Leger X WIN: Cost of Living Study

May 15, 2024

WIN International, the world’s leading association in market research and polling, has published the Annual WIN World Survey – WWS 2024 – exploring the views and beliefs expressed in 33,866 surveys worldwide in 39 countries across the globe. Leger conducted the study in Canada and the United States. WIN has released the latest survey results to uncover the findings, any improvements, or developments made globally, giving a nuanced picture of global financial comfort amidst the backdrop of rising living costs.

Living comfortably in the current financial situation

Despite the escalating cost of living, there has been a 3% increase globally in the percentage of individuals reporting that they are “living comfortably” compared to last year. Sweden is first, with 56% of respondents affirming their financial comfort.
Education emerges as a significant determinant: 54% of those with no education or only primary school education report struggling financially, whereas individuals with a Master’s or PhD cite financial struggle at a significantly lower rate of 26%.
Regional disparities are also evident, with Europeans and individuals from the Asia-Pacific region being more inclined to report “living comfortably” at 32% and 29% compared to counterparts in the Middle East (15%), the Americas (23%), and Africa (25%).

Reducing expenses to fight the cost of living

In an effort to improve their financial circumstances, many individuals have recently implemented cost-cutting measures, with a global average of 42% indicating they have trimmed expenses in the past month. Additionally, 30% express intentions to actively reduce expenses in the coming months in response to the escalating cost of living.
A positive correlation between age and expense reduction emerges, with younger individuals aged 18-24 less inclined to cut expenses (37%), while older generations aged 65 and above are active in expense reduction (42%). Regarding gender dynamics, men exhibit a lower propensity to reduce expenses, with 26% indicating no plans for financial changes and a smaller percentage already having implemented changes (40%) compared to women (44%).
Education and employment status also influence individuals’ propensity for spending adjustments. Those with higher levels of education, such as Master’s or PhD holders, are most likely to perceive no need for alterations in their spending habits (32%), as are retired or disabled individuals (31%).

Vilma Scarpino, President of WIN International Association, says:
“In the face of rising costs, there’s a glimmer of financial comfort globally. Age, gender, education, and employment status all shape spending behaviors, emphasizing the need for tailored strategies to navigate financial challenges. At WIN we’re monitoring the shifts of financial comfort around the world, hoping to encourage change and support for those who need it the most.”

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