
A recent study shows residents in Greece straining to keep up with rising cost of living, with a majority now digging deeper into their pocketbooks, on a monthly basis, to meet basic needs. The “deeper” in this case refers to a tapping of savings, a greater use of credit cards or even purchasing items from the off-the-books economy.
The study, conducted by Intrum, surveyed consumers in EU member-states.
One main conclusion is that still nagging inflation and surging interest rates caused a “perfect storm” for consumers.
Specifically for Greece, 79 percent of respondents surveyed said they may spend less during the coming holidays than previously. Additionally, 83 percent of respondents said they are trying to reduce daily expenses, while 56 percent said they’ve dipped into savings to pay monthly bills.
Just 33 percent of respondents said they believed their economic situation will improve in the coming year, a figure that is next to last among 20 countries surveyed in the study. Italy and France are last, with 32 percent of respondents in either country expressing optimism over their future finances.
Expenses surpass income
According to the study, nearly three out of 10 consumers in Greece spend more on a monthly basis than the income they generate, with the average surplus spending totaling 275 euros – the figure above their income. Besides savings and credit card use – which bumps payments to the future, plus interest – some respondents said they also borrow.
The development also explains, in part, why the savings rate in Greece was a negative 4 percent in 2022, according to Eurstat figures released on Wednesday. The EU average, conversely was 12.7 percent of disposable income turning into savings; the figure was 16.4 percent in pandemic-plagued 2021. Only Poland posted a worse showing in 2022, at -0.8 percent.
Source: tovima.com


Latest News

Greece Faces Renewed Fears of Water Crisis Ahead of Summer 2025
Following a prolonged drought that began in 2024, fears of a water crisis highlight the urgent need for infrastructure improvements

Harvard, Yale, Columbia, and More Seek Collaboration with Greek Unis
Greece's former Minister of Education Kyriakos Pierrakakis announces an €82 million funding boost to support the partnerships

Greek Government Reshuffle Brings in More Young Technocrats
Greek PM Mitsotakis has brought in younger leaders and technocrats in a bid to accelerate the government's efforts at modernization and efficiency, according to New Democracy insiders

Greece’s New Government Members Sworn in at Presidential Mansion
Greece's new government members were sworn in on Saturday morning and head straight to work through the first meeting of the new cabinet.

Moody’s Upgrades Greece to Investment Grade, Ending Crisis Era
The rating agency raised Greece’s long-term credit rating to Baa3 from Ba1, with a stable outlook.

EFET on World Consumer Day: Humanity Faces New Challenges
This year’s message emphasizes the need for a transition to sustainable lifestyles while safeguarding consumers’ legally recognized rights. This means ensuring access to essential goods such as food and energy, as well as health and safety.

Athens Hotels Lead Europe in Value Growth for Third Year
Over the entire period from 2015 to 2024, the average annual increase in hotel value was 6.1%.

Unemployment Rate in Greece Down 8.9% in January: IOBE
The unemployment rate in Greece recorded a further decline in January 2025, reaching 8.9%, according to the latest Foundation for Economic & Industrial Research (IOBE) report.

Demand for Short Term Rentals in Greece Surges Ahead of Easter
Among the most popular Easter destinations from Good Friday to Easter Monday are Corfu, Hydra, the Peloponnese, Ioannina, Patmos, Loutra Edipsou, Kavala, Thassos, and Pelion

Opposition Reacts Strongly to Greek Government Reshuffle
PASOK's spokesperson, Kostas Tsoukalas, characterized the reshuffle as a clear indication of Mitsotakis' "strategic deadlock."