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Intrum: Millions to lose sight of spending as monthly subscriptions and payment deferrals pile pressure on household finances
- Almost half (45%) of European consumers are caught out by the build-up of monthly subscription costs
- Generation gap means over half (52%) of millennials and 53% of Gen Z struggle to keep track of subscription spending, compared with 34% of Baby boomers
- 30% of consumers are planning to increase their use of buy-now-pay-later products
- Three in four (76%) are just breaking even or are over-spending each month, with the average over-spender exceeding their budget by EUR 232
- One in five consumers have no `cash buffer’ to fall back on in the event of difficulties
STOCKHOLM, Nov. 16, 2023 /PRNewswire/ — Millions of consumers across Europe are losing sight of their monthly spending and household outgoings, as almost half (45%) of consumers admit to being taken by surprise by how much their subscription fees build up without them realising. This is according to the 2023 European Consumer Payment Report from Intrum, the credit management services provider.
As inflation outpaces wage growth, consumers find themselves with considerably less money in their pocket. Three in four (76%) admit to just breaking even or over-spending each month. Subscription based services, that allow consumers to spread the cost of goods and services, while convenient are adding fuel to the fire causing ‘Subscription creep’ – as the build-up monthly payments for online purchases make it harder to cope with cost-of-living pressures.
Published today, Intrum’s annual study lays bare the experiences of 20,000 consumers across 20 European countries. It shows that modern payment methods for goods and services add to the challenge of managing money at a time of high inflation and rising interest rates. Greece (67%) is worst affected nation for ‘subscription creep’, followed by Ireland (62%), Finland (55%) and UK (53%).
Chart 1: European countries where consumers are most affected by ‘subscription creep’
Young adults most exposed to ‘subscription creep’
Intrum’s study shows that younger adults (Millennials, born 1980 onwards) are especially prone to experiencing ‘subscription creep’ compared with older generations. Across Europe, over half (52%) of Millennials and 53% of Gen Z admit they struggle to keep track of subscription spending, compared with just one in three (34%) Baby boomers.
Build-up of buy-now-pay-later commitments piles on the pressure
In another sign of increasingly complex personal finances, nearly one in three (30%) consumers across Europe say they are likely to increase their use of Buy Now, Pay Later (BNPL) arrangements to manage the impact of high interest rates and inflation. Almost half (47%) are more likely to spend money with businesses that offer them flexible payment terms including such as partial payments, multiple payment methods and flexible due dates.
Chart 2: To manage the impact of high interest rates and inflation, how likely are you to increase usage of buy-now/pay-later solutions?
This is despite more than one in three consumers (35%) admitting they find it difficult to keep track of BNPL purchases and how their spending can build up to during the month. Younger generations are again the most affected, although almost three in ten (29%) of over-65s across Europe also find themselves struggling to manage their BNPL commitments.
Chart 3: Europeans finding it difficult to keep track of buy-now/pay-later purchases and how much they can build up during the month
The findings come at a time when half of European consumers (49%) say they have less spending money after paying for essential items and bills than a year ago. Three in four (76%) are only just breaking even or over-spending each month, with the average over-spender exceeding their budget by €232.
Denmark and Switzerland are at the more extreme end of the scale, with consumers in both countries exceeding their monthly budgets on average by more than €300 per month.
With their personal finances under pressure, more than one in three (35%) 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.
|
Year |
Percentage of European consumers |
|
2019 |
33 % |
|
2020 |
29 % |
|
2021 |
30 % |
|
2022 |
29 % |
|
2023 |
35 % |
Many consumers’ resilience is hanging by a thread because they lack any ‘cash buffer’ to cover unexpected costs. 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.
Andres Rubio, President and CEO of Intrum, comments: “Managing your money effectively is about much more than understanding inflation and interest rates. Keeping track of your recurring subscription costs, payment deferrals and all debts is an increasingly complex but essential task. Millions of consumers are overspending each month or having to prioritise certain bills and often falling short and missing other payments.
While popular payment plans such as buy-now-pay-later enable a simplified shopping experience and can ease short-term pressure, we need to be aware that a growing number of consumers are using these methods to pay for daily essentials to manage the everyday cost of living. It is vital that everyone understands the terms, conditions and potential risks associated with credit products, especially if they are turning to them as a response to economic challenges.
For businesses, it’s important to adapt and demonstrate understanding of the challenges consumers are facing. Introducing more flexible payment terms and working with customers to find solutions that avoid long-term stress is essential. Flexible payment terms are clearly attractive to consumers, but using these responsibly is the key to long-term, sustainable spending patterns and customer relationships. Being there for consumers in the short term gives businesses the best chance of winning their loyalty once current economic pressures start to ease.”
Notes to Editors
‘Subscription creep’ refers to the slow and continuous accumulation of multiple subscriptions, which can leave people exposed to rising costs and unsighted on their overall spending commitments.
About The European Consumer Payment Report 2023
The European Consumer Payment Report 2023 provides 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 FT 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.
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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Intrum ECPR 2023 |
|
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https://news.cision.com/intrum/i/andres-rubio–president-and-ceo-of-intrum,c3239855 |
Andrés Rubio, President and CEO of Intrum |
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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
The following files are available for download:
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Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
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EQT AB Group |
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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