A joint study by BNP Paribas Cardif Insurance and Medián highlights growing optimism among Hungarian workers regarding job security and financial stability. Conducted in the last quarter of 2024, the BNP Paribas Cardif Labour Market Stability Index reached 76 points, showing a modest one-point increase compared to the same period the previous year.
The research revealed a notable rise in confidence among workers about securing a new job if they were to face unemployment. The sub-index measuring this confidence rose by four points to 65. Notably, 34 per cent of respondents now believe they could easily find a new job matching their qualifications, up from 30 per cent the previous year, while those expecting difficulty in job searching decreased from 15 per cent to 10 per cent.
Despite the positive outlook, the survey paints a nuanced picture. While 64 per cent of participants expressed no concern about losing their jobs within the next year, this reflects an eight-point decline compared to last year. Conversely, the proportion of those with mild worries rose from 11 per cent to 16 per cent.
The study also highlighted an improvement in workers’ financial readiness for potential unemployment. The percentage of respondents who claimed to have savings to last over a year increased from 19 per cent to 21 per cent, while those with savings sufficient for seven to twelve months rose from 8 per cent to 11 per cent. Meanwhile, the proportion of households with less than a month’s worth of savings fell from 18 per cent to 15 per cent.
‘Compared to last year, there’s a significant positive shift in attitudes towards unemployment,’ noted Kiss Márk István, CEO of BNP Paribas Cardif Insurance. He attributed the optimism to larger financial buffers and increased confidence in finding new employment.
‘The proportion of households with less than a month’s worth of savings fell from 18 per cent to 15 per cent’
While optimism about finding new work is growing, confidence in the stability of current positions remains consistent. The sub-index measuring workers’ trust in the longevity of their current jobs reached 77 points, reflecting a stable trend. According to the survey, 57 per cent of respondents believe their current position will remain secure for at least five more years—a slight increase from last year.
In terms of employer stability, 72 per cent of participants are confident their company will operate for at least another five years, while those predicting four to five years of stability rose from 5 per cent to 8 per cent.
First introduced in 2014, the index measures workforce confidence in job security, willingness to adapt to job market challenges, and the perceived ease of finding new employment. It is based on a representative survey of 1,200 adults in Hungary, stratified by age, gender, education, and settlement type.
By offering a comprehensive view of trends and changes in workforce attitudes, the index provides valuable insights into the labour market’s stability. BNP Paribas Cardif continues to support workers by developing accessible insurance products that safeguard individuals against unexpected challenges, strengthening their financial resilience.
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