The financial situation for families continues to worsen

Many families in Switzerland have hardly any money left at the end of the month. A situation that has worsened compared to the previous year. This is the conclusion of the Family Barometer 2024, an annual survey conducted by the insurance company Pax and Pro Familia Switzerland to take the pulse of families.

The continuing rise in prices is hitting families hard. For 52 per cent, income is barely sufficient or not sufficient at all. The financial situation of families in French-speaking Switzerland and Ticino in particular is often strained. Health and the associated expenses are the biggest concern for respondents, followed by rental costs, education and inflation.

Reconciling work and family life becomes more difficult if the right framework conditions are not in place.

Philippe Gnaegi, Director of Pro Familia Switzerland

Low-income earners in particular often fall into a negative spiral: the lower the income, the greater the financial challenges for families. In addition, the results across all regions show that not only families with lower incomes, but also those from the middle class have to budget more tightly. For financial reasons, families are the first to forego holidays, followed by visits to restaurants. Leisure activities such as excursions, cinema or museum visits follow in third place.

Fewer children due to rising costs

Around one in two families (49 per cent) are therefore considering increasing their workload. The tight financial situation also influences family planning. For four out of ten families, the costs are even a reason not to have any more children.

«The second edition of the Family Barometer shows that the tense financial situation of families is having an increasing impact on various areas of family life and behaviour,» says Philippe Gnaegi, Director of Pro Familia Switzerland.

This also means the following, for example: For mothers and fathers who have to work more to make ends meet, it is becoming even more difficult to reconcile childcare and caring for relatives. The proportion of families who do not have their child looked after externally has also risen from 37 per cent to 50 per cent. According to the study, the conclusion is that many mothers and fathers can no longer afford to send their child to a daycare centre, for example.

Satisfied with family life despite bleak future prospects

Even though 79 per cent assume that their situation will worsen in the next three years, there are also positive things to report. Despite the financial challenges, the families surveyed are slightly more satisfied with their own family life overall than in the previous year.

At a glance: The most important statements

• Money issues move even more into focus

Financial problems are weighing even more heavily on families in Switzerland than in the previous year. They are most concerned about health insurance premiums, followed by inflation. On the other hand, health, climate change and environmental protection have become less relevant.

• The financial situation of families is worsening

For more than half (52 per cent), income is only just enough or not enough at all. In the previous year, the figure was only 47 per cent. The proportion of families who stated that they were unable to save any money at all (30 per cent) or a maximum of CHF 500 per month (37 per cent) increased.

• Differences between French-speaking, Ticino and German-speaking Switzerland

The financial situation is tighter for families in French-speaking Switzerland and Ticino than in German-speaking Switzerland. In addition, the results across all regions show that not only families with lower incomes, but also those from the middle class have less money in their coffers.

• More support from politicians desired

Respondents want family policy to reduce the cost of health insurance premiums and provide financial support for families.

• Cost pressure prevents family growth

For four out of ten families, the fact that life in Switzerland has become even more expensive is a reason not to have any more children.

• Half of families would like to increase their workload

Around half (49 per cent) are thinking about increasing their level of employment in order to secure or increase their family income. For 35 per cent of respondents, one parent is considering working more, and for 14 per cent, both parents are.

• Satisfaction with family life remains high, expectations for the future pessimistic

Four out of five families in Switzerland are satisfied with their current family life, which is a slight increase compared to the previous year. At the same time, expectations regarding the future development of the situation for families in Switzerland have deteriorated considerably: 79 per cent of respondents expect the situation to worsen over the next three years.

• The majority are satisfied with the compatibility

63 per cent are satisfied with the work-life balance - the same percentage as last year. 65 per cent rate the measures taken by the employer to reconcile work and family life as positive. The work-life balance could be further improved by more flexible working hours and working from home.

• More parents are looking after children at home for cost reasons

The proportion of families who do not make use of external childcare has risen from 37 per cent to 50 per cent, which according to the study could be linked to the associated costs.