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Friday 19 October 2018

Few consumers expect to be better off this year

Stock Picture.
Stock Picture.
Charlie Weston

Charlie Weston

Only a small number of consumers expect to be better off this year, despite a pick-up in the economy and rising household income levels.

A survey found fewer than three in 10 consumers expect an uplift in their finances in 2018.

Half of those surveyed are concerned they will not be able to save anything this year, according to the research commissioned by price comparison site

The surveyors found that 95pc of Irish adults admit to worrying about their finances.

The concern about finances looks set to continue, despite talk of a recovery and changes to income tax in the Budget.

Three in 10 people feel they will be better off this year than they were in 2017.

But a quarter of those surveyed believe they will be worse off, with almost half expecting their financial position to remain unchanged.

Less than a third of consumers are confident they will be able to meet all of their day-to-day expenses, such as rent or mortgage, energy costs, telecoms and groceries, in 2018.

Many others expect to be able to meet their day-to-day expenses, but won't be able to save.

The squeeze on household finances means many people expect to have to borrow if unexpected expenses crop up, according to the research, carried out for by iReach.

Large numbers of people also feel that these financial worries could have an impact on their health, relationships and career.

Irish Independent

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