Sunday 17 December 2017

Financial confidence grows after tough budget

Charlie Weston

CONFIDENCE among adults about their finances ticked up last month despite the survey being conducted after one of the toughest budgets in the history of the State.

The Standard Life financial confidence index rose from 51pc to 52pc last month.

The company's head of marketing Brendan Barr said: "That's a respectable increase in the index.

"Maybe the IMF bailout has created more certainty in people's minds, that we are finally finding a resolution to our difficult financial situation."

The 35 to 44 age group experienced the largest fall in confidence. This group is most sensitive to childcare, education and mortgage costs.

Budget changes to taxation and benefits have hit people in this age group particularly hard.

Those aged 25 to 34 experienced the biggest confidence increase, followed by those aged 55 to 64. Men continue to be more confident than women, Standard Life said.

Those living in the capital remain the most financially secure regional group. Munster is the second most confident region followed by Connaught. However, the rest of Leinster is the least confident region.

Financial confidence is down for most groups compared to 12 months ago, with only those aged 55 to 64 experiencing any real increase in financial security in that time.

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