Household Finance and Well-Being in Greece and Cyprus

Georgios Panos

Working Papers from Business School - Economics, University of Glasgow

Abstract: I examine the overlooked topic of household finance in Greece and Cyprus using 2021 World Bank Global Findex data. Greek and Cypriot households rank 2nd and 1st in financial stress among 28 EEA/EFTA countries, with key concerns including old-age security and medical expenses. In terms of financial resilience, Greece ranks 22nd and Cyprus 25th for 30-day emergency fund access (70.3% and 65.3% of households, respectively), while for 7-day access, Greece ranks 27th and Cyprus 28th (47.9% and 47.3%). Households rely primarily on family support, savings, and work income, with low engagement in formal financial institutions. Only 45% of households saved in 2021, and just 26.5% in Greece and 28.1% in Cyprus did so through banks or financial institutions. These findings underscore persistent financial vulnerabilities, particularly in short-term resilience, and highlight the need for policies promoting formal savings and strengthening financial resilience mechanisms.

Keywords: Household finance; Financial stress; Financial resilience; Saving; Greece, Cyprus. (search for similar items in EconPapers)
JEL-codes: D14 E21 G51 G53 I31 (search for similar items in EconPapers)
Date: 2025-03
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Persistent link: https://EconPapers.repec.org/RePEc:gla:glaewp:2025_05

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