How Covid-19 is affecting consumer finances

The whitepaper gives an initial follow-up up on the tendencies with increased economic pressure and decreased financial wellbeing reported in Intrum´s European Consumer Payment Report 2019.

Covid-19 crisis is going to have a lasting impact on how to manage private finances. With that said, an overall financial awareness and the possibility to change financial spending and thus increase savings, allow many European consumers to overcome these uncertain times in a somewhat positive way.

The key findings from the white paper display an additional challenging financial outlook among the European private households. As expected, an increased financial stress in general is reported.

1. 48% Europeans say their financial wellbeing has declined compared to six months ago.
2. Nearly 4 in 10 have had their employment affected by Covid-19, while more than half (54%) have seen a decrease in household income.
3. 1 in 5 consumers have gone into more debt to cover everyday spending as a direct result of Covid-19. This number increases to 24% among Millennial's.
4. 58% are dissatisfied their ability to save each month, up from 52% in last years' survey. 
5. On the other hand, 1 in 3 say covid-19 have had a positive effect on their financial spending.

About the pulse survey:

Intrum has gathered data from 4,800 consumers in 24 European countries. The survey was conducted in May 2020 and the sample quotas were set on age and gender to ensure the fallout of respondents was nationally representative based on census data from each market.