Newsroom
Cypriots are feeling the pinch in different ways, according to a new survey that highlights the divide in how people are coping with their household finances. The results, from a study by the Pancyprian Association of Consumers and Quality of Life in collaboration with CMRC-Cypronetwork Ltd, show that while some households are managing just fine, others are barely keeping their heads above water, and many are finding it hard to survive.
The survey, conducted in February and involving 1,000 people from both urban and rural areas, paints a picture of financial uncertainty for many Cypriots. About one in three households say they are getting by comfortably; another third say they’re struggling to make ends meet; and the rest say they’re facing serious financial challenges.
The survey also uncovered a troubling lack of awareness about consumer rights. Only 7% of respondents said they’re very aware of their rights, and many reported problems with poor-quality products,
It’s not just a matter of household incomes, though. The survey also revealed that 66% of households haven’t seen any change in their income over the last six months, while 18% reported an increase and 15% saw their income drop. At the same time, nearly 90% of people said that prices for goods and services have been going up.
For many families, rising prices have meant cutting back on spending. More than half of the respondents (52%) said they’ve reduced their purchases of everyday goods and services to cope. Price hikes were most noticeable in essential items like food (86%), electricity (73%), and clothing (66%). However, costs for things like phone bills and medication saw smaller increases.
On top of the rising cost of living, many Cypriots are also carrying significant debt. Four out of ten respondents said their household has a bank loan, and for those who do, the majority said the debt is a heavy burden. About 30% of respondents feel they are over-indebted, and 5% are worried they won’t be able to make loan repayments.
Looking ahead, most people aren’t hopeful. Just 15% think their financial situation will improve over the next year, while 22% believe it will get worse. When asked about the country’s economic future, the majority (43%) think things will stay the same, but 35% expect it to decline.
But it’s not just about the money. Cypriots also have major concerns about rising prices, corruption, and social inequality. 63% said the biggest issue is the rising cost of goods and services, followed by concerns about corruption (56%) and poverty (48%). Energy prices, crime, and high taxes also made the list of top worries.
The survey also uncovered a troubling lack of awareness about consumer rights. Only 7% of respondents said they’re very aware of their rights, and many reported problems with poor-quality products, misleading advertising, and defective goods. Many are unsure where to turn for help, as only a small percentage knew about consumer protection services.
Perhaps most concerning is the general dissatisfaction with the government’s handling of these issues. Less than a quarter of respondents felt the government was transparent or responsive to citizens' needs. More than half (57%) said it’s not easy to claim their rights as Cypriot citizens, showing that frustration with the system is widespread.
