Greek citizens are pessimistic about their future, as data show from a pan-European survey conducted by the Swedish company Intrum.
An earlier Intrum survey found that the gap between wage increases and rising living costs heightened pressure on Greek consumers: 61% – a rate well above the European average of 45% – reported that bill expenses were rising faster than their income level.
The COVID-19 crisis has exacerbated these concerns, with 67% of Greek consumers – the highest percentage in Europe – facing a worsening economic situation compared to six months ago. The country’s tourism industry, which accounts for about a fifth of GDP and a quarter of the country’s labour market, has been hit hard by flight cancellations, putting jobs at risk.
Deterioration of the economic situation in Europe
48% of respondents stated their financial situation had deteriorated compared to six months ago.
The corresponding percentages in Spain and Italy are 59%. Millennials: 53%; Households with children: 55%; Households without children: 44%. The percentage in Greece is 67%, while at the same time 26% have not felt any change in their financial situation or do not know whether they will be affected by the pandemic. Only 23% expect an improvement in their personal financial situation in six months. The corresponding figure in Italy is only 8%. In Greece, this percentage is 18%. 45% of the respondents state that concerns about the increase in bills have a generally negative impact on their health (The corresponding percentage in 2019 was 43%). Households with children: 51% (2019: 48%) Households without children: 41% (2019: 41%). In Greece, the corresponding figure was recorded at 67%.
– Decreasing income raises concerns about paying bills and debt
4 out of 10 Europeans say their employment has been affected by the COVID-19 crisis, while more than half (54%) see a decline in household income. In Greece, the corresponding figure is 53%. 1 in 5 consumers spend more to cover daily expenses as a direct result of the COVID-19 crisis. For Millennials, the percentage is at 24%; Households with children: 22%; Households without children: 16%. In Greece, the equivalent percentage is 35%. The percentage of consumers who resort to borrowing to pay bills also went up – to 18% from 12% in 2019. In the Millennials generation, the corresponding percentage is 22%; Households with children: 21%; Households without children: 16%. In Greece, the percentage is 28%.
Saving in the future
58% are dissatisfied with their ability to save every month (The corresponding percentage for 2019 was 52%). Households with children: 62%; Households without children: 54%. In Greece, the corresponding percentage is 80%. 39% save significantly less for the future compared to before the crisis of COVID-19. For Millennials, the percentage was found at 44%; Households with children: 45%; Households without children: 36%. In Greece, the corresponding percentage is 52%
The positive effects
36% of respondents said the COVID-19 crisis had a positive effect, as it reduced daily spending. In Greece, the corresponding figure was 37%, while 28% did not find any impact on daily spending. /ibna