Credit Union survey highlights financial struggles
Over 1.6 million people in Ireland now have just €100 to spare at the end of each month, according to new research carried out by the Irish League of Credit Unions (ILCU).
Half the country feel they are just "living to work", with 41% believing there is no longer a future for them or their family in Ireland, an ICLU survey has found.
Disposable income is under pressure for the majority of consumers, with 63% saying the amount of money left after paying essential bills has fallen in the past 12 months. Compared to six months ago, 51% have experienced an actual fall in their disposable income.
The survey, part of the ILCU's ongoing disposable income tracker index, What’s Left, found:
* 28% of people cannot afford to pay the household charge;
* 46% are unable to save money;
* 45% are struggling with their car finances as a result of the increased cost of motoring;
* 40% have switched car insurance company to cut down on costs; 20% have switched to a smaller car.
Around half of those surveyed admitted to not paying their utility bills on time, with bin charges, TV licences and phone bills the most likely to be put off.
The nationwide survey of 1,000 people shows motor costs to be an area of serious concern, with 64% saying they have postponed servicing their car as they cannot afford it. Some 7% say they would consider giving up their car due to recent rises in car tax and fuel prices.
ILCU Head of Communications Mandy Johnston said their survey shows people are struggling to make ends meet.
