The global financial crisis has been particularly severe in Italy, Spain and other peripheral countries in the Eurozone – some of which have arranged so-called bailout packages from European and international organisations. The ING International Survey on Savings suggests financial pressures are being felt by individuals as well as at government level.
The pain in Spain
Spain has the highest proportion in the survey of respondents “uncomfortable” with their levels of savings at 48%. Italy has the highest proportion who says their financial position is weakened due to the current economic situation at 71%.
At the other end of the spectrum, Germany – currently seen as a strong Eurozone economy – is enduring the economic climate relatively well, with just 36% of German respondents saying their financial position has weakened and just 34% saying they are saving less. Despite this, the German respondents are not as upbeat about their levels of savings as some other nations. In Germany, 45% say they are comfortable with the amount they have saved, less than the proportion in the Netherlands, Poland, Luxembourg, India and Thailand.
This article is related to the ING International Survey: