The cost-of-living crisis due to high energy prices, inflation and the war in Ukraine is likely to send several key European economies into a recession and citizens are feeling the pain.
According to a report by the Guardian, one in four Europeans say their financial situation is ‘precarious’. Some see their financial situation growing ‘precarious’ in the coming months and 80% were forced to make hard spending choices.
The report cited data from the six-country survey for the French anti-poverty NGO Secours Populaire and Ipsos. More than 3,000 across France, Germany, Greece, Italy, Poland and the UK told the pollster Ipsos that the purchasing power of citizens fell due to higher food, fuel, heating and rent bills.
More than 68% of the Greek respondents said their spending power fell ‘a lot’, 63% French, 57% Italians, 54% Germans, 48% Brits and 38% Poles also feel the same.
Out of the total respondents, at least 62% cut down on travel, 47% cut down on heating, 42% borrowed from friends and family, 40% found a second job and 29% skipped a meal.
At least 64% of respondents said they were often unable to decide where to cut costs next as they already cut down on several costs. At least 27% now fear losing their home.
On an average, at least 27% respondents across these six nations said their financial and material situation was “precarious” and added that one unexpected expenditure could lead to major changes.
During the survey, a large number of respondents from Greece and Italy expressed deep concern about their financial situation. More than 67% of Italian and Greek respondents were ‘very or somewhat concerned’. More than 40% of British and French respondents also felt the same.
Many respondents who are also parents said they have cut costs by reducing leisure activities, getting hair and beauty treatments and buying clothes to preserve their children’s quality of life.
At least 48% of parents who participated in the survey said that they have cut down on their own food to feed their children. More than 60% of respondents, who are parents, said they have restricted their children’s activities, including outings and holidays.
Close to 49% parents who participated in this survey said they were worried about not being able to meet their children’s needs in future and 33% said they are not able to ensure that their children’s diet will be as varied as they want it to be.
The survey showed retirees in Germany, young Italian and single-parent families in the UK were deemed most at risk of falling into poverty.
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