European Consumer Payment Report 2016
- A new European report shows that a growing portion of Europeans are feeling pressured by debts. More and more people say they are unable to pay bills on time, that they lack money for a comfortable lifestyle and have little hope for a better future.
- As many as 27 per cent of all Europeans say they are sometimes unable to pay their debts. Among them, a majority agree that they do not have enough money for a “dignified existence” and only 1 in 5 have hope for their financial situation to get better.
- Households’ inability to pay bills on time has increased since last year, according to the European Consumer Payment Report 2016. The report, presented annually by credit management company Intrum Justitia, is based on answers from 21,317 Europeans in 21 countries.
As a credit management company which everyday advices 50,000 individuals across Europe about delayed payments, Intrum Justitia can confirm that many are having trouble to make money go around.
“The results show that a substantial part of all households struggle, and that many have been forced to borrow money to pay bills. Our own data also indicates that people who take on debt early in life tend to remain indebted as they grow older,” says Mikael Ericson, CEO & President of Intrum Justitia.
44 percent of all Europeans have failed to pay at least one bill on time during the last 12 months. Their main reason is lack of money. In Greece, 76 percent of people have failed to pay on time. Denmark and Spain have the lowest percentage of late payments, but still 31 per cent, almost one third of the population, made late payments last year.
“This of course is very troublesome for people in economic difficulties but it also constitutes a challenge for, and a threat against, companies and their ability to grow and to hire new staff” continues Mikael Ericson, CEO & President of Intrum Justitia.
As many as 27 percent of Europeans say that they are sometimes unable to pay their debts. This group have both a worse financial situation today compared to last year, and lower hopes and expectations for their financial future. This is evidenced in the following figures:
About Intrum Justitia
Intrum Justitia is Europe’s leading Credit Management Services (CMS) group, offering comprehensive services, including purchasing of receivables, designed to measurably improve clients’ cash flows and long-term profitability. Founded in 1923, Intrum Justitia has some 4,000 employees with operations in 20 markets. Consolidated revenues amounted to about SEK 5.6 billion in 2015. Intrum Justitia AB has been listed on the Nasdaq Stockholm exchange since 2002. For further information, please visit www.intrum.com
About Intrum Justitia European Consumer Payment Report 2016
The European Consumer Payment Report was launched in 2013. As “a catalyst for a sound economy”, Intrum Justitia perceives a need to regularly take the pulse of more than 21,000 European consumers. The aim is to better understand the realities of life driving consumer behavior when it comes to paying for products and services. The data in the European Consumer Payment Report is based on external self-completion online research, conducted by business intelligence company United Minds. The survey was conducted between September 12th-22nd, 2016.
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