Consumers eating into their savings

Almost six out of every 10 Greek consumers state that they have been forced to eat into their savings, as the waves of price increases have shrunk their available monthly income.

At the same time, the percentage of Greeks who claim that they have difficulty paying their bills is high compared to other European Union member-states, while almost eight in 10 admit that they have had to change their habits at home in order to save energy and reduce costs. 

According to the Consumer Conditions Scoreboard published by the European Commission and based on a survey of European citizens in October and November 2022, in the last six months 37% of European consumers used part of their savings mainly due to inflation and the general increase in the cost of living.

As far as Greece is concerned, in 2022, a year when inflation registered a large increase, this percentage was 58%, with the country in first place in the relevant table. Malta and Cyprus follow, while Croatians make less use of their savings (16%). It is also recalled that inflation in Greece reached 12% in September 2022.