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Over half of young people report concern over potential Covid-19 job losses

 

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Passengers in Dublin Airport pass by a Covid-19 information stand. Photo: Gerry Mooney

Passengers in Dublin Airport pass by a Covid-19 information stand. Photo: Gerry Mooney

Passengers in Dublin Airport pass by a Covid-19 information stand. Photo: Gerry Mooney

Over half of Ireland's young people have concerns about losing their job as a result of the Covid-19 pandemic, according to a survey commissioned by Bank of Ireland (BoI).

The survey, carried out by Ipsos MRBI, of 1,000 consumers aged 16 and over took place over the first half of May. It found that 53pc of people under the age of 30, who were only coming into the jobs market at the time of, or since, the last recession, are most concerned about losing their job, compared with 38pc for the population.

BoI found that those most impacted by the health aspect of the virus, such as those over 60, were the least affected financially, as they typically are mortgage-free with lower regular bills. Conversely, the least affected health-wise, mainly those under 30, are some of the most affected by the economic and financial aspects of Covid-19.

The survey found that 91pc of consumers in Ireland had concerns about the economy, with just over half very concerned. Some 65pc of the population are not worried about their ability to pay day-to-day household bills.

Concern over the Irish economy was highest in Dublin, with 54pc very concerned, and Munster, with 55pc concerned. The survey found concern was lowest in Connacht and the part of Ulster surveyed, with 46pc concerned.

Economic worries were also slightly higher among younger citizens, and those on lower pay. Likewise, those on the lowest pay are most worried about a pay reduction, as are slightly older citizens who have higher financial commitments.

The positive rebound of stock markets is also helping how people feel about their investments. Some 69pc of people said they are not concerned about the value of their investments.

Regardless of a person's age or income, most respondents reported being "reasonably positive" about any investments they may have.

Kevin Quinn, from BoI Investment Markets, said the research highlighted that most people were experiencing the same pandemic in "different ways".

"Concern over the Irish economy is very evenly felt across the country, although understandably it is higher amongst younger citizens and those on lower pay, who may have less financial buffer, and are most concerned about their income reducing," he said.

"In terms of people who are investing, they are fairly positive in their outlook, which no doubt reflects the performance of the markets, which have rebounded significantly."

Sunday Indo Business