Half of Irish consumers lost money because of Covid-19, survey says

The average loss is almost €700 just behind consumers in Belgium and the Netherlands. Picture: Pexels.

Half of Irish consumers have lost money due to cancellations because of Covid-19.

The average loss is almost €700 just behind consumers in Belgium and the Netherlands.

A global study by N26 bank finds 80% of people surveyed were forced to cancel or postpone major purchases or life events, like weddings, because of the pandemic.

Irish people have saved an average of €1896 for plans which ended up being cancelled, while they lost an average of €694 as a result of the changes.

The public also saved during the period for expenditure such as home improvement and paying off debts. 

Speaking about the research findings, N26's Director of Growth said: "Our lives have been transformed since the start of the Covid-19 crisis and as major life plans have been cancelled or postponed, it’s left many of us feeling like life has been put on hold. 

"But as plans and our lives have changed, it’s interesting to see how people have adapted and developed new digital habits. 

"Particularly the uplift in using card over cash and a shift towards mobile or online banking. 

"It’s clear that people are starting to realise the benefits and increased flexibility of digital banking, and this is probably why so many are planning to continue these habits post-Covid."