83% of adults worried about financial future due to rising cost of living

A research study conducted by askpaul.ie has highlighted that Irish people are worrying about their finances…

2,836 adults in Ireland took part in the research survey in April 2022 and the results are quite shocking.

  • 83% of those surveyed said they are worried about their financial future
  • 21% say household bills and costs are a source of worry at the moment
  • 43% have considered cutting socialising costs as a way to save money

May 2022 – Recent research (full report here) conducted by askpaul.ie shows that the rising cost of living in Ireland is causing a large proportion of adults to worry about their financial future.

Of those surveyed, 83% said they were worried about their financial future, with children’s education costs, starting a family and getting out of debt listed as some of the reasons for this worry.

This month, it was announced that annual inflation in Ireland had reached an almost 22-year high of 7% in April, with experts warning that inflation could reach as high as 9% in the coming months.

When asked by askpaul.ie what living costs they were currently struggling to meet at present, almost one in four noted mortgage or rent. This was closely followed by socialising (eating / dining out) at 18%, while 12% of respondents said transport (such as fuel) are costs which they are finding it hard to meet due to the rising cost of living.

With Irish people clearly feeling the pinch at present, askpaul.ie also asked what living costs they have considered cutting of late. To this, a large proportion, 43%, said they planned to cut back on socialising, while one in ten said that mortgage or rent costs were somethingthey have been reviewing as a way to cut costs.

Speaking to Wexford Weekly, Paul Merriman, CEO, askpaul & Pax Financial said:

“83% of adults are struggling with the cost of living, and this is only the start. I think the mortgage interest rates are going to start going up, as the European Central Bank is going to increase the mortgage interest rate by at least 0.25% in the next quarter, if not by the end of this year. This is going to put massive pressure on homeowners as this will be followed by four to five other interest rate increases, which means by the end of 2023, we’re expecting interest rates to be increased by approximately 1 – 1.5%”.

He continued, “If you’re a variable & a tracker rate mortgage holder this means your mortgage repayments are going up, on top of the increased energy cost and carbon tax, and on top of the cost-of-living increase.”

“It is vitally important that if you have income coming into the household that you have a personal budget to understand where your money is going. I recommend doing these at least once a year, but with the cost of living going up so rapidly, you will probably want to be doing these on a monthly or a quarterly basis to make sure you’re making the necessary savings and cutbacks where you can.”

What living costs are people struggling to meet at present?

  • Rent / Mortgage = 23%
  • Socialising = 18%
  • Transport = 12%
  • Electricity = 12%
  • Food Shop = 10%
  • Gas = 8%
  • Healthcare = 5%
  • Insurance = 5%
  • Childcare = 3%
  • Phone Bill = 3%
  • N/A = 1%

What living costs have people considered cutting?

  • Socialising = 43%
  • Rent / Mortgage = 10%
  • Food Shop = 10%
  • Transport = 6%
  • Electricity = 6%
  • Gas = 6%
  • Phone Bill = 6%
  • Healthcare = 5%
  • Insurance = 4%
  • Childcare = 2%
  • N/A = 2%

For the full report, including additional questions, data and graphics, please click here.

askpaul is a place for everyone to get advice on all money matters that’s jargon-free, easy to follow and easy to implement. For more information, please visit www.askpaul.ie

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