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Hit by the Crisis?
Uncertainty still prevails regarding the future of the euro zone and uncertainty is forcing companies to cut jobs and conserve cash
In a recent survey The Beginner asked its readers how the euro zone crisis affected their daily life. The results are equally balanced between ‘I am saving money’, ‘I avoid making big purchases’ and ‘I continue my normal lifestyle’. Each of the responses received 30% of the votes. Only 10% said the crisis did not affect their lives.
According to a current Gallup survey, the financial crisis is affecting EU member countries differently depending on household and individual levels of accumulated wealth. In most Northern and Western European countries, large majorities of the surveyed population say they are satisfied with their current standard of living, all the things they can buy and do. But in countries that entered the current crisis with weaker economies, as did several Eastern and Southern European countries, dissatisfaction with current standards of living is much higher.
The survey showed that more Europeans are "suffering" than "thriving" in several countries that were hard-hit by the financial crisis. This is especially the case in countries that have already introduced harsh austerity measures.
One of the strongest indicators of wellbeing besides actual economic situation is whether people perceive their standard of living as being able to improve in the near future. In all but a few of the European countries surveyed, more people believe that their standard of living is deteriorating rather than improving. In some of the EU member states that have already instituted austerity measures, such as Greece, a majority believe that their standard of living will deteriorate further.
The Gallup survey indicates considerable disparity in how residents across the EU are experiencing the current economic crisis. While some citizens are still considering themselves to be thriving, these individuals tend to be localised in Northern and Western Europe. In the rest of the countries, many are suffering and their prospects seem bleak.
As austerity measures become the norm in more EU countries, the personal wellbeing of citizens and their perceptions of it may be worth watching closely to help indicate just how bad the economic situation is becoming.
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