Survey finds 52% of Greeks struggled to pay bills in 2020 due to covid-19 pandemic

Survey finds 52% of Greeks struggled to pay bills due to covid-19 pandemic

According to the annual European Payment Report published by Intrum, Greeks ranked the lowest among 24 countries in Europe in terms of their ability to pay their bills in 2020 due to the pandemic.

The survey found that 52% of Greek respondents left their bills unpaid in 2020 and 62% of them said this was a regular occurrence last year

Moreover, nearly half (49%) saw their incomes drop because of the health crisis, recording the highest ratio on Europe, while only 17% said their income remained the same or increased in 2020, against a European average of 38%.

The drop in income had a clear impact on basic expenses, as 7 in 10 Greeks said that mounting bills took a toll on their standard of living.

The Intrum survey also found that the combination of rising costs and dropping incomes put Europeans deeper in debt, with 61% of respondents in all 24 countries admitting to using credit in 2020 to pay their monthly bills, compared to 52% in 2019.

In Greece, just 20% of respondents resorted to credit to pay their monthly dues, with 74% of respondents adding that they are hesitant to take on new or additional debt.

On the other hand, Greece scored well in terms of financial literacy, climbing four places compared from 2019 to second place.

Intrum also found that 6 in 10 Greeks have made financial security one of their key priorities since the start of the pandemic, with 5 in 10 actively seeking to improve how they manage their finances.

*Read More: University Survey: 42% of Greeks intend to be vaccinated