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One in four households turns to family for economic help

A survey has found that four in ten (39.3%) of Cypriot households turn to friends and family for financial assistance during times of need.

To a large degree, most live in their own house, own a car, quite a few have a holiday house, their deposits are as a rule high but they seem to struggle to pay off their loans.

The results of the survey ‘The Household Finance and Consumption Survey’ initiated by the company EKT present an interesting comparison between the economic behaviour of Cypriot households and households in other Eurozone countries.

The survey was published in April 2017 and concerns data collected in 2014.

39.9% of Cypriot households asked, said that they could depend on friends and relatives for financial assistance to the sum of €5,000 in the case of an emergency.

Of particular interest was the comparison in other Eurozone countries in which there are high levels of savings, there are households that ask for financial assistance from friends and family.

Luxembourg records the highest percentage at 69.4% followed by Belgium 65.5%, Malta 60.3% by Germany with 58.8%, Austria 52.53%, Greece 36.4%, Slovakia 29.6% and Estonia 22.6%.

The survey also showed that most households in Cyprus are unable to make any savings from their monthly income.

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