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Poor economic conditions reduce quality of life

The ongoing uncertain economic situation in Europe is having a number of impacts on both the young and the old.

The latest European Consumer Payment Report has shed light on a number of trends, including: that more young people than ever feel hopeless about being able to influence their economic situations; that only about half of all Europeans are able to save on a monthly basis: and that many people don’t dare to leave their partners because of the state of the family’s finances.

For the third consecutive year Intrum Justitia has conducted the European Consumer Payment Report, with this year’s result largely confirming the trend over recent years.

 “We have a younger generation growing up that sees few possibilities for taking control of their personal finances, either in the short or longer term,” says Annika Billberg, Communication Director at Intrum Justitia.

The survey showed that almost one in four of Europeans aged 18-24 were prepared to leave their home countries to find a job abroad. In southern Europe, where the level of unemployment is higher, the percentage willing to make such a change was also much higher.

In Hungary, some 60 percent of respondents said that they were prepared to leave their home country in search of a better life, while the level in Spain was 29 percent and in Portugal 33 percent. This compares to the just eight percent of young Danes who have thought about moving to another country to improve their economic situation.

“The upside of this is that the survey shows that they want to change their situation,” says Billberg. At the same time, she says the EU needs to put measures in place to get more young people into jobs. The fact that young people are fleeing their homelands is likely to have a negative impact on those countries’ future economic livelihoods.

 Graph from European Consumer Payment Report;  Europes youth prepare to leave their home country for a better financial future Question: I’m considering moving to another country due to the financial situation in my own country (respondents age 18-24 years)