In 2023, the financial situation for many Europeans continues to be a cause for concern. A recent survey reveals that more than half of Europeans (55%) believe that their purchasing power has declined over the past three years, with countries like Greece (64%), Serbia (63%), and France (60%) feeling the impact most acutely.
The primary reason behind this decline in purchasing power is surging prices, cited by a staggering 89% of those who have experienced a fall in their financial situation. In contrast, fewer individuals attribute this decline to a drop in income (24%) or new expenses (23%).
PRECARIOUS SITUATION
Amidst these economic challenges, 29% of Europeans describe their current financial and material situation as precarious. This situation is particularly dire in Greece (49%) and Moldavia (46%), emphasizing the severity of the issue.
For the majority of Europeans (56%), life is about getting by while being cautious, with only 15% considering themselves to be in a good financial situation.
Financial hardships have compelled 80% of Europeans to make difficult choices, with half (51%) experiencing such situations recently. Notably, people in Moldavia (68%) and Greece (63%) have recently faced such challenges. Even in Germany, where the percentage is lowest, 39% of respondents have experienced financial difficulties in the last six months.
Common scenarios include limiting travel (62%), refraining from heating their homes when cold (46%), and, most concerning, skipping meals when hungry (30%). This last issue is particularly prevalent in Greece (38%) and Moldavia (37%).
CHILDREN
These financial difficulties also impact parents, with 36% of European parents having been in situations where they couldn’t provide for their children’s basic needs, and 17% experiencing this within the last six months.
In response to inflation and economic strain, many Europeans have adopted cost-saving strategies. These include seeking low prices (85%) and shopping at hard discounters (70%). However, more severe measures are being taken by some, such as skipping meals (38%) and parents going without meals to feed their children (31%).
While 64% of currently employed Europeans have incomes covering all expenses, the remaining 36% struggle to make ends meet, particularly in Portugal and Serbia.
Although inflation is gradually decreasing, it remains a source of concern. A significant portion of Europeans are worried about their ability to handle inflation, particularly regarding food prices (62%), unexpected expenses (59%), and gas price increases (59%).
Despite these economic challenges, 76% of respondents express willingness to personally assist those facing poverty, with Greece (84%), Portugal (84%), and Serbia (84%) showing the highest readiness to help.
