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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https://mb.cision.com/Main/8612/3843595/2324620.pdf |
IAB_2022.09.28_ECPR 2023 CEO pov |
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PASAY CITY, Philippines, Dec. 26, 2024 /PRNewswire/ — The SM Group is approaching the coming year with cautious optimism, encouraged by the continued growth of the Philippine economy.
SM Investments President and Chief Executive Officer Frederic C. DyBuncio said that despite ongoing challenges of peso volatility and higher inflation, the business sector has adapted well.
Consistent demand sustained household spending in the third quarter, with Household Final Consumption Expenditure posting a year-on-year growth of 5.1%, maintaining the same level in the same quarter last year, data from the Philippine Statistics Authority showed.
“Any moderation in inflation should trigger a strong confidence rebound. This could create opportunities in consumer-focused sectors in the country and we are poised to cater to these evolving demands,” Mr. DyBuncio said.
To cater to growing demand, SM continues to expand into more underserved areas, contributing to sustainable economic development and collaborating with government stakeholders to enhance access to modern retail, financial services, and integrated property developments.
“By investing and expanding to more areas nationwide, SM creates new markets and improves access to these essential sectors, serving more communities and helping stimulate sustained economic activities,” he said.
Mr. DyBuncio also said SM continues to invest in promising ventures such as renewable energy and logistics, that foster economic activity.
SM has invested in the clean energy industry through Philippine Geothermal Production Company (PGPC) which produces 300 Megawatts of geothermal steam supply. SM aims to continue to develop geothermal concessions through PGPC in support of the Department of Energy’s goal of reaching 50% renewable energy supply by 2040.
To encourage circularity towards green energy production, SM’s property arm, SM Prime Holdings partnered with GUUN Co. Ltd. (GUUN) to implement the Japanese technique of reducing landfill impact. The technology converts non-recyclable and hard-to-recycle packaging into alternative fuel.
SM’s banking arm, BDO Unibank is one of the largest funders of renewable energy projects. BDO has funded PHP898 billion in sustainable finance, including loans to 59 renewable energy projects as of December 2023.
In logistics and tourism, the improvement of transport networks across the country’s archipelago connects tourist and industrial areas that will help create inclusive growth. SM though its subsidiary 2GO launched MV Masigla and MV Masikap in 2024 to help better connect goods to 19 ports across the country including Iloilo, Bacolod, Cagayan de Oro and Manila, further supporting the government’s push for medium term growth through an upgraded tourism infrastructure and ecosystem.
“Our focus for 2025 will be to drive purposeful growth, empowering communities and partners through our investments towards a sustainable future,” Mr. DyBuncio said.
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View original content:https://www.prnewswire.co.uk/news-releases/sm-approaches-2025-with-cautious-optimism-302339452.html
TAIPEI, Dec. 26, 2024 /PRNewswire/ — VIVOTEK (3454-TW), the global leading security solution provider, has once again demonstrated its outstanding commitment to sustainability. Participating for the first time in the 17th Taiwan Corporate Sustainability Awards (TCSA), VIVOTEK emerged victorious, earning the Sustainability Report Award for the Information, Communication, and Broadcasting Industry and the Taiwan Corporate Sustainability Excellence Award. These recognitions showcase VIVOTEK’s remarkable success in corporate governance, environmental protection, and social responsibility, affirming its dedication to sustainable growth.
Pioneering Sustainability with Dual Recognition
“For over seven years, VIVOTEK has independently published sustainability reports, actively driving and disclosing our internal sustainability initiatives.” said Allen Hsieh, VIVOTEK’s Spokesperson and Director of the Global Marketing Division. “These awards not only recognize our integrity and efforts in presenting operational performance, environmental data, and social impact but also serve as a strong motivation for us to continue advancing on the path of sustainable development.”
Driving Sustainability through AI Innovation
VIVOTEK delivers advanced AI-powered security solutions built on cutting-edge AI and edge computing technologies. Beyond innovation, the company drives green initiatives, reduces its carbon footprint, and fosters a sustainable, supportive workplace.
Committed to social responsibility, VIVOTEK leads the security industry’s sustainability efforts through its ‘Safety Map’ initiative. For four years, employees have formed security teams to enhance safety in neighborhoods, care centers, and schools with on-site assessments and improvement plans.
In 2024, VIVOTEK will expand its efforts to Hualien’s Dacheng Village, where it will help improve local safety environments and support cultural preservation and tourism revitalization. These actions reflect its dedication to sustainability, community well-being, and lasting societal contributions.
Security Sustainability as a Foundation for Social Impact
VIVOTEK proudly received two prestigious honors at the Taiwan Corporate Sustainability Awards, highlighting its dedication to sustainable practices. These accolades inspire the company to deepen its internal efforts and mark the start of an exciting new chapter.
Building on this achievement, VIVOTEK aims to strengthen its mission of becoming the world’s most trusted smart security brand. By aligning with global market needs and fostering collaboration with customers, partners, and employees, VIVOTEK is committed to shaping a sustainable future founded on mutual trust and shared success.
To learn more about VIVOTEK’s sustainability initiatives, please refer to the 2023 Sustainability Report.
View original content:https://www.prnewswire.co.uk/news-releases/vivotek-wins-double-honors-for-its-commitment-to-sustainability-302339223.html
Fintech PR
2024 Global Youth Design Contest on Chinese Characters Themed “Guiyang in Characters” Successfully Concluded
GUIYANG, China, Dec. 26, 2024 /PRNewswire/ — To fully implement the spirit of “carrying forward China’s cultural heritage” and “promoting the creative transformation and innovative development of fine traditional Chinese culture”, the 2024 Global Youth Design Contest on Chinese Characters Themed “Guiyang in Characters”, organized by the Publicity Department of the CPC Guiyang Municipal Committee and hosted by www.huanqiu.com, has successfully concluded on Dec.16. The contest drew thousands of teenagers from both China and abroad, who used cultural empowerment and innovative designs of Chinese characters to narrate and promote Guiyang.
At the “Colorful Guizhou • Literary Plateau” Farming and Reading Event, 59 outstanding works from 26 countries, along with 21 representative pieces from various countries and regions, were showcased. According to the organizing committee of the Global Youth Design Contest on Chinese Characters, “This exhibition serves as both a lasting commemoration of the event and a report to all those who care about the inheritance and promotion of Guiyang and Chinese culture.”
In their submissions, the teenagers selected Chinese characters or phrases they believed best represented Guiyang and reimagined them through innovative designs. Outstanding designs incorporated Guiyang’s iconic architecture and cultural landmarks into Chinese characters to present the city’s urban landscape and historical culture. Some works spotlighted Guiyang’s distinctive cuisine, offering a glimpse into the vibrant and diverse local culinary culture. Some other designs drew inspiration from martial arts villages in Guizhou and featured dragon motifs to symbolize the depth and vitality of Guizhou culture.
Saison from Tajikistan was among the participants in this year’s Global Youth Design Contest on Chinese Characters. Speaking about his design of the Chinese characters, he shared that his design sought to merge the beauty of Chinese characters with the charm of Guiyang. “Guiyang is a captivating place, known for its beautiful scenery, delicious food, and diverse ethnic minorities. I tried to incorporate the beauty of Guiyang into my Chinese character design, hoping to convey the city’s charm and the wonders of Chinese characters through my work.”
The contest officially opened for submissions on September 30. In an effort to boost public engagement and participation, a “cheerleading campaign” was organized for shortlisted works from November 22 to 29. Following expert reviews, 80 outstanding works were ultimately selected for public exhibition.
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View original content:https://www.prnewswire.co.uk/news-releases/2024-global-youth-design-contest-on-chinese-characters-themed-guiyang-in-characters-successfully-concluded-302339323.html
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