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Almost half of Cypriots would not be able to meet an unexpected expense

Almost half of Cypriots would not have the finances to cover an unexpected expense, it emerged on Tuesday.

Cyprus was one to the EU countries with the highest share of people unable to face unexpected financial expenses such as funerals, costs for surgery or the replacement of a car  in 2019, Eurostat said on Tuesday.

“Due to lockdown implemented across the world in 2020 to slow down the rapid spread of the coronavirus, the ability to face unexpected financial expenses is crucial, especially in case of loss of income,” the statistical service announced.

In 2019, among EU member states the share was highest in Croatia (52 per cent), followed by Latvia (50 per cent) and Greece and Cyprus, both with 48 per cent.

At the other end of the scale, just 15 per cent were unable to meet unforeseen expenses in Malta, and 20 per cent in Luxembourg, Austria and Sweden.

On average in the EU, almost one in three people were unable to face unanticipated expenses (32 per cent) in 2019. Since its peak in 2012 (40 per cent), the ability to handle such expenses has improved markedly.

Available data for Cyprus showed an improvement in 2019 over 2016. The percentage dropped from 56.6 in 2016 to 46.6 per cent last year.

The highest shares of people unable to face unexpected expenses was reported among single-person households. 40 per cent of single persons were unable to face such expenses, and 56 per cent of single persons with children. Higher shares were recorded for single females (43 per cent) than for single males (36 per cent).

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