All press releases
EOS Group: Successful development in the 2023/24 financial year
Hamburg, August 20, 2024
- EOS Group achieves strong annual results with an EBITDA of EUR 412.9 million
- Revenue in Germany remains stable at the previous year's level
- ESG Risk Rating by Morningstar Sustainalytics: EOS Group ranks among the top 3 in the "Consumer Finance" industry
The EOS Group achieved a strong result (EBITDA) of EUR 412.9 million in the 2023/24 fiscal year and was able to maintain a very good level with a revenue increase of 2.1 percent (totaling EUR 997.3 million). In Germany, revenue remained stable at the previous year's level of EUR 253.8 million. With an investment volume of approximately EUR 583.5 million, the EOS Group was significantly below the exceptional year of 2022/23. In Germany, approximately EUR 132 million were invested in receivables and real estate. The successful processing of the purchased receivables portfolios in previous years significantly contributed to the overall positive result. In the last fiscal year, the group successfully concluded more than five million debt cases and reintroduced approximately EUR 1.9 billion into the economic cycle.
Successful performance despite challenging economic conditions
Despite macroeconomic challenges such as rising interest rates and high inflation, the EOS Group was able to successfully assert itself in the market. "The uncertain macroeconomic times will persist. But we have turned the professional handling of uncertainty into our strength, can act resiliently and flexibly, and focus on the best solutions for our customers," says Marwin Ramcke, CEO of the EOS Group.
Eastern Europe slightly exceeds previous year's revenue, Western Europe shows significant growth.
With a share of 41.9 percent in overall sales, Eastern Europe remains the region with the highest revenue in the EOS Group. Despite rising interest rates, investments amounting to EUR 212.5 million were made. In the Western Europe region, revenue increased the most compared to other regions of the EOS Group, reaching EUR 323.4 million (32.4 percent of total revenue), an overall growth of 6.9 percent. Investments in Western Europe amounted to EUR 238.6 million in the past fiscal year.
Sustainability remains a focus
The EOS Group also stood out in the previous financial year for reasons other than its strong business figures. The international group received an outstanding ESG risk rating in 2023. “According to renowned rating agency Morningstar Sustainalytics, EOS is one of the top 3 companies in our ‘Consumer Finance’ sector,” says Marwin Ramcke. “I’m very proud of this rating. Achieving a top position the very first try proves that our corporate responsibility strategy is a success.”
With its annual and sustainability report based on the standards of the Global Reporting Initiative (GRI), EOS makes clear what the Group is achieving in this area. For example, a gender pay gap analysis comparing the salaries of men and women was initiated for the first time. In addition, the company has also calculated its own CO2 footprint (Scope 1 & 2). “We will continue to advance these initiatives during this financial year and derive targeted measures from them, such as for reducing emissions,” Ramcke stresses.
The corporate responsibility strategy is firmly embedded in the core business of the EOS Group. Responsible debt collection and sustainable debt collection for defaulting consumers are central to EOS.
About EOS Group
The EOS Group is a leading technology-driven investor in receivables portfolios and an expert in the processing of outstanding receivables. With over 50 years of experience and offices in more than 20 countries, EOS offers smart services for receivables management worldwide. Its key target sectors are banking, real estate, telecommunications, utilities, and e-commerce. EOS employs more than 6,000 people and is part of Otto Group. For more information on the EOS Group, please go to: https://eos-solutions.com/
Contact for press and media:
Marc Heuer, Corporate Communications & Marketing EOS Germany
Email: presse@eos-solutions.com
Change in the Board of Directors of the EOS Group
Hamburg, April 11, 2024
The EOS Group is about to make changes to its management team: Justus Hecking-Veltman, CFO and Managing Director of EOS Holding GmbH, will leave the company on August 1, 2024 to take on other challenges. His successor will be Dr Eva Griewel, who holds a doctorate in economics.
Justus Hecking-Veltman, 56, began his career in the Otto Group in 1994 in Group Controlling. In 1998, he moved to OTTO, where he was most recently Director of Controlling and Accounting. He has been Chief Financial Officer of EOS since 2007.
"I would like to thank Justus Hecking-Veltman most sincerely for his successful work as CFO of the EOS Group. He has made a significant contribution to the fact that the Group has grown many times over during his term of office and has reliably generated very high earnings contributions for the Otto Group. I am pleased that Justus Hecking-Veltman will remain associated with the Otto Group and will continue his work as a freelancer on the advisory boards of Frankonia and Systain," says Petra Scharner-Wolff, Group Executive Board Member for Finance, Controlling and Human Resources.
Justus Hecking-Veltman sums up: "I can look back on 17 great and successful years at EOS. I would like to thank all my colleagues in the EOS Group and also in the Otto Group for the trusting cooperation and Petra Scharner-Wolff and Alexander Birken for the confidence they have placed in me. At the same time, I wish my successor Dr. Eva Griewel all the best and a lucky hand in her new role."
The successor to the CFO position is very familiar with EOS. Eva Griewel, 46, who holds a PHD in economics, initially started her career at Deloitte. She then worked at EOS from 2008 to 2020, first as an assistant to the CEO and later as SVP of Division Management Western Europe. After taking parental leave, she joined the Hamburg-based Buss Group as CFO in 2022. "I am delighted to be returning to EOS and to have the trust placed in me to continue writing this impressive success story," says Griewel. "There is still a lot of potential in the Group and, together with the team, I would like to make a significant contribution to further profitable growth in these extremely challenging times."
Petra Scharner-Wolff emphasises: "In Dr. Eva Griewel, we have gained an experienced financial expert for the EOS Board of Directors who has known the company for many years. These are the best prerequisites for the continued successful development of the EOS Group.”
About EOS Group
The EOS Group is a leading technology-driven investor in receivables portfolios and an expert in the processing of outstanding receivables. With over 50 years of experience and offices in more than 20 countries, EOS offers smart services for receivables management worldwide. Its key target sectors are banking, real estate, telecommunications, utilities, and e-commerce. EOS employs more than 6,000 people and is part of Otto Group. For more information on the EOS Group, please go to: https://eos-solutions.com/
Contact for press and media:
Marc Heuer, Corporate Communications & Marketing EOS Germany
Email: presse@eos-solutions.com
EOS Group, IFC Partner to Resolve Non-Performing Loans, Boost Lending in Poland
Hamburg, March 14, 2024
- New €275 million facility to purchase and resolve NPLs in Poland
- Project will build resilience of banking sector and foster new lending
- Strong focus on environmental, social and governance aspects
A new €275-million platform in Poland will help financial institutions resolve their non-performing loans (NPLs), freeing up capital for new lending, allowing individuals and businesses to restore their creditworthiness, and bolstering the country’s banking sector.
Co-funded by IFC and EOS Group (EOS), the new facility focuses on the acquisition and resolution of non-performing loans of retail clients, small and medium enterprises, and real estate-owned assets (REOs) held by financial institutions in Poland. The new facility incorporates environmental and social standards into its NPL resolution practices, in line with IFC's Performance Standards. These include objectives such as preventing environmental damage when working with real estate, ensuring borrowers are treated fairly and responsibly.
"Together with our partner IFC, we are delighted to be able to expand our cooperation in the important NPL market in Poland and thus strengthen our activities as a sustainable investor," said Carsten Tidow, Managing Director of the EOS Group and responsible for Eastern Europe. "As one of the largest and most active NPL markets in Eastern Europe, Poland is a particular focus for EOS. In addition to the positive contribution to the Polish economy, the consideration of environmental, social and governance aspects continues to play a major role in the selection and resolution of NPLs."
The new facility is part of IFC’s Distressed Asset Recovery Program (DARP), which focuses on the acquisition and resolution of distressed assets across emerging markets. The $9.1 billion global investment program includes commitments of $3.2 billion on IFC’s account and $5.9 billion mobilized from private sector investors.
The project will be the third engagement of IFC and EOS, following the creation of a facility in 2010 to purchase and resolve unsecured retail NPL portfolios, and a €129 million regional facility to help financial institutions resolve their NPLs in Bosnia and Herzegovina, Croatia, Romania, and Serbia in 2022.
"IFC is a market leader in distressed asset acquisition and resolution in emerging markets,” said Ariane di Iorio, Global Head of Distressed Assets Investments at IFC. “By supporting distressed assets markets in our target countries sustainably and ethically, we help financial institutions return to their core lending businesses and normalize NPLs so borrowers can become creditworthy again.”
“Ethical debt collection has always been at the core of our business, thus integrating sustainable investment into our processes is a natural next step,” said Dariusz Petynka, Managing Director of EOS Poland. EOS has been active in the NPL market in Poland for over 25 years. “Over the past few years, we have been fortunate to make very significant investments in NPL portfolios in Poland. The cooperation with IFC will allow us to strengthen our position as one of the leading players in the Polish market,” said Borys Drajczyk, Member of the Management Board, Chief Investment and Technology Officer at EOS Poland.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org
About EOS Group
The EOS Group is a leading technology-driven investor in receivables portfolios and an expert in the processing of outstanding receivables. With over 50 years of experience and offices in more than 20 countries, EOS offers smart services for receivables management worldwide. Its key target sectors are banking, real estate, telecommunications, utilities, and e-commerce. EOS employs more than 6,000 people and is part of Otto Group. For more information on the EOS Group, please go to: https://eos-solutions.com/
About EOS Poland
EOS Poland is a team of experts specializing in the purchase and management of receivables. Using modern technological solutions, we provide financial services tailored to the needs of both our business partners and defaulting payers. We help to recover debts effectively, professionally and with due respect for ethical principles. We have been present on the Polish market since 1998. As a member of the Association of Financial Enterprises in Poland, we operate in accordance with the Good Practice Principles. For more information on EOS Poland, please go to: http://www.eos-poland.pl
Contact for press and media:
Marc Heuer, Corporate Communications & Marketing EOS Germany
Email: presse@eos-solutions.com
EOS receives two Red Dot Awards
Hamburg, Germany, December 15, 2023
The EOS Group has won two Red Dot Awards 2023 in the Corporate Design and Typography categories. In spring 2022, the international financial services provider unveiled its new brand identity, which has now been honoured.
"We are thrilled to receive this award. The Red Dot Award is an incredible acknowledgement of our work," says Lara Flemming, Senior Vice President Communications & Marketing at EOS Holding GmbH. " Many of our colleagues made the relaunch possible and contributed to the successful transformation of our brand. This award belongs to them all."
The clear and dynamic design positions EOS at various touchpoints as a modern player in the European receivables management market. "We actively create change at EOS. With the relaunch, it was therefore crucial to show this attitude visually," says Lara Flemming.
The rollout of the new brand was made possible in various workstreams with colleagues in 24 countries. EOS received support for the brand relaunch from the Hamburg-based design agency Syndicate.
The Red Dot is one of the most prestigious awards for design quality. The international jury of the Red Dot Award Brands & Communication Design only awards this seal of quality to projects that impress them with their good design quality and creative performance in various categories. Further information on the award-winning EOS design projects: www.red-dot.org/eos-holding
About the EOS Group
The EOS Group is a leading technology-driven investor in receivables portfolios and an expert in the processing of outstanding receivables. With around 50 years of experience and offices in 24 countries, EOS offers smart services for receivables management worldwide. Its key target sectors are banking, real estate, telecommunications, utilities, and e-commerce. EOS employs more than 6,000 people and is part of Otto Group. For more information on EOS Group, please go to: eos-solutions.com
Contact for press and media:
Daniel Schenk, Team Lead Corporate Communications German Market
Marc Heuer, Corporate Communications German Market
Email: presse@eos-solutions.com
EOS Group achieves top position in ESG rating
Hamburg, Germany, December 6, 2023
- Excellent ESG risk rating validates EOS Group’s sustainability strategy
- EOS is among the top two percent in its own segment
- First external rating to assess sustainability risks by rating agency Morningstar Sustainalytics
For the first time, the EOS Group received an ESG rating from the renowned rating agency Morningstar Sustainalytics. The financial services provider and investor was given a risk rating of 10.2 (low risk). According to Morningstar Sustainalytics, this puts EOS among the top two percent in the “Consumer Finance” sector in which it operates.
EOS was assessed in the categories “Human Capital”, “Product Governance”, “Data Privacy and Security”, “Corporate Governance” and “Business Ethics”. At 10.2, EOS only just fell short of the best category (0 to 10, negligible risk) on a rating scale of 0 to 40+.
“Become a little better every day”
“We want to change things for the better, day by day. This independent ESG rating makes our contribution to sustainable development transparent,” says Marwin Ramcke, CEO of the EOS Group. “Getting this top position right away shows that our corporate responsibility strategy is successful and that we are very well positioned in a lot of areas. This result is also an incentive to continue to become a little better every day,” Ramcke continues.
Transparency for more sustainability
Morningstar Sustainalytics is a leading company for ESG research, ratings and data. The ESG risk ratings by Morningstar Sustainalytics measure how well companies manage the main sector-specific ESG risks. ESG stands for Environment, Social and Governance.
Not only did EOS receive a sustainability rating from a rating agency for the first time this year, it also published a combined annual and sustainability report according to the Global Reporting Initiative (GRI) standard.
For more details on the rating and the methodology applied, go to: https://www.sustainalytics.com/esg-rating/eos-holding-gmbh/2000170330
About the EOS Group
The EOS Group is a leading technology-driven investor in receivables portfolios and an expert in the processing of outstanding receivables. With around 50 years of experience and offices in 24 countries, EOS offers smart services for receivables management worldwide. Its key target sectors are banking, real estate, telecommunications, utilities, and e-commerce. EOS employs more than 6,000 people and is part of Otto Group. For more information on EOS Group, please go to: eos-solutions.com
Contact for press and media:
Daniel Schenk, Team Lead Corporate Communications German Market
Marc Heuer, Corporate Communications German Market
Email: presse@eos-solutions.com
Hamburg, Germany, October 24, 2023
In the course of its successful internationalization strategy, EOS Holding GmbH, Hamburg, is reorganizing its regional responsibilities: At the beginning of the coming financial year on 1 March 2024, the German market will be merged into the new Central Europe region. In addition to Eastern and Western Europe, this will create another high-growth region with the markets of Germany, Austria, Switzerland, Slovakia, Slovenia, the Czech Republic and Hungary.
In the course of this restructuring, a number of changes have been decided in the management team of the Otto Group's financial services provider: Dr. Stephan Ohlmeyer (55), a proven financial expert and insider of the industry, will join the Group on 1 November 2023. After a four-month handover period by the current Managing Director of Germany, Andreas Kropp (56), Ohlmeyer will take over the region Central Europe. After around 20 years in various management positions at the Otto Group, Andreas Kropp will in future be taking on new tasks outside the EOS Group at his own request.
"We would like to thank Andreas Kropp for his many years of commitment to EOS in a highly developed, important market for the Group," says Petra Scharner-Wolff, Group Executive Board Member for Finance, Controlling and Human Resources at the Otto Group. "Now the task is to build up the Central Europe region. With Dr. Stephan Ohlmeyer, we have found the ideal person for this task at EOS. He has been a companion in the industry for many years. His view from the outside together with his outstanding expertise as a financial expert bring new impulses at the right time."
Dr Stephan Ohlmeyer is regarded as an internationally renowned portfolio manager. After holding positions at Goldman Sachs, Morgan Stanley, Lone Star and investment firms such as Intrum and Hoist, he wants to bring his expertise to the company for the next growth steps. "Ideal conditions were created for me to join the company: With the support of Andreas Kropp and the board colleagues from Western and Eastern Europe, I can build up the necessary internal know-how for the various markets in the coming months. Together with my international experience, we will quickly move the Central Europe region forward," says Ohlmeyer.
Further changes in the top management of the Group will also be implemented on 1 March 2024: The Managing Director of the Western Europe region, Dr. Andreas Witzig will leave the Executive Board at the end of the financial year after 17 years. The 57-year-old lawyer looks back on a career of around 20 years in leading positions in the Otto Group.
"Dr. Andreas Witzig has been able to develop the Western Europe region excellently over the past years. I would like to thank him very much for this. With Sebastian Pollmer, a great talent of the younger generation is taking over who has already become intensively acquainted with the markets", explains Petra Scharner-Wolff, Group Executive Board Member for Finance, Controlling and Human Resources of the Otto Group.
Sebastian Pollmer, Senior Vice President for the Region, will succeed as the new Managing Director of the Western Europe Region. The 39-year-old has gained outstanding expertise in the field of NPL transactions and evaluations after holding positions at Norddeutsche Landesbank and KPMG since 2016. "I am very pleased about the trust placed in me. There is still a lot of potential in the Western Europe region. From March 2024, my team and I will focus primarily on leveraging precisely this potential, especially in the area of digitalisation," he says.
"In these rapidly changing times and numerous uncertainties in the economy and politics, it is becoming increasingly important to consistently adapt as a company and to map diverse skills in the management team," Scharner-Wolff summarises. "I am convinced that with the current changes we are taking the right development step into the future, which will ensure the success of the Otto Group."
About the EOS Group
The EOS Group is a leading technology-driven investor in receivables portfolios and an expert in the processing of outstanding receivables. With around 50 years of experience and offices in 24 countries, EOS offers smart services for receivables management worldwide. Its key target sectors are banking, real estate, telecommunications, utilities, and e-commerce. EOS employs more than 6,000 people and is part of Otto Group. For more information on EOS Group, please go to: eos-solutions.com
Contact for press and media:
Daniel Schenk, Team Lead Corporate Communications German Market
Marc Heuer, Corporate Communications German Market
Email: presse@eos-solutions.com
- Significant increase in investment volume in Eastern and Western Europe
- Even stronger focus on international collaboration and digitalization
- Corporate Responsibility (CR): Combined Annual and Sustainability Report based on Global Reporting Initiative (GRI) standards for first time
Outstanding operating performance
The broad positioning of the EOS Group with 24 national subsidiaries in Europe has also had a positive impact on the overall result, says Justus Hecking-Veltman, CFO of the EOS Group. “Our diversification gives us enormous stability as a group of companies. We are not dependent on individual markets. Our longstanding expertise as a purchaser of NPL portfolios, but also our patience in certain markets, have paid dividends in this financial year,” says Hecking-Veltman.
Eastern Europe builds on previous year with high investment level
Western Europe quadruples investment volume
High competitive pressures in Germany
“Debt collection means taking responsibility”
“We have always said that debt collection means taking responsibility, so corporate responsibility has therefore long since been a major issue for us,” stresses CEO Marwin Ramcke. “We strive to become a little better every day. In this context, the GRI standards help us to make transparent how sustainable our actions are and what we are achieving in this area.” According to Andreas Kropp, this is not just a matter of traditional environmental issues. The fair treatment of defaulting consumers also plays a major role. “We want to help them become debt-free as quickly as possible. To this end we offer various services that allow people to pay anonymously at any time. In our German service portal, consumers can also set their own installment rates.”
About the EOS Group
For more information on the EOS Group, please go to: eos-solutions.com
Sarah El Jobeili
Corporate Communications & Marketing EOS Group
Email: presse@eos-solutions.com
Hamburg, March 15, 2023
The Hanseatic Higher Regional Court (OLG) of Hamburg today upheld an action brought by the Federal Association of German Consumer Organizations against EOS Investment GmbH. According to the decision, the company must not require defaulting consumers to reimburse the collection fee, because despite engaging EOS Deutscher Inkasso-Dienst GmbH it has not suffered any reimbursable loss. EOS regards the decision as wrong and will appeal to the Federal Court of Justice. The judgment is not final.
“In our view, the Higher Regional Court of Hamburg has disregarded essential points in the proceedings,” explains Dr. Hendrik Aßmus, Head of Legal at EOS in Germany. “In all test cases addressed, there was indisputably a payment default. Costs are incurred during the processing of these receivables that are to be borne by the defaulting payer according to our understanding of the law. Ultimately, the defaulting payer has not met their obligation to pay the receivable in due time. The judgment therefore violates significant fundamental principles of German tort law, which is why we are having it reviewed by the Federal Court of Justice (BGH).”
A ruling by the Federal Court of Justice is not expected until 2024 at the earliest.
About the EOS Group
The EOS Group is a leading technology-driven investor in receivables portfolios and an expert in the processing of outstanding receivables. With over 45 years of experience, EOS offers customers in 24 countries around the world smart services for all their receivables management needs. Its key target sectors are banking, real estate, telecommunications, utilities and e-commerce. EOS employs more than 6,000 people and is part of Otto Group.
For more information on EOS Group, please go to: eos-solutions.com
Contact for press and media:
Daniel Schenk, Team Lead Corporate Communications German Market
Email: presse@eos-solutions.com
Tel: +49 40 2850 1222
Hamburg, Germany, June 7, 2023
- EOS receives the German Award for Sustainability Projects in recognition of the non-profit finlit foundation
- Jury won over by the educational concept for handling money and debt
- The financial education initiative “ManoMoneta” is already being implemented at elementary schools
The EOS Group has received the German Award for Sustainability Projects in recognition of the finlit foundation – a non-profit corporation. In the “Non-profit initiative” category, the jury acknowledged the commitment demonstrated by the foundation in helping to prevent excessive personal debt by teaching financial skills.
“It is important to talk about money, finances, and debt, but even more important to improve financial education, which is why we have established the non-profit finlit foundation. The German Award for Sustainability Projects confirms that our commitment is paying off and we are on the right track,” says Marwin Ramcke, CEO of the EOS Group.
The finlit foundation, which was launched on the initiative of EOS employees, has been campaigning for better financial education in everyday life, and opposing excessive personal debt, since 2019. “Our aim is to help people to help themselves as early as possible, which is why we start in elementary school. Reading, writing, and arithmetic are undisputed life skills – and handling money should also count as such,” summarizes Sebastian Richter, Managing Director of finlit.
The finlit foundation has reached out to almost 100,000 children in grades 3 to 6 with its first financial education initiative ManoMeta, the contents of which are consciously addressed at pupils. “We need to be aware of the world in which young people operate, and link money and finances to things that interest them, such as social media or games. “We have tailored the contents of our initiative to strongly reflect the everyday lives of children,” says Richter.
The teaching materials, which can be ordered or downloaded by interested teachers free of charge (www.manomoneta.de), impart financial knowledge on the basis of six everyday topics – Media, Consumption, Work, Household, Global Finance, and Living, and are essentially geared toward child participation. Questions such as “How much does a pet cost?” or analyzing the tasks involved in breaking down the monthly budget allow the subject of money to be addressed using modern teaching methods. In addition to analog elements, the program also includes a digital learning platform.
The finlit foundation is already starting to roll out ManoMoneta on an international scale; following the launch of the initiative in the Czech Republic last year, Slovakia, Slovenia, and Spain are now set to follow suit this year.
The German Award for Sustainability Projects 2023 was presented on June 6 in Berlin by the German Institute for Service Quality, the ntv news channel, and the DUP UNTERNEHMER magazine. The patron of the award is former Federal Minister, Brigitte Zypries. The aim of the award is to make sustainable commitment visible across various industries and levels, and, in doing so, to inspire other companies and institutions to launch their own sustainable projects.
About the finlit foundation
The finlit foundation GmbH is part of the EOS Group and was established in November 2019 on the initiative of employees. The aim of the non-profit corporation is to contribute toward financial education and thereby prevent excessive debt by engaging in social responsibility. The finlit foundation is largely financed by the EOS Group. For more information on the finlit foundation, please go to: www.finlit.foundation
About the EOS Group
The EOS Group is a leading technology-driven investor in receivables portfolios and an expert in the processing of outstanding receivables. With over 45 years of experience, EOS offers customers in 24 countries around the world smart services for all their receivables management needs. Its key target sectors are banking, real estate, telecommunications, utilities and e-commerce. EOS employs more than 6,000 people and is part of Otto Group. For more information on EOS Group, please go to: eos-solutions.com
Contact for press and media:
Marc Heuer, Corporate Communications German Market
Email: presse@eos-solutions.com
Hamburg, Germany, March 15, 2023
- Young people in Europe are using cash more frequently than even six months ago
- When it comes to their financial future, they are especially concerned about inflation and energy prices
According to a recent survey by the international financial services provider EOS, young adults between the ages of 18 and 34 have a strong interest in finance. One observation that is particularly striking here is that nearly half of those surveyed (48 percent) have used cash more often in the last six months. In Germany the figure was 45 percent. This could be motivated by the desire to keep a tighter handle on personal finances and thus incur less debt, and is supported by current savings trends such as “cash stuffing”, where the monthly budget is withdrawn in cash and distributed across individual savings and expenditure items. A total of 7,700 consumers across 13 European countries were surveyed for the study in February.
The consequences of inflation are the greatest concern for the future
The 18–34-year-olds surveyed in Europe listed inflation (70 percent) and high energy prices (46 percent) as the main reasons for their financial worries about the future. Fear of unemployment (27 percent) also plays a role.
Young people in Germany also listed inflation (66 percent) and high energy prices (54 percent) as the main reasons for worrying about their financial future. Concerns about the inability to afford major purchases were ranked in third place (28 percent). 18 percent of German 18–34-year-olds cited the fear of unemployment as another reason for financial worries about the future.
At the same time, more than half of young Europeans (51 percent), would like a better financial education. In Eastern European countries such as Romania (70 percent), North Macedonia (54 percent), and Hungary (53 percent), where consumers took on new debt most often in the last six months, the demand for financial education is particularly high. However, respondents in the Czech Republic (50 percent) and – in Western Europe – Spain (49 percent) would also like more financial education. In Germany this figure is 32 percent.
finlit foundation provides financial education from primary school age
Jana Titov, Managing Director of the finlit foundation, knows how important it is to boost financial literacy as early as during childhood: “We take a lot of time to learn many other things like reading, writing, and arithmetic. The same should apply to handling money,” she affirms. With the ManoMoneta education program, which is currently being rolled out across Europe, the non-profit subsidiary of the EOS Group is already targeting schoolchildren as young as 9 to 13 years of age. A follow-on initiative for young people aged 13 to 17 in Germany is already at the launch stage.
About the EOS survey “Europeans in financial trouble? EOS Consumer Study”
In partnership with Dynata, a specialist in online surveys, EOS conducted an online poll of 7,700 consumers in 13 European countries between February 3–9, 2023. The survey focused on the question of how the last six months had affected the consumption patterns and financial situation of the participants.
About the EOS Group
The EOS Group is a leading technology-driven investor in receivables portfolios and an expert in the processing of outstanding receivables. With over 45 years of experience, EOS offers some 20,000 customers in 24 countries around the world smart services for all their receivables management needs. Its key target sectors are banking, real estate, telecommunications, utilities and e-commerce. EOS employs more than 6,000 people and is part of Otto Group.
For more information on EOS Group, please go to: eos-solutions.com
Contact for press and media:
Marc Heuer, Corporate Communications German Market
Email: presse@eos-solutions.com