Only 1 in 10 Greeks believes hard work is rewarded

This is just one of the many revealing findings from the public opinion survey “Greeks and the Economy” conducted by the Institute for Fiscal and Economic Studies in collaboration with the research company G.P.O. in November 2024. The survey aimed to record Greek citizens’ views on economic literacy, taxation, and their broader attitudes and behaviors towards the economy. The results reveal, in many areas, a profound crisis of trust and meritocracy.

Structure of the Study

The survey was organized into four thematic sections:

• Section A: Perceptions and Economic Views

• Section B: Priorities and Scarcity

• Section C: Behavioral Approach

• Section D: Economic Literacy

Key Findings

• Economic pessimism: 7 in 10 citizens state they do not trust the course of the Greek economy.

• Personal outlook: Only 1 in 4 remain optimistic about their own financial future.

• Taxation: 9 in 10 believe the tax burden falls disproportionately on middle- and low-income households.

• Ineffective use of taxes: 8 in 10 say tax revenues are not used efficiently by the state.

• Rewarding work: Only 10% of Greeks believe that hard work is rewarded in the country.

• Saving vs. spending: 7 in 10 prefer to save rather than spend.

• Tax system: 6 in 10 consider the tax system complicated, while just 1% find it very simple and easy to understand.

Economic Literacy

The findings present a mixed picture. Citizens generally understand simple economic concepts:

• More than 8 in 10 correctly identified that if inflation exceeds income growth, purchasing power decreases.

• 3 in 4 knew that monetary policy in the Eurozone is set by the European Central Bank.

However, performance drops on more complex issues:

• Only half correctly understood how compound interest works over two years of savings.

• Fewer than half grasped the fundamental risk–return relationship.

• On exchange rates, 6 in 10 answered correctly, but 4 in 10 struggled or gave the wrong answer.

A significant proportion of respondents chose not to answer certain questions at all, indicating not only lack of knowledge but also lack of confidence in dealing with economic matters.

Demographic Differences

The survey highlights marked differences by gender and age. Men tend to be more optimistic and score better on technical questions of economic knowledge, while women emphasize social policy priorities such as health and education. Younger respondents are more optimistic about the economy and their personal situation but show gaps in basic economic concepts. Older respondents are more pessimistic, yet display stronger understanding of classic fiscal concepts such as deficits.

Three Issues for Policy Discussion

1. Economic literacy: The difficulty in understanding basic economic concepts highlights the urgent need to integrate economic education into schools from an early age, as well as to develop targeted programs for adults.

2. Restoring meritocracy: The very low percentage of citizens who believe work is rewarded discourages productivity and innovation. Greece needs a framework that recognizes effort and rewards effectiveness.

3. Public finance management: The lack of trust in how taxes are used underscores the need for transparency, accountability, and reduced waste, in order to create space for lower taxation and stronger investment incentives.

Conclusions

The IDOM survey reveals the gap between citizens’ expectations and current policies. It underscores the need for higher levels of economic literacy, for institutions that restore meritocracy, and for a management of public finances that inspires trust. Only with these foundations can the Greek economy fully harness its productive potential and provide real prospects for its citizens.

Methodology

Data collection was carried out through telephone and online interviews (CATI & CAWI) with a representative sample of 1,200 individuals, covering the adult population of Greece (17 years and older). The sample was stratified with quotas by gender, age, and region. The maximum statistical error of the survey is ±2.95%. Fieldwork took place between 8-15 November 2024.

The public opinion survey is available only in Greek.