The European Consumer Payment Report 2021

Intrum Group publishes the 9th edition of the European Consumer Payment Report 2021 which provides insights to European consumers' views on their economic outlook and ability to manage household finances.

According to the findings of the survey, Greece was in crisis in 2020 as a result of the pandemic. However, the Greek economy recovered by 3.4% in the second quarter of 2021 and is expected to be even greater in the coming months. Despite the pressure, important are the new trends that emerge and are being strengthened due to the pandemic crisis and in particular: the need to improve personal financial management, the strengthening of economic literacy and changes in consumer habits such as interest in sustainable development.

Key points highlighted by the European Consumer Payment Report of Intrum for Greece are:

There has been financial pressure over the last 12 months due to the Covid-19 crisis.

• More than 6 out of 10 respondents in Greece did not have any changes in their employment status.
• More than half stated that their financial situation remained the same or improved which is significantly attributed to the reduction of expenses due to restrictive measures (47%), the change of job to a better paid position (30%) and the improvement of personal financial management (30%).
• The main sources of concern are the increase in inflation (86%) and the possibility of imposing new restrictive measures (lockdown) (77%).
• Regarding the increase in bills, there is a slight decrease in concern compared to 2020. However, 51% of respondents (the corresponding figure for 2020 was 55%) say that they have been late in paying one or more bills, a percentage that exceeds by 21% the European average.
• Regarding the impact of the Covid-19 crisis, 17% of Greek consumers believe that it will impact them for at least the next 12 months, while 35% predict that their financial situation will return to normal in two years.
• About 1 in 10 (11%) does not know the exact amount of their debts.

Remarkable is the significant shift of consumers in initiatives for better management of personal finances and savings for the future with financial literacy being recorded as a rising new trend.

• 1 in 4 respondents (25%) state that they view the pandemic as the perfect opportunity to improve their finances.
• About 6 in 10 men and women say they manage to save every month. According to Eurostat, total savings rates in Greece increased in the period 2020-2021.
• 65% estimate that the Covid-19 crisis will not be the only crisis he will have to face in their lives and he wants to ensure that he will be in a stronger financial position in the future.
• About 78% of consumers say they have received sufficient or excellent financial training. However, 27% do not realize that negative interest rates can affect their financial well-being.
• Greece ranked second among all European countries on the survey’s mathematics test which asks respondents to calculate how much a bank’s interest rate would impact savings over time.

A second and important new trend is the growing interest in sustainable development and the shift to products and services from socially responsible companies but also the impact of the pandemic on consumer habits.

• Seven in 10 consumers say they now buy fewer goods and choose to live more simply.
• More than 6 in 10 respondents said they would not buy products from a non-environmentally responsible company when the corresponding European average is 52%.
• The interest for sustainable development leads 7 out of 10 respondents to a reduction in consumption with the highest percentages occurring in the age groups 18-44.

Download the European Consumer Payment Report 2021 for Greece below (available only in Greek).

Download the full European Consumer Payment Report 2021 here.

About The European Consumer Payment Report 2021

The European Consumer Payment Report 2021 is an instrument for gaining insight into European consumers’ everyday lives; their spending and ability to manage their household finances on a monthly basis. The report is based on an external survey and the research is conducted by Longitude in 24 countries in Europe. A total of 24,012 consumers participated to the 2021 edition of the survey. The fieldwork for the study was conducted between 21st of July and 26th of August 2021.