Study on the financial behavior of Greeks

The value of money a key contributor to the modulation of consumers’ financial behavior in Greece according to a study realized by Mellon Technologies and the University of Lancaster

Mellon Technologies in cooperation with the University of Lancaster announced today the completion of the study that was designed and realized during the summer in order to address issues related to the financial behavior of Greek consumers. The scope of the study was to create the new module “Financial Mosaic” that will be incorporated in Experian’s Mosaic Micromarketer target marketing tool for Greece.

The study used a representative sample of the financially active population (11,000 consumers) across Greece, with telephone interviews that aimed to accumulate data on the way consumers in Greece manage their income and use credit products.

According to the results of the study, the majority of consumers prefer the mass media as their main source of information on financial products, out of which 63% chooses TV or radio and 40% newspapers and magazines. Internet follows with 23%, whereas the phone, mail, branch and references are selected with less intensity (under 10% each). When they were asked if they would specifically purchase financial products over the Internet or phone, the majority (77%) responded negatively.

Another key finding is that 45% of the respondents spend their entire monthly income, whereas 7% spend more than they make. In support of this, 64% of the respondents answered that they do not make any deposits or invest their money.

More specifically on consumer habits and intentions regarding financial products, 60% do not feel comfortable to acquire a loan, 30% do not own a credit card, and 52% do not have any private insurance product. Moreover, the level of the available rates represents a decisive factor, with the majority (16%) using the credit card that offers the lowest interest and choosing for their savings account the bank with the highest rate.

Also of interest are the different behaviors of consumers in relation to their age group. The majority of respondents belonging to the age group 35-44 are positively disposed against acquiring a credit card or loan, as compared to people above 54 that appear very reluctant to use credit products.

“Mosaic Micromarketer segments the Greek population into types with similar consumer habits, according to geodemographic, financial, geographic and life style characteristics. With the addition of the new parameters on financial behavior as they derive from the study, we can have an even more conclusive image of the Greek consumer. This dimension will be of special interest to financial organizations, but also to companies that provide products and services utilizing credit lines, such as automotive companies, super markets and multistores, retail chains etc.” mentioned Maro Hondropoulou, Business Unit Manager, Mellon Technologies.

The new edition of Mosaic Micromarketer that will include the Financial Mosaic module, will be ready in December 2008 and will be provided along with the analytic findings of the study.



About Mellon Technologies
Mellon Technologies is one of the largest Greek IT companies with a leading role in the electronic transactions market, for financial institutions and increasingly for the retail and public sectors. Today, Mellon Technologies has an excellent record of performance in virtually all major electronic transactions projects that can no longer take place without novel and complex technology infrastructure and support. Mellon Technologies is the parent company of Mellon Group of Companies with subsidiaries in Albania, Bulgaria, Cyprus, Egypt, FYROM, Poland, Romania, Serbia, Egypt, Ukraine and Turkey.

For more information please visit the site of the company at www.mellon.com.gr


About Mosaic Micromarketer
MOSAIC Micromarketer is a unique "Target Marketing Tool" that segments the Greek population into types with similar consumer habits, according to geodemographic, financial, geographic and life style characteristics. The segmentation of Greek Consumers is defined per building block and has particular applications in the growth process and profitability of a company.