Most Irish still feel the pinch despite economic recovery

Despite the economic recovery, most Irish people are cutting back on holidays, socialising, and home entertainment in order to make ends meet.

More than a third say they had less than €50 a week to spend when household costs were met, while one in five of those surveyed had to borrow money to fund their day-to-day expenditure in the past 12 months.

The research also shows that 60% of Irish people do not have private health insurance, while 55% currently do not pay into a private pension.

Even though the economy has officially moved on from recession, many Irish consumers still feel austerity has not eased for them personally, according to a survey carried out by Blue Insurance.

Its research shows 64% of Irish consumers feel their financial position has not improved in the past 12 months. The survey also indicates most people do not anticipate a giveaway budget next week, with 55% believing it will not leave them any better off.

The universal social charge remains contentious for most consumers, with more than a third of all respondents choosing that as one area where they want to see change in Budget 2017, while 60% want an overall easing of their personal income tax burden.

Many consumers have cut back spending to meet their household budget needs, but 67% of respondents said the area they would not cut back on is family activities with their children.

However, on the jobs front, most people are confident their employment is secure, with 88% of respondents feeling that their job is secure for the next year at least.

While 70% of respondents believe Ireland is a good place to raise a family, 59% are of the opinion their children will be unable to purchase their own homes.

Ciaran Mulligan, the managing director of Blue Insurance, said: “Whilst we have experienced an upturn in the economy over the past 12 months, it is evident from the survey results, Irish people still have very serious financial concerns.

“Furthermore, a large proportion of respondents have felt the financial squeeze in areas such as insurance, groceries, and utility bills and over 60% of respondents want to see a change in personal income- related taxes (PAYE and/or USC) in Budget 2017.”