UBS Worry Barometer 2025: geopolitical tensions and rising costs dominate concerns in Switzerland

Zurich, 9 December 2025 – The Swiss population is increasingly concerned about global developments. Geopolitical conflicts, the rising cost of living and waning confidence in political institutions shape the national mood. The latest UBS Worry Barometer, compiled by gfs.bern since 1995, takes the pulse of Swiss voters in a survey that stretches back 49 years.

At 45%, healthcare – especially health insurance premiums – remains the biggest concern in 2025. Environmental protection and climate change rank second (31%), followed by retirement provision in third place (30%). Despite recent reforms, such as the introduction of the 13th OASI pension, financial security in old age remains a perennial issue.

Migration, Europe and Trump: geopolitical issues are taking center stage

Immigration and the free movement of persons (30%) and questions around asylum (27%) once again rank among the most pressing problems. Switzerland’s relations with the EU (25%) are also clearly gaining importance. These developments reflect current international tensions and unresolved issues surrounding Switzerland’s bilateral approach.

Of particular note is the surge in concern about Donald Trump’s presidency. Just a few months after he took office, this issue jumped from 41st place (2024) to eighth place – the biggest change in this year’s barometer. The conflicts in Ukraine (14%) and the Middle East (9%) also preoccupy the population much more than last year.

Economic stability, but growing financial strain

Switzerland’s economic situation continues to be viewed positively. However, financial worries are increasing in everyday life. Perceptions are increasingly shaped by issues such as housing costs (24%), taxes and federal finances (12%) and inflation (11%). With unemployment barely perceived as an issue anymore (6%), attention is shifting to whether household incomes can keep pace with rising expenses.

The Worry Barometer also shows that many people want to learn more about finance. Although two-thirds of those surveyed consider themselves competent in dealing with money, just as many would like to deepen their knowledge. Young women in particular feel comparatively insecure about finance, indicating a need for targeted support.

Declining trust and a desire for Switzerland to take a stronger stance

Trust in almost all domestic political actors surveyed has decreased compared to last year. In an international context, the population wants Switzerland to take a more assertive stance. A clear majority considers Swiss foreign policy to be too defensive and calls for more self-confidence when dealing with major powers or supranational bodies. At the same time, trust in the US has fallen to an all-time low. While trust in the US once matched that in the UN, NATO or the EU, it is now on a similar level to trust in China – in which confidence has been higher in the last two years compared with a few years ago.

Digitalization and innovation: opportunities, but limited trust

The use of digital technologies has increased significantly in Switzerland. More than half of the population (57%) use AI-powered chatbots, such as ChatGPT, at least occasionally. Despite growing familiarity, 41% remain skeptical about the reliability of such systems. For the first time, respondents perceive China as (slightly) more innovative than Switzerland.

A society in transition

Respondents primarily see Switzerland as a safe and stable country. At a time of growing global uncertainty, stability and independence are becoming increasingly important as key aspects of Swiss identity.

UBS Worry Barometer: a representative survey

Between July and August of 2025, 2,190 eligible voters from across Switzerland were surveyed. The statistical sampling error is ±2.1 percentage points.

Links

The complete study and infographics can be found at: https://www.ubs.com/worry-barometer

UBS Switzerland AG