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Financial decision-maker sentiment: Turkey

An ongoing look at how the attitudes of financial decision makers in Turkey are evolving during the COVID-19 pandemic.

Most financial decision makers in Turkey believe the current economy is weak or neutral, but expectations for the economy in 3 months are improving with 38 percent believing it will worsen (down from 57 percent in April). Similarly, while over half state their financial situation as weak or somewhat weak, only 30 percent expect it to worsen (down from 45 percent in April). 65 percent of consumers have experienced reduced household savings, while only a third have been able to reduce household spending. While concerns about job security are improving, 70 percent are still concerned, and half have less than 4 months of savings to live off. Net sentiment for bank performance is positive, with 36 percent of consumers believing banks are performing above expectations, but many would still like banks to waive late fees on cred cards / loan payments. In total, almost 80 percent of consumers are unsure or optimistic about a quick recovery.

About the author(s)

John Euart is an associate in McKinsey’s New York office, where Michael Panek is a specialist, and Atakan Hilal is a partner in the Istanbul office.

The authors would like to thank Harshit Gupta for his contributions to this article.

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