Half of Cyprus population unable to cope with unexpected expenses

Almost half (48%) of the populations of both Cyprus and Greece were unable to cope with unexpected financial expenses last year, data released by the European statistical service (Eurostat) on Tuesday showed.

According to Eurostat, “"these people were not able to face unexpected financial expenses such as costs for surgery, a funeral, a replacement of washing machine or a car in 2019".

The corresponding EU-wide figure was one in three, or 32 per cent. Eurostat reported the figure has shown steady improvement since it peaked at 40% in 2012.

Lockdowns implemented across the world to curb the spread of coronavirus have highlighted the need for people to be able to face unexpected expenses, especially in cases of loss of income.

The highest shares of people unable to face unexpected financial expenses was reported among single person households: 40% of single persons were unable to face unexpected financial expenses, and in particular 56% of single persons with children. Higher shares were recorded for single women (43%) than for single men (36%).

In contrast, the lowest shares were recorded in households with two adults: 25% were unable to face unexpected financial expenses; 28% of two adult households with one dependent child and 26% of those with two dependent children.

Among all household types, the proportion of people unable to face unexpected financial expenses was lowest for two adults, of whom at least one is 65 or over (24%).

Among the EU Member States, the share of people unable to face unexpected financial expenses was highest in Croatia (52%), followed by Latvia (50%), Greece and Cyprus (both 48%), Lithuania (47%) and Romania (44%).