Fintech PR
Intrum: Three quarters of consumers admit to breaking even or overspending each month
- 35% of consumers have skipped at least one bill in the last 12 months, with one in three feeling less guilt for dodging their payment due date than in the past
- Three in four (76%) are just breaking even or are over-spending each month, with the average over-spender exceeding their budget by €232
- One in five consumers have no `cash buffer’ to fall back on in the event of difficulties
- 71% say `greedflation’ would stop them spending money with a business
STOCKHOLM, Sept. 28, 2023 /PRNewswire/ — Three quarters (76%) of consumers are only just breaking even or overspending each month, according to the upcoming annual edition of the European Consumer Payment Report from credit management services provider Intrum. Breaking this down by country, the figure rises to 79% of UK consumers overspending or just breaking even. Similarly, consumers are feeling economic the pressure more so in Switzerland (78%), Ireland (80%), Germany (83%) and Greece (87%).
Of those overspending each month, this equates to €232 across Europe on average.
Published today, findings from Intrum’s study lay bare the experiences of 20,000 consumers across 20 European countries. They paint a stark picture of the wellbeing of European consumers in the face of a dual shock of rising interest rates and high inflation.
With their personal finances under pressure, more than a third (35%) of consumers admit they have failed to pay at least one bill on time in the last 12 months. This is the highest proportion in Intrum’s annual study since 2019.
The main reason for failing to pay bills is simply not having the money required to pay (43%). Yet one in three people (31%) say they feel less guilt about dodging their payment due date than in the past. The finding suggests people believe reneging on payments is a natural, and necessary, consequence of a more challenging economic environment.
Chart 1: During the last 12 months have you at one or several times not paid a bill on time?
Half the population have suffered a disposable income drop while one in five have no savings
Consumers’ real earnings have stagnated or even declined as surging inflation and higher borrowing costs continue to be a problem for European households. As many as 49% of consumers say that have significantly or slightly less spending money after paying for essential items and bills than they did a year ago.
Many consumers’ resilience is hanging by a thread because they lack any ‘cash buffer’ to cover unexpected costs. Worryingly one in five (20%) admit they have no savings to fall back on, and a further 17% have less than one month’s income saved.
As a result, more than three in four consumers (78%) may demand a pay rise from their employer this year, while 41% anticipate taking on extra credit to make ends meet.
Consumers’ outlook on the future has also worsened, with just 45% expecting their financial situation to improve over the next 12 months, fuelling a wider sense of unease and discontent. On average, people believe that high inflation will last until early 2025.
Greedflation repels 71% of consumers
With greater pressure on their disposable incomes, consumers are drawn towards brands and businesses that show they understand the changing landscape. Half (50%) of consumers say they are more likely to spend money with businesses that offer flexible payment terms such as partial payments, multiple payment methods or flexible due dates. A bigger majority (67%) believe that companies should offer flexible payment methods to consumers during difficult economic periods.
Looking ahead, an overriding 71% of consumers say they would stop spending money with a business if they thought that it was guilty of ‘greedflation’ by raising its prices when costs go up, but choosing to not reduce them when costs fall.
Andres Rubio, President and CEO of Intrum, comments: “It’s clear that consumers are under severe pressure when it comes to their personal finances. Millions of people across Europe are facing tough decisions every day about where they can and can’t afford to cut back.
The harsh reality of missing bills is not that consumers won’t pay, but some of them simply can’t afford to pay. Businesses that take an unnecessarily aggressive stance and don’t demonstrate understanding and flexibility will not see any significant improvement in repayments.
During times of volatility and uncertainty, people can easily feel overwhelmed and unsure where to turn. Businesses needs to find a solution that works for them and their customers for the long term. With a central focus on an ethical and fair approach to payments collection, Intrum and the credit management industry play a crucial role in providing guidance to businesses. In fact, there is an opportunity to build customer trust and secure competitive advantage long term by taking a pragmatic and flexible approach now.”
About The European Consumer Payment Report 2023
The European Consumer Payment Report 2023 is an instrument for gaining insight into European consumers’ everyday lives, their spending and ability to manage their household finances on a monthly basis. The report is based on an external survey conducted by Longitude across 20 countries in Europe. A total of 20,000 consumers participated in the 2023 edition of the survey. The fieldwork for the study was conducted between 19th July and the 1st September 2023.
The full European Consumer Payment Report 2023 will be published in November and available for download on intrum.com.
For further information, please contact:
Kristin Andersson, Global Media Relations & Public Affairs Director
+46 70 585 78 18
[email protected]
The following files are available for download:
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View original content:https://www.prnewswire.co.uk/news-releases/intrum-three-quarters-of-consumers-admit-to-breaking-even-or-overspending-each-month-301941347.html
Fintech PR
DAY TWO OF HONG KONG INVESTOR SUMMIT TACKLES MEGATRENDS IMPACTING THE PLANET’S EIGHT BILLION CITIZENS
HONG KONG, Dec. 8, 2023 /PRNewswire/ — The Future Investment Initiative PRIORITY Summit Hong Kong today reconvened leaders from finance and government for a second day to address global matters of concern to humanity.
One thousand global investors, policy makers, innovators and business leaders were joined by counterparts from across Asia to discuss ‘megatrends’ including the unstoppable rise of Asia as an economic power, the impact of technology on lifestyles and jobs, and the deployment of capital between diverse markets and economies.
The day began with a presentation by FII Institute CEO Richard Attias and COO Rakan Tarabzoni of the Priority Compass Report, a global survey of 53,000 people across 23 countries. The survey revealed a sharp drop of 20% worldwide in people’s overall satisfaction with their lives, with respondents reporting concerns over cost of living, loneliness, technology, and climate concerns. 65% of people in countries polled are worried about day-to-day living costs. Loneliness has leaped up the list of concerns, with 41% of Asia’s population reporting frequent feelings of loneliness. 55% of people worldwide are worried about access to affordable and accessible healthcare and climate concerns continue to deepen as 78% of people across the Global South are worried about pollution.
Laurence Moroney, Lead AI Advocate at Google addressed concerns about AI and the risk of biases emerging because of reliance on narrow English language datasets. Moroney pointed out that 60% of information on Web 2.0 is generated by bots.
He also argued that innovators in AI need to account for distinctive local cultural identities in the development of AI models and explained that Google’s Gemini is working to condense and preserve cultures into small models, allowing people to interact with, learn about, and preserve individual distinctive cultures.
A panel discussion on cost of living heard Jerry Li, Founder and Managing Partner eWTP Arabia Capital describe data as the new oil, a resource driving innovation and progress. The 120 zettabytes (120, 000,000,000,000,000,000,000 bytes) generated in 2023 is expected to increase by over 150% in 2025, to 181 zettabytes.
During a panel discussion on the future of work Edith Yeung of Race Capital suggested that AI will free people from doing the things that they do not want to do, freeing them for more meaningful activities. The average person will spend 90,000 hours at work over a lifetime.
Raymond Yuan, CEO & Chairman CTH Group pointed out synergies between blockchain and AI starting to emerge in healthcare, life sciences, as well as financial services. The global Blockchain Market size was estimated to be approximately $7.4 billion in 2022 and the global artificial intelligence market $428 billion.
A panel of leading Asian venture capitalists debated ways in which Asia can grow vibrant and successful startup ecosystems, with $22.3 billion invested in Asian startups between July and September 2023.
Discussing the impact of investment on longevity and ageing Joshua Fink, Founder Luma Group, explained that revolutionary regenerative medicine, inspired by Nobel Prize-winning research, can reverse cells to a pre-disease state, offering hope against genetic diseases.
His Royal Highness Prince Faisal bin Bandar bin Sultan, Chairman, Saudi Esports Federation described the spectacular growth of gaming over the last 20 years at 12% per year. By the end of 2023 it is projected there will be 3.75 billion gamers in the world.
In a ‘titan of industry’ fireside chat with Sir Martin Sorrell, Richard Attias and Sorrell surveyed the global media sector, worth $950 billion, with digital projected to comprise 70% by 2025. On the future of platforms such as TikTok Sorrell explained that with young people’s views being shaped by new forms of social media, issues surrounding data safety and privacy will continue. Discussing ‘hyper personalization’ he pointed out that Coca Cola is thinking about the potential for AI to target individual messages to consumers.
Rakan Tarabzoni, COO, FII Institute presented the summit with FII’s inclusive ESG tool, launched to help companies in emerging markets improve sustainability and help investment capital find current and future performance leaders. The tool, which has been made publicly available will address biases inbuilt in other ESG methods and may unlock a $5.4 trillion funding gap of investments into emerging markets.
In the final session HE Kjell Magne Bondevik former Prime Minister of Norway and President, Oslo Centre for Peace and Human Right declared himself convinced that businesses that take more seriously the concerns of common people will be the businesses that will thrive in the future.
The FII Institute has worked with HKEX and consulting firm Deloitte to offset the carbon emissions generated by the summit, by purchasing credits on the HKEX Core Climate exchange, exemplifying a shared conviction that purposeful markets and business can serve humanity as a force for good.
During the summit BOC International signed a strategic cooperation framework agreement with SPIC International Finance (Hong Kong) Company Ltd. on green finance, bond investment and issuance, and global capital management. The signing was witnessed by Mr. Paul Chan, Financial Secretary of Hong Kong SAR.
The summit, held in partnership with Hong Kong Exchanges and Clearing Limited (HKEX), took place at HKEX Connect Hall.
The FII PRIORITY Summit Hong Kong continues conversations held in Riyadh last month. It is part of an ongoing global programme of summits, to be held next year in Miami (February) Brazil (June) and Africa (September))
Richard Attias, CEO of the Future Investment Initiative Institute said:
“I should like to thank Hong Kong Government, the Hong Kong Exchange and the people of this fabulous city for the welcome they have shown us this week. As the world charts its forward course we must be mindful at every turn of the issues that matter. Whether it’s cost of living, developing new modes of payment, new social media platforms, or poverty, it is investment and innovation that can make the difference. The investors and innovators here this week have taken these issues seriously and the conversations and hard work will continue as we strive for a better tomorrow.”
For media inquiries, please contact:
Email: [email protected]
About FII Institute
The Future Investment Initiative (FII) Institute is a global non-profit foundation driven by data with an investment arm and one agenda: Impact on Humanity. Global and inclusive, we foster great minds from around the world and turn ideas into real-world solutions in four critical areas: Artificial Intelligence (AI) & Robotics, Education, Healthcare and Sustainability.
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View original content:https://www.prnewswire.co.uk/news-releases/day-two-of-hong-kong-investor-summit-tackles-megatrends-impacting-the-planets-eight-billion-citizens-302010435.html
VICTORIA, Seychelles, Dec. 8, 2023 /PRNewswire/ — OrangeX, a global cryptocurrency exchange, is proud to unveil its $5 million Innovation Fund. Designed to bolster the Bitcoin ecosystem and propel blockchain innovation, the Fund’s core focus is on investing in promising projects within the Bitcoin ecosystem, including Ordinals Protocols and BRC-20 standard tokens.
In the dynamic landscape of the evolving Bitcoin ecosystem, various features and functionalities are continually reshaping its potential. Notably, the BRC-20 token standard has emerged as a key player, attracting significant attention.
Recognizing the surging demand and immense potential of BRC-20 standard token projects, OrangeX’s Innovation Fund stands ready to provide crucial capital and infrastructure support to empower the community in building a resilient and flourishing Bitcoin ecosystem.
Exciting Bitcoin Ecosystem Initiatives
OrangeX is proud to introduce a range of products and services tailored for the Bitcoin ecosystem and projects, catering to user preferences. Key offerings include:
- Bitcoin-based Token Trading: Facilitating the listing and trading of Bitcoin-based tokens. ORDI, the largest BRC-20 token, is now available on both OrangeX Spot and Perpetual Contracts.
- Bitcoin Ecosystem Information: Providing valuable insights and analytics on the Bitcoin ecosystem.
- Bitcoin Ecosystem Token Launchpad: Offering a fair and efficient token distribution service for promising Bitcoin ecosystem projects with financial, technical, and marketing assistance. Share early ecosystem returns with a larger customer base. Interested project owners can contact [email protected] for more information.
OrangeX CEO, Alexandra K, expressed confidence in the potential of outstanding Bitcoin Ecosystem projects. He stated, “These projects not only stand to receive financial backing from OrangeX but also gain access to a suite of services, resources, and connections available through our platform. With these tools, we believe our supported projects will thrive, succeed, and have a positive impact on the world.”
Empowering the Bitcoin Ecosystem: OrangeX’s Pioneering Role
Bitcoin, the original cryptocurrency, remains the bedrock of blockchain finance. Every trading platform benefits from the development of Bitcoin. If there is no Bitcoin, cryptocurrency exchange will no longer exist. With 15 years since its inception, the Bitcoin revolution continues to unfold, presenting a dynamic and evolving ecosystem. Anticipate groundbreaking innovations that will redefine possibilities.
As a central figure in this domain, every cryptocurrency exchange is urged to actively contribute to the ongoing development of the Bitcoin ecosystem. OrangeX, as a trailblazer, introduces the Innovation Fund, a platform committed to integrating Bitcoin ecosystem products. This initiative aims to address user needs in exchanging, managing, and investing in Bitcoin-based projects.
OrangeX invites collaboration from institutions, communities, and projects to join forces in propelling the growth and diversification of the Bitcoin ecosystem. Together, let’s forge a future where Bitcoin is more accessible, versatile, and inclusive – ensuring its enduring significance in the ever-evolving landscape of blockchain-based finance.
About OrangeX
Founded in 2021 in Seychelles, OrangeX stands as a worldwide cryptocurrency trading platform renowned for its cutting-edge technology, proficient team, and seasoned financial knowledge. With more than 1 million active users, OrangeX has built a comprehensive product line, dedicated to empowering investors to make a better future. OrangeX futures trading offers 3 service options: USDT-M Perpetual Contracts, One-Click Copy Trading and Powerful API. According to Coinmarketcap(CMC) and CoinGecko, OrangeX Spot now supports over 100 coins with approximately 130 trading pairs.
For more information, please visit: Website | Twitter | Telegram | CoinMarketCap | CoinGecko
For media inquiries, please contact: [email protected]
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SHENZHEN, China, Dec. 8, 2023 /PRNewswire/ — On December 8, the 2023 Shenzhen Global Investment Promotion Conference was held in Shenzhen, China. Over 380 projects were signed, with a total investment of 1 trillion yuan. The event was attended by more than 1,000 distinguished guests from countries and regions including the United States, Japan, and the EU.
Shenzhen, an open city, is extending invitations to global investors. Under the theme of “Create New Paradigms, Embrace Shared Opportunities — Invest in Shenzhen, Build a Winning Future”, the Conference took place in the format of “1+1+12+N” events, according to the Commerce Bureau of Shenzhen Municipality. Specifically, it consists of one main event, namely the Investment Promotion Conference and the Shenzhen City Summary Meeting on Investment Promotion; one Investment Outcome Exhibition Area; 12 district-level investment promotion conferences; and several overseas parallel sessions and industrial investment promotion activities. Ten overseas parallel sessions were staged in Madrid, Zurich, Hawaii, Vancouver, San Diego, Brisbane, Chicago, Tokyo, Sydney, and Milan. 12 industry investment promotion activities were held on various topics, including energy storage, digital energy, finance, consumption, talent attraction, and high-tech industries.
A favorable business environment serves as the best “Chinese parasol tree”, the greatest “magnet”, and the core competitiveness of a city. The Conference showcased investment opportunities and policies for investing in Shenzhen as well as presented Shenzhen’s first-class business environment to the world. Shenzhen has ranked among the top in China’s business environment evaluations for all 18 indicators. With a flourishing private economy, Shenzhen boasts a total of 4.16 million registered business entities and ranks first nationwide for the total quantity and density of entrepreneurship.
The excellent business environment has made Shenzhen a popular land for international investment, and multinational companies maintain promising prospects for investment in the city. Thomas Triomphe, Global Executive President of Sanofi Pasteur, expressed confidence in the tremendous potential Shenzhen holds for the future. “This is an incredible city. The technological and economic development in Shenzhen has been impressive over the past few years,” said David Kohler, Chairman and CEO of Kohler Group.
This year, the Conference set up the Investment Outcome Exhibition Area for the first time to present the investment outcomes and development plans of the districts and departments of the city in recent years. An area was also set up for an exhibition on local renowned brands to display products in advanced manufacturing, consumer electronics, trendy lifestyles, and the new-style tea industry.
View original content:https://www.prnewswire.co.uk/news-releases/the-2023-global-investment-promotion-conference-held-in-shenzhen-china-302010240.html
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