Survey finds majority are fearful of another crash

Survey finds majority are fearful of another crash

A new survey has found that 78% of people fear that further strong growth will be followed by another crash.

Aviva has announced the Family Finances report and it also found there are concerns around Brexit and the effect it will have on people.

The survey from Aviva tracks the progress made by the Irish economy and whether it has had a positive impact on many individuals and households.

The report found that 63% of people feel in control of their finances compared to 18% who did not.

It also found that the people who class themselves as "living comfortably" (29%) has topped those who are struggling to get by (27%) for the first time.

With 27% remaining under pressure financially, Aviva says is a figure "that could rise quickly in the event of an economic downturn".

Brexit is a key concern for people with regard to their finances, the survey found.

78% of those surveyed expressed concern that Brexit will impact negatively.

56% believed that it would have a negative impact on them personally.

Housing

The survey has also found that nearly 1.4 million adults expect to buy a property over the next five years.

It found that there is a 5% increase in those looking to downsize since the last report in 2018.

Aviva says that this will see first-time buyers and those trading down likely to be in competition with each other for similar-sized properties.

They warn that given the lack of housing, this is likely "to add significantly to the crisis already visible in the property market".

In terms of home-ownership, the survey revealed that 31% own their home without a mortgage, 27% have a mortgage, 23% are renting privately and 11% are living with parents or friends.

"The latest available national figures show the average rent has reached a record high at almost €1,400 per month," said Aviva.

"This average is substantially higher for those living in Dublin, where the average rent is just over €2,000 per month."

Richard Jones, Head of Life & Pensions with Aviva, stated: "Given the significant increases in the cost of renting and the lack of rental properties available, particularly in urban areas, it is not surprising to find that approximately four in 10 adults believe they will be in the property market in the next five years.

"This is further evidenced by the level of savings with respondents saving on average €6,000 per annum."

More on this topic

Paying for public services is the issue

Society plays against loaded dice: The market is luring us to catastropheSociety plays against loaded dice: The market is luring us to catastrophe

OECD: Multinationals in debt flowsOECD: Multinationals in debt flows

Broadening one’s horizon in KilkennyBroadening one’s horizon in Kilkenny

More in this Section

Tech firm Horizon8 picks Cork as Europe HQTech firm Horizon8 picks Cork as Europe HQ

Abbey eyes more Irish work as profits fallAbbey eyes more Irish work as profits fall

Providence shares see bounce on Tony O’Reilly exitProvidence shares see bounce on Tony O’Reilly exit

Legislation to test self-driving cars on Irish roads approvedLegislation to test self-driving cars on Irish roads approved


Lifestyle

This Christmas remember that there is no such thing as cheap food.Buy local: Use your LOAF

As we wait, eager and giddy, a collective shudder of agitated ardor ripples through the theatre, like a Late, Late Toyshow audience when they KNOW Ryan’s going to give them another €150 voucher. Suddenly, a voice booms from the stage. Everyone erupts, whooping and cheering. And that was just for the safety announcement.Everyman's outstanding Jack and the Beanstalk ticks all panto boxes

Every band needs a Bez. In fact, there’s a case to be made that every workplace in the country could do with the Happy Mondays’ vibes man. Somebody to jump up with a pair of maracas and shake up the energy when things begin to flag.Happy Mondays create cheery Tuesday in Cork gig

More From The Irish Examiner