site.btaOver Half of Bulgarians Earn Just Enough to Cover Their Monthly Expenses - Survey

Fifty-eight per cent of Bulgarians surveyed by payments platform Paysafe say they earn just enough to cover their monthly expenses. Twenty-five per cent say they do not earn enough to cover their monthly need; for Generation Z that share is 29%. 

The survey was conducted by Sapio Research on behalf of Paysafe between May and June among 14,500 respondents aged 18 and over from the UK, US, Canada, Mexico, Germany, Austria, Bulgaria, Italy, Peru, Chile, Brazil, Colombia, Argentina, and Ecuador. In Bulgaria, the respondents number 1,000 people, Paysafe said. The plaftorm's annual Inside the Wallet report explores consumers' spending and saving habits.

According to the data, most respondents in Bulgaria expect an increase in their incomes in the next five to ten years. Fifty-one per cent expect an increase by some 10%, while 10% of respondents expect no increase. Despite their limited incomes at the start of their career, people from Gen Z and Millennials are hopeful that their incomes will grow by 19% and 17%, respectively, in the near future.

In the survey, many Bulgarian consumers said they live paycheck to paycheck, which explains their reduced ability to save: 39% set aside less than 6 % of their income each month and 15% fail to save at all. They also attribute their lack of ability to save on the platform to the rising cost of living, with respondents indicating that they are spending much more on groceries (68%), utilities (55%) and basic goods (51%). 

The survey data shows a dose of optimism among Bulgarian consumers, with 56% of respondents (78% of whom are Generation Z) expressing confidence about their financial future. Nineteen per cent of respondents in Bulgaria (compared to 27% for other markets) are saving to buy their first home. This percentage rises to 32% for Generation Z, who expect to invest in a new home before they turn 32. 

According to the survey, members of Generation Z believe they can retire before age 61 (49%); for Bulgaria, that percentage is 35%. 

The survey also reports that 44% of consumers in the country have changed their spending habits compared to the previous year, with this figure at the global level being 56%. Not only have they become more aware of price changes for various goods and services, but they are also looking for a wider choice of payment methods, from debit cards and bank transfers to digital wallets and cash, the platform reported.

The study also reports a shift in payment methods, with debit cards (74% for Bulgaria and 53% globally) being the most used this year compared to 2023. Credit cards (38%) and digital wallets (27%) are also increasing in popularity. Entirely new payment methods and platforms are also emerging: 59% of consumers in this country have made an online purchase via social media, with 38% using this option multiple times a year. The survey also shows that 35% of Bulgarian respondents now use a smartwatch or other small handheld device to pay at physical outlets.