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Statistics: Nearly 12% of Finnish residents at risk of "living in poverty"

One-third of individuals who were at risk of living in poverty in 2016 were young adults between the ages of 18-34.

Mies seisoo raha-automaatin edustalla.
Image: Tiina Jutila / Yle

Roughly 623,000 residents in Finland - or some 11.5 percent of the population - were considered to be at risk of poverty in 2016, according to a report published by Statistics Finland on Friday.

Statistics Finland defines those who are at risk of poverty as single-person households with a monthly net income of 1,200 euros or less.

The report shows that about one-third of those living on small incomes were young adults aged between 18 and 34. Half of this group were involved in various educational pursuits.

The share of young adults within the poorest sections of society has grown significantly since 2007. At that time, they made up about 25 percent of the at-risk-of-poverty group, the agency said.

In contrast, fewer Finns aged between 35-49, as well as pensioners, were found to be at risk of living in poverty.

How is poverty defined?

According to Statistics Finland, an individual is considered living in poverty "when their household's disposable monetary income per consumption unit is below 60 per cent of the national median income."

"In 2016, the at-risk-of-poverty threshold for a one-person household was EUR 14,430 per year or EUR 1,200 per month. Income refers to the monetary income after taxes and consists of earned income, property income, and transfer income," the agency stated.

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