- Interview with Christina Kousounis | Maryly Mitropoulou, Country Marketing Manager at Plum
Half of Greeks postponed or canceled their summer holidays due to financial difficulties, while only one in four manages to stay within budget, according to a Plum study in collaboration with Palmos Analysis. On the other hand, unexpected expenses continue to put pressure on Greeks, leading many to use credit cards or rely on support from relatives and friends.
Maryly Mitropoulou, Country Marketing Manager at Plum, in an interview with Tornos News, talks about the saving habits of Greeks, how financial resilience is becoming increasingly critical, and the great opportunities that are opening up for the Greek fintech market.
The full text of the interview is as follows:
What did Plum’s data reveal about Greeks’ summer vacations this year? Did they struggle to plan their finances? Now that the season is coming to an end, what is your overall picture of how households ultimately fared?
This nationwide survey, conducted in collaboration with Palmos Analysis, shows that 28% of respondents do not budget or save in advance for their vacations, while only a small minority (13%) start planning more than six months in advance. Even when there is a budget, adherence to it is not a given. Only 26% stay within limits, while 25% exceed them and 22% only maintain a general sense of limits. Half of respondents (50%) said that they have at some point postponed or canceled their summer vacation for financial reasons.
Almost half of Greeks said they postponed or cancelled their vacations for financial reasons. Do you see this as a temporary situation or as an indication of a longer-term change in behavior?
Half of respondents (50%) said they postponed or cancelled their summer vacations for financial reasons, with almost 1 in 3 (32%) saying they have done so more than once. It seems that this is something that has been repeated over the years. In many cases, it is not just about whether finances allow it or not, but about an unexpected expense arising that ultimately affects their ability to go on vacation. A solution like Plum can really make things easier: by saving small amounts consistently and automatically each week, you create a reserve that is available to use as you wish. Some invest it, others cover unexpected expenses, and others use it to enjoy their vacation without stress.
Unexpected expenses seem to be putting a lot of pressure on households, with many turning to savings or credit cards. Based on your data, how prepared are Greeks to manage such situations?
If an unexpected expense arises during the summer, most turn to their reserves, if they have any. 42% use their savings, 32% limit spending in other areas, 18% seek support from family or friends, and 16% resort to credit cards or loans. It is important to strengthen one’s financial resilience by putting aside enough money for unforeseen situations. Using credit tools can often prove costly, as higher interest rates mean that repayment often takes longer than one expects.
Plum has an international presence and records data in several European markets. How competitive do you find the Greek market compared to other countries?
The Greek market is particularly interesting because it is full of contrasts: on the one hand, the penetration of investment products and digital financial tools remains relatively low. On the other hand, there is a young audience that is adopting fintech solutions very quickly. What is encouraging is that the younger generation is not only more open to technology, but is also showing an increasing interest and focus on saving and investing.
Compared to more mature markets such as the UK, Greece does not yet have the same level of financial literacy; however, this is precisely what creates such a strong growth opportunity. Greeks have a real appetite for tools that help them manage their money and build financial resilience. At Plum, we see Greece as a place where we can have a meaningful social impact, enhancing financial well-being in the long term.
