Six out of ten (60.7%) Greek households found their monthly income sufficient to cover their basic needs for only 19 days of the month, according to a survey carried out by the Hellenic Confederation of Professionals, Craftsmen, and Merchants (GSEVEE)
The annual survey conducted by the Institute of Economic and Industrial Research (IME-GSEVEE) the research body of the Institute, sheds light on the financial struggles Greek households were facing in 2023, with the findings revealing a worrying trend that reflects the impact of the prolonged high costs on incomes and living expenses.
Some of the key points of the survey indicated a significant number of Greeks were burdened with overdue debts to both the government and banks, while around 7 in 10 households (72.7%) claim that rising food costs have forced them to cut down on spending on other essential needs to make ends meet.
In addition, households had negative expectations for the future, with over half (53.7%) expecting a deterioration in their financial condition in 2024.
The data also indicated that income inequality had widened between low, medium, and high-income households, as nearly one-third (32.9%) of households earning up to €30,000 annually reported a decrease in income in 2023.
In contrast, 30.3% of households with an annual income exceeding €30,000 stated an increase in income.
Notably, the persistent widening of income inequality also affected middle-income households, with the majority of households indicating the need to make cuts to cover necessary expenses (51.8%) for two years.
The survey concluded that the negative economic repercussions of inflation and currency devaluation posed long-term challenges, influencing both current financial standings and future expectations.