Thursday 19 April 2018

Just over half of population financially confident

Peter Flanagan

Peter Flanagan

Just over half of the Irish population feel financially secure, according to new research from pensions firm Standard Life.

The firm's 'Financial Confidence Index' fell two points between June and October to 51.1pc which was a new low for the index. It peaked at 66.7pc in March 2000.

Standard Life's head of marketing, Brendan Barr, described the decline as a "pretty significant move for the index".

"People are undoubtedly worried about the upcoming Budget and are anticipating increased taxes and reduced services. There is also added concern about economic growth following recent lower than expected GDP numbers, which can't be helping," he said.

People living in Dublin believe they are the most financially secure, with a score of 52.3pc down from 56.6pc four months ago but that decline of 4.3pc was the biggest across the country.

The rest of Leinster is the least confident region with a rating of 50.2pc.

The 25 to 34 age group is least confident, averaging 46.3pc, while those aged 65 and above are the most confident demographic, averaging 61.6pc.

In gender terms, women's financial confidence was at 47.9pc -- far below the average male score of 54.3pc.

Women also experienced a much larger drop in confidence than their male counterparts, something Mr Barr said had been reflected in all of his firm's surveys.

"Since our quarterly survey commenced in June 2007, women have been consistently less financially confident than men. Maybe they are more realistic than men when it comes to their finances."

Irish Independent

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