EOS consumer survey shows inflation sharpens Europeans' focus on managing their finances

Mar 16, 2023

Sofia, 16 March 2023

Europeans watch their spending more closely, worried about inflationary processes
Compared to the last 6 months, young people are more likely to pay in cash, despite the variety of payment methods
Survey reports increased need for information on how young people can manage their finances properly

According to the latest consumer survey by international financial services provider EOS Group, for 53% of Europeans, rising inflation rates are leading to a closer eye on prices, with 44% saying they are increasingly taking advantage of promotional offers when shopping around. In this context, around three-quarters of respondents (73%) say they are worried about their finances, and young people (the 18 to 34 age group) are increasingly paying attention to how they plan their personal budget.

"In the survey we see that inflation is leaving its mark on consumer attitudes and this is quite normal, but it also has its positive side, as it leads to an increase in financial discipline in households," commented Raina Mitkova, Managing Director of EOS in Bulgaria. "The latest data from the European Commission is cautiously optimistic, as the year has started better than expected. We can see it in the collection levels in our business, which are normally an effective indicator of sensitive economic shocks - we are not seeing any problems with them at the moment."

Paying in cash makes managing costs easier for the young

In addition to a more responsible attitude towards personal finances, the survey also reveals changes in preferred payment methods. Although digital payments have become more popular during the pandemic, 42% of Europeans say they have used cash more often in the last six months. Interestingly, this trend also applies to the younger age group, with half of 18-34 year olds also using cash more often, alongside the traditionally wider range of payment methods typical of this age group. Over half of the younger age group stated a need to improve their financial literacy. This is well above average (43%) and exceeds the result for the over 50s generation (34%).

"The increased use of cash by young people is directly linked to their shared need to increase their financial literacy - they prefer to handle cash as it makes it easier for them to calculate their expenses," says Tihomir Valchev, Managing Director of EOS in Bulgaria.

"In school we do not learn how to manage our money, and this is just as important as subjects such as literature and mathematics and should be taught in primary school," adds Raina Mitkova, managing director of EOS in Bulgaria. "With their consumer behaviour, young people are making it clear that this problem needs to be addressed - this is one of EOS' missions that we are actively working towards."

Receivables management agencies - a personal approach to overcoming financial difficulties

As one of the leading international experts in receivables management, with branches in 25 countries, EOS works with reputable institutes to conduct market and consumer research every year. They research issues such as payment practices in individuals and businesses, payment methods, digitalization and help the company to most effectively assist its customers to find a tailored solution to reduce their debts.

"It's very important for us to be customer-centric, listen to customers and offer a personalised approach to repaying debts, with possible solutions including reaching mutual agreements on the amount of instalments and lump sum payments, as well as their preferences on when and how they would like to be contacted. This helps them personally, but it also helps the economy, where the money is returned," says Svetla Petrova, Commercial Director of EOS in Bulgaria.

About the EOS survey “Europeans in financial trouble? EOS Consumer Study”

In partnership with Dynata, a specialist in online surveys, EOS conducted an online poll of 7,700 consumers in 13 European countries between February 3–9, 2023. The survey focused on the question of how the last six months had affected the consumption patterns and financial situation of the participants.

About the EOS Group

EOS Group is one of the leading international providers of customised financial services and an investor in the buyout and receivables management industry. With more than 45 years of experience and companies in 25 countries, EOS offers its nearly 20,000 customers worldwide intelligent receivables management services. Mainly, the group companies partner with banks and companies in real estate, telecommunications, utilities and e-commerce. EOS has over 6,000 employees and is part of the Otto Group. More information about EOS Group can be found at: www.eos-solutions.com.

EOS Group has been present in Bulgaria since 2002 as EOS Matrix. Services offered include management and purchase of portfolios of overdue receivables (secured and unsecured) in the country and abroad, training and consulting in the field of debt collection, debt management software, legal advice. EOS Matrix is a co-founder of the Association for Debt Management in Bulgaria.

Contact for press and media:

Maria Pancheva,
Mobile: 0887953336
e-mail: m.pancheva@otdoconsult.com

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Paying in cash makes managing costs easier for the young

Receivables management agencies - a personal approach to overcoming financial difficulties

About the EOS survey “Europeans in financial trouble? EOS Consumer Study”

About the EOS Group

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EOS Matrix EOOD (131001375)