Can you guess what’s dragging us down?
Europe has always boasted a high number of countries with the best living standards in the world, and now Glassdoor has published a report entitled Which Countries in Europe Offer The Best Standard of Living?
Unfortunately though, and not surprisingly, Britain is tailing near the end of the seventeen countries listed, coming in at number ten. The study measures average wages with the cost of living to determine where people have it best.
When delving into what life is like for people in European countries, pay packets aren’t the leading factor, but more what people can afford to enhance their lives.
‘When it comes to compensation, a larger pay packet isn’t always better. What matters is the ability to afford useful things that enrich our lives,’ said Glassdoor’s Chief Economist, Dr. Andrew Chamberlain.
‘Average wages vary considerably from one country to another but the gap between take-home pay and price levels has more relevance to the man on the street. A low cost of living, as you would find in Greece and Portugal, doesn’t count for much if average wages and purchasing power are similarly low.’
Take a look at this list below to see where the European countries rank and why.
17. Despite the cost of living in Estonia being low, the purchasing power is the weakest in Europe.
16. Greece is still impacted by huge financial problems, along with high unemployment levels and rising taxes.
15. After receiving a bailout from international creditors, the job market in Portugal is struggling, while wages are low and taxes are high.
14. Italy is beginning to have a better standard of living thanks to the low cost of living in major cities like Rome.
13. The average wage in Spain is near the lowest in Europe.
12. Despite the average wage in Belgium being £31,800, the high rent prices keep it in the bottom half of the list.
11. The annual salary in France is the equivalent of £16,000, making it one of the lowest in Europe.
10. The UK has some of the most expensive places to live and London is the third most expensive city in Europe.
9. Austria scores averagely for wages and cost of living, but rent is cheaper than in the UK.
8. Ireland has adjusted it wages for more purchasing power, making it one of the most comfortable countries in Europe to live in.
7. The average wage in Norway is €61,000, however the cost of living is one of the highest in the world.
6. Finland has a high national salary, and the population enjoy and luxurious lifestyle with money to spare.
5. The Netherlands ranks high for wages, and work-life balance, with less than 0.5% of employees working very long hours.
4. Sweden offers good salaries and an all-round cheap cost of living, leaving Swedes with enough cash to save each month.
3. Glassdoor says: ‘Interestingly, Germany comes in third, despite average nominal wages in the country being relatively low compared to the other countries in the study. This suggests that purchasing power for average earners is high in Germany.’
2. Demark may have lower earners, but the cost of living is so low that the Danish have more disposable income.
1. Switzerland is has the perfect combination of earnings and disposable income, making them the most comfortable country in Europe and ranking highly on a global scale. Glassdoor says, ‘In Switzerland, the average city-based worker can afford to buy around twice as much as his or her equivalent in New York City.’
So it's ja, ja, ja, to Switzerland. Who wants to help us move?