Greek Households After the 10-Year-Crisis: An Exploratory Research

Abstract

The financial crisis has significantly affected the Greek economy for a decade, and, consequently, it has had a great impact on Greek households. The impacts of the crisis, ten years later, seemed to have shaped the Greek family environment, which has been directly affected by wider changes. To investigate the impact of the 10-year financial crisis and recession on Greek households, and the changes they have taken place in family lives, a survey was carried out, on subjects living in various Greek areas. The research is conclusive—descriptive and attempts to identify real facts in the daily lives and quality of life of Greek households. The survey demonstrated that, after the ten-year crisis, household incomes are not satisfactory for family members. Thus, a number of households, in view of price increase and purchasing power decline, have been forced to cut back on entertainment and travel spending. A great number of Greek people, particularly young, on account of financial problems and high unemployment rates, combined with the shrinking number of new job opportunities, have been forced to emigrate. In terms of the impact of crisis on psychological state, it is very disappointing that most people have been seriously affected, and, thus, are pessimist about prospects of future improvements. Remarkably, the research demonstrated a close relationship and correlation (dependent variables) between wage/pension cuts and spending cuts in various aspects of everyday life, and also highlighted people’s inability to meet their obligations or basic needs.