UBS Worry Barometer 2025: Switzerland in times of international pressure

At 45 per cent, healthcare costs remain by far the most important issue in 2025. This figure confirms the continuing trend of recent years. Despite reforms and intense political debate, the pressure remains palpable for many households. Concerns about rising premiums are a daily reality for large sections of the population. Historical time series also show that the importance of this issue has recently returned to the levels observed at the beginning of the 2000s.

Environmental protection and climate change remain stable in second place at 31 per cent. Although public activism has declined compared to the past, the issue remains central for many voter groups.

Pension provision also remains one of the core concerns (30%). The decision to introduce a 13th AHV pension has not reduced the political pressure, but may have slightly eased the immediate problem in the short term. However, the long-term reform work that is expected remains in the background.

Geopolitical issues have become significantly more important. Immigration is cited as a major concern by 30 per cent of respondents, as are relations with the EU (25 per cent). Particularly striking is the increase in concern surrounding Donald Trump’s presidency, which now preoccupies 19 per cent of respondents – a jump of 17 percentage points compared to the previous year.

The conflicts in Ukraine (14%) and the Middle East (9%) are also much more prominent than they were in 2024. The population is thus visibly sensitive to international shifts and their possible impact on Switzerland.

Rising housing costs will reach 24 per cent in 2025, making them one of the most pressing everyday issues. Energy supply, on the other hand, will become less urgent (15 per cent) after being a higher priority during the crisis years of 2022/23.

The population continues to associate Switzerland primarily with security and stability (36%) as well as neutrality and direct democracy. At the same time, there is a growing desire for Switzerland to represent its interests abroad with greater self-confidence. There is a clear contradiction between what is perceived as a ‘defensive’ foreign policy and the desire for a more assertive stance. Trust in key institutions has also declined compared with last year – particularly in the case of the Federal Council.