Low level of savings shows austerity is harming ordinary workers- Crowe

Dublin South West TD, Seán Crowe, has stated that the low level of saving that Europeans actually have, shows the impact that EU wide austerity is having on working families.

He was reacting to a survey carried out by the German pollster TNS on behalf of ING Bank, which states that one-third of Europeans have no savings.

Deputy Crowe said:

“This EU wide survey, which states that one-third of Europeans cannot afford to save, comes on the back of the release of the final Irish League of Credit Union’s ‘What’s Left? Income Tracker’, which found that 1.6 million people in this state are only left with 50 euros or less at the end of the month after their essential bills have been paid out.

“These two surveys show in black and white that a huge section of Irish society, but also European society as whole struggling to make ends meet.

“The surveys show that the financial crisis in Europe and the austerity measures being taken by some European countries are consolidating the financial strain that ordinary workers and their families are facing.

“It also suggests that middle and low income households have no more or very little to give, and individuals and families cannot take much more of the cruel austerity measures that Governments are implementing.

“Like many others, I believe that Government’s right across the EU have real choices and can introduce a fairer and more egalitarian way of dealing with their countries finances.

“EU countries need to act in solidarity. They need to focus on creating jobs and reducing the cost of living for struggling households. We need to come together to stimulate our stagnant economy and to begin building again for a more prosperous future.”