A new survey by BNP Paribas Cardif Hungary and Medián reveals a complex picture of the Hungarian labour market: while workers are increasingly confident in the security of their current jobs, they often underestimate how long it would take to find new employment if needed.
The BNP Paribas Cardif Labour Market Stability Index stood at 75 points in the first quarter of 2024, indicating steady confidence levels compared to the same period last year. Notably, the index measuring belief in the survival of one’s current workplace rose to 87 points—an increase of three points from early 2023. Around 73 per cent of respondents believe their company will remain in operation for at least five more years, regardless of their personal position.
Despite this optimism, a striking gap exists between perception and reality when it comes to job hunting. Currently, 9 per cent of respondents are actively seeking employment, with the rate at 11 per cent among unemployed individuals and 6.5 per cent among those employed. Those actively looking report spending just over six months trying to secure a new job. In contrast, non-jobseekers believe it would only take 2.5 months to find new work—far shorter than the average of over one year reported by the Hungarian Central Statistical Office (KSH) in 2024.
Younger workers appear most affected by job instability: 15 per cent of 18–29-year-olds are job hunting, the highest among all age groups, which corresponds with their lower overall employment rate.
‘This survey clearly highlights that Hungarian employees are optimistic—but not always realistic—about the time needed to secure a new job,’ CEO of BNP Paribas Cardif Hungary Márk István Kiss said. He noted that although active jobseekers have a better grasp of the challenges, they still underestimate the process by around six months.
Other positive trends emerged from the data. Only 16 per cent of households now say they could survive less than a month financially if the primary earner lost their job—down from 18 per cent last year. Meanwhile, the share of those with savings to last 7–12 months increased from 8 per cent to 11 per cent, and those able to withstand more than a year rose from 19 per cent to 22 per cent.
Still, financial resilience remains uneven. One in four respondents believe they could only access loans at very high interest rates, while about 20 per cent say they could borrow under favourable or even interest-free terms. More than one-third believe they could rely on family support that would not need to be repaid.
The Labour Market Stability Index, created in 2014, measures workers’ perceptions across three dimensions: job security, willingness to retain their position if threatened, and the perceived difficulty of finding new employment. Based on a nationally representative sample of 1,200 Hungarian adults, the survey offers insights into both subjective confidence and objective miscalculations within Hungary’s job market.
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