AMMAN — The overall financial health of Jordanians improved in 2022
compared to 2021, due to a general boost in financial conditions, adaptation to
post-COVID realities, and the return of some employees to work, according to a
recent study by the
Central Bank of Jordan (CBJ), Al-Rai daily reported.
اضافة اعلان
The number of Jordanians enjoying good
financial health — which is an evaluation of the ability to manage obligations
and have financial confidence for the future — was shown to have increased in
the study, while the percentage of those suffering from poor financial health
decreased.
Despite the overall improvement, 46 percent of study participants still had monthly incomes of less than JD500 and were unable to maintain monthly expenses below their income levels
In figures — the average community financial
health score reached 44 percent for 2022, compared to 38 percent in 2021.
Low salaries, borrowing still top concernsHowever, despite the overall improvement, 46
percent of study participants still had monthly incomes of less than JD500 and
were unable to maintain monthly expenses below their income levels or pay their
bills on time, the study showed. About half of participants also had
“
unmanageable” levels of debt, according to the study.
The study showed that citizens’ main difficulty
in 2022 was expenditures, as represented in a major tendency towards borrowing,
with an equal split between savings and planning.
To improve their
financial health, individuals
must be able to gather and maintain savings. Society must also provide reliable
safety nets that protect against all types of shocks. Decision makers in the
financial sector must attend to financial health by focusing on inclusion,
consumer protection, and raising financial awareness. Finally, the financial
system must also be stable, according to the study.
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