Thursday 5 December 2019

Healthcare costs and lack of savings among top money woes for Irish people

Photo: Stock Image
Photo: Stock Image

Allison Bray

Not having enough money for a rainy day, not being able to make ends meet and not being able to afford healthcare are the biggest financial worries for Irish people, according to a new survey.

A survey of 1,013 adults, conducted earlier this month by Empathy Research, found that while most people believe they are financially “comfortable”, a third believe they are in a weak financial position – a worry affecting almost half of those aged 45-54.

The Dream Bigger Index Survey – commissioned by Independent News and Media and lottery website Lottoland Ireland – revealed that paying

off a mortgage would be the top priority for most respondents if they won the National Lottery or EuroMillons jackpots.

Most cited the lack of savings for an emergency as their biggest financial worry while a third cited not being able to pay their bills.

Not being able to afford healthcare was the main worry cited by a third of the respondents.

Despite the unprecedented housing crisis, losing your  home was at the bottom of the list of worries, bothering just 7pc of respondents.

Not being able to retire when you want was a worry for many of the respondents aged between 45 and 64, while not  being able to afford a post-secondary education was a concern for 40pc of respondents aged between 18 and 24.

Unlike a decade ago, when the recession marked the death of the Celtic Tiger, fear of being made redundant is no longer a concern for most people in Ireland.

Only 13pc of respondents said they now feared being laid off.

Those aged between 45 and 54 were slightly more worried (19pc) compared with just 9pc of those aged between 55 and 64.

Unsurprisingly, redundancy worried just 1pc of those over 65.

More than half of the respondents cited car insurance as the biggest rip-off, while a quarter cited medical insurance.

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