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Poll: Nearly 1 in 4 say income not sufficient to cover rising consumer prices

Most respondents reported holding back on spending on food and groceries, restaurants and cafes, travel and fuel.

The survey found that women saved significantly more money than men on items such as food and groceries. Image: Aalto Puutio / Yle

With consumer prices rising this year, nearly one out of four people living in Finland said they believe they will not be able to cover their living expenses, according to a new survey conducted by pollster Taloustutkimus.

Almost half of respondents said they expected their economic situation to worsen this year.

"In particular, those in employment between the ages of 35 to 49 believe that their financial situation will deteriorate this year. This is partly explained by the fact that this year's wage growth has been moderate," said Masa Peura, Senior Vice President of Everyday Banking at the OP financial group.

Most people saved on food and groceries

The survey found that a majority of consumers in Finland held back on spending on food and groceries, restaurants and cafes, travel and fuel.

A majority of respondents also reported they had reduced unnecessary driving, and nearly a fifth said they walked and cycled more often than before.

Young people particularly affected

Most affected by price hikes were 15-24-year-olds, 65 percent of whom said that the increases had a negative effect on their spending.

"Many young people have not yet accumulated their own wealth and do not always have a salary, so they look for cheaper alternatives when purchasing essentials," Peura said.

The survey also found that women saved significantly more money than men on items such as food and groceries.

Even if their own household spending had not yet been affected by rising prices, almost all respondents reported concern about them.

Around 1,000 people aged 16-79 responded to the survey online in June and July. The survey was conducted on behalf of OP Financial Group.

Finland's inflation rate rose to around 7.8 percent in June, the highest rate the country has seen since 1984.