Losing track of one’s cash becomes a matter of habit

Survey shows Greeks spend 15 billion euros a year without realizing it

There isn’t a Greek today who hasn’t wondered where their money goes; they lose track of a total 15 billion a year, according to a survey by Visa Europe, in conjunction with QED, of people’s daily money management and consumption. The survey, titled “Love Every Day,” was taken in August this year among 600 people aged 25-55. It found that at least seven in 10 Greeks say that they lose track of their money without realizing where it goes, while five in 10 admit they don’t remember where they’ve spent a large part of their cash. Women and young people aged 25-29 in particular fall into these categories: The former because shopping is a way to relax and the latter because they know they can fall back on their parents if they go over budget. The greatest temptation for Greeks, it seems, are supermarkets, since 74 percent say they always buy more than they set out to. Sales account for 53 percent of overspending, clothing 45 percent and entertainment 43 percent. Again it is young women who get more carried away by sales. Young men (25-29) spend more on entertainment. It is the middle class and middle aged (40-54) who are more careful with their money; the lower income groups tend to spend more than the average on having fun.

The vast majority (85 percent) realize they only have themselves to blame for overspending. Just 15 percent blame rising prices. Although four in 10 say it bothers them that they spend more than they can afford, it is mostly women and the middle-aged (40-54) who appear willing to take steps to limit spending. Some split their monthly wage into weekly installments, others only keep enough money in their wallets to get through the day and others collect change in a moneybox. Nearly half of those surveyed believe that losing track of coins, rather than notes, is the problem. Strange as it may seem, three in 10 claim that the main reason they lose track of notes is because they haven’t realized their value.

This article appeared in the December 10 issue of K, Kathimerini’s color supplement.