, a home, and a vacation every now and then. The salaries respondents aim for in the future range between 2,000 and 3,000 euros (HUF 713,700-1,070,560).

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51 percent of respondents agree that there are things more valuable in life than money, the most important values being:

  • Family (67 percent of respondents highlighted this, Hungarians: 62 percent),
  • Health (60 percent, Hungarians: 50 percent),
  • Friends (45 percent, Hungarians: 49 percent),
  • And love life (43 percent, Hungarians: 43 percent).

Many Young Hungarians Worried About Their Future Livelihood

45 percent of respondents also said they donate to various civil organizations, while 34 percent said they do volunteer work. 40 percent of respondents said that looking forward, the state of the Earth is their most prevalent worry.

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Perhaps the most interesting finding from the study is that while 52 percent of all CEE respondents said they are most worried about their livelihood in the future, the thought is especially prevalent for Hungarian youth, with 61 percent of them considering it their greatest worry.

Central Europe’s Generation Z is also extremely involved in the digital world. Respondents said they use social media all the time to stay informed and to stay in touch. The most popular platform is YouTube, followed by Instagram and Facebook.

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Respondents also reported paying far more often with credit cards than with cash. Hungarians fit the CEE statistics with regards to online shopping as well, for clothes (60 percent), groceries (45 percent), and beauty products (41 percent).

Featured photo illustration by Márton Mónus/MTI