More than half of Europeans say their budgets have become tighter in the past three years, according to a recent survey.
Rising prices have left almost a third of Europeans in a “precarious” financial situation, a recent survey found.
The second European Poverty and Insecurity Barometer examined the purchasing power of Europeans and found that it has declined over the past three years, with the majority having to skip meals and make difficult financial choices. It turns out that it no longer works.
Of the 10,000 people surveyed by Ipsos for the French stock market, 29% said their financial situation was “unstable” and that unexpected expenses would disrupt their balance.
Almost one in two Europeans believe they face a high risk of instability in the coming months, succumbing to rising prices and relatively stagnant wages. According to Eurostat, the proportion of the total EU population at risk of poverty in 2021 was 17%.
Only 15% said they felt confident and didn’t feel the need to pay attention to their daily expenses.
Financial difficulties force complex choices
Survey results show that the majority of Europeans are forced to compromise on their choices due to already difficult financial conditions.
Inflation was rampant in almost every sector, forcing people to make “complex choices” such as skipping meals despite being hungry. Almost one in three Europeans say they have skipped a meal when hungry, with Greece and Moldova having particularly high numbers.
Other compromises include not turning on the heater, borrowing money, and not treating health problems in the face of rising costs.
Research carried out in June by the Joseph Rowntree Foundation (JRF) found that 5.7 million low-income households in the UK lacked enough money to pay for food, which the foundation described as a “horrible new normal”. It is called.
Research shows that rising food prices have had a wide but significant impact on eating habits, from being able to buy food only at a discount to relying on food banks run by large organizations to become self-sufficient. There is.
Of those surveyed, 38% said they were no longer able to eat three regular meals a day, but 42 said they had never skipped breakfast, lunch or dinner due to financial constraints. It was only %.
The seriousness of the situation was reflected in the responses of many parents, some of whom said they had to restrict their own diets to feed their children.
21% of parents surveyed said they had “not had enough” to feed their child at least once.
Majority are concerned about dealing with inflation
In fact, although the rise in inflation has begun to slow down, the ability to purchase agricultural products continues to decline as food and raw material price increases have not yet subsided.
Europe’s inflation rate will triple in 2022, hitting a record high rate of growth on the back of soaring consumer prices for housing, water, gas and other bills (up 18% in one year).
Many Europeans not only said that their financial situation was extremely difficult, but also acknowledged that they were in crisis when it came to tackling inflation.
In most countries, more than half of those questioned said they feared rising food, energy and overhead costs and were worried about dealing with inflation.
According to the survey, 62% of the surveyed population is worried about rising food prices, and 59% are worried about unexpected expenses and gas prices.