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Young people’s personal income reached a record high in the second quarter, with the monthly net amount surpassing HUF 200,000 (EUR 501.8) for the first time, according to the latest K&H Youth Index survey.
The average net income for 19-29-year-olds increased by 7 percent compared to the previous quarter, reaching HUF 204,000 (EUR 511.8). This is the first instance in the survey’s history where the average has exceeded HUF 200,000 (EUR 501.8). For young people with an income—who make up nearly 90 percent—the average was HUF 231,000 (EUR 579.5). Full-time employees reported an average of HUF 309,000 (EUR 775.3), while those with salaries above the minimum wage had an average of HUF 360,000 (EUR 903.2). The survey also revealed that over 10 percent of young people have no income, and 16 percent live on less than HUF 50,000 (EUR 125.4) per month.
Conversely, 5 percent earn between HUF 400,000 (EUR 1000) and HUF 449,000 (EUR 1126.6), 4 percent earn between HUF 450,000 (EUR 1129) and HUF 499,000 (EUR 1252), and 5 percent earn over HUF 500,000 (EUR 1254).
Comparing these figures to previous years, the average monthly income of young people was HUF 124,000 (EUR 311) in the second quarter of 2019 and HUF 74,000 (EUR 185.7) in the same period in 2014. This data shows that the average personal income of young people has nearly tripled over the past decade and increased by 60 percent over the last five years. This significant rise is attributed in part to the introduction of personal income tax exemption for those under 25 in 2022.
The survey, involving 300 participants, was conducted between April 25 and May 8, 2024.
Via MTI; Featured Image: Pixabay