A study published by credit management service Intrum Justitia on Monday showed that 40 percent of France’s 15 to 24-year-olds experience severe financial difficulties, with as many as 29 percent saying they had no money to spare once the monthly bills had been taken care of.
The French mainly blamed their hardships on unemployment, saying income taxes and high costs in the French society in general were eating up their funds.
In metropolitan France, a staggering 22.8 percent of 15 to 24 year-olds are unemployed, according to data from national statistics agency INSEE.
With many of them saying that the only solution to their financial woes would be to cut back on going out, clothes and food, as many as 29 percent said they were considering moving abroad to improve their financial situation.
Only Estonians and the Irish were worse off than the French, Intrum Justitia said, where 44 percent and 41 percent respectively said they were too cash-strapped to lead dignified lives.
For its European Payment Index Report Intrum Justitia interviewed 21,000 people across Europe. Results showed that five percent of people feel worse off than they did two or three years ago, and 13 percent are afraid to open their bills.
Three out of ten young Europeans (15-24 years) say that they do not have enough money for a dignified existence.
Meanwhile a Bloomberg Global Poll of international investors concludes that the world economy is in its worst shape in two years, with much of the concern focused on the euro area.
Almost two-thirds of those polled said the eurozone was weakening while 89 percent saw disinflation or deflation as a greater threat there than inflation over the next year.
Respondents said the European Central Bank and the region’s governments are making the situation worse by pursuing too-tight policies.