A new study by the Institute of Labour (IME) of the General Confederation of Greek Workers (GSEE) reveals that Greek households continue to face severe financial strain, with incomes covering only 23 days of expenses per month on average in 2024. For those in the most difficult economic situations, income lasts just 19 days, leaving families struggling to bridge the gap.
Despite a slight improvement in economic indicators, financial hardships remain widespread, as six out of ten households report that their monthly earnings are insufficient to cover all expenses. At the same time, more than 80 percent of households are unable to save money, and over half cannot afford an emergency expense of €500. The situation is particularly dire for the 11.7 percent of households living in extreme poverty, where even basic needs are difficult to meet.
The economic pressures are most pronounced for low- and middle-income families, with the most vulnerable groups experiencing the heaviest burdens. Wages serve as the primary or sole source of income for more than half of Greek households, and nearly 40 percent report having no additional revenue streams. The situation is especially concerning for self-employed workers and small business owners. More than half of the households that depend on business income say they are unable to make ends meet until the end of the month, a significant increase from last year.
Additionally, nearly half of these households report annual earnings of no more than €18,000, underscoring the difficulties faced by small and medium-sized enterprises. In an effort to manage growing financial pressures, many business owners have sought additional income sources, a likely response to the increased tax burden imposed by new imputed taxation rules.
Household debt is also on the rise. Nearly 29 percent of households report overdue payments to the state, reflecting a steep increase in financial distress. Meanwhile, 16 percent of Greek families fear losing their homes due to unpaid loans or other financial obligations. Rising prices continue to exacerbate financial difficulties, with food inflation forcing more than 70 percent of households to cut spending on other essential needs. More than 60 percent of Greek families report an increase in costs for utilities and groceries, while many have had to scale back on entertainment, dining out, and clothing purchases.
In addition to financial struggles, an increasing number of households are finding it difficult to access basic services such as healthcare, electricity, heating, and education. Public dissatisfaction with the government’s handling of the economic crisis has deepened, as many Greeks believe that the most effective measures to address the cost-of-living crisis would include wage and pension increases, stricter market controls to prevent price gouging, and tax reductions.
While some indicators suggest a modest improvement in income stability, economic inequality continues to grow. Households earning less than €25,000 annually still report significant struggles, while higher-income households have experienced more income growth.
