Majority worried about cost of living as 43% of 'generation rent' consider emigration

Majority worried about cost of living as 43% of 'generation rent' consider emigration

The survey found 96% of people are concerned about the cost of living while four in five of us have less disposable income now than 12 months ago.

Almost all of us are worried about the rising cost of living in Ireland and have had to cut back on our spending over the last year as a result, the Central Statistics Office has said.

According to its latest pulse survey titled “Our Lives: Our Money”, the CSO said that 96% of people are concerned about the cost of living while four in five of us (80%) have less disposable income now than 12 months ago.

Nearly two-thirds (63%), meanwhile, believe they’re in a worse financial situation this year than last, with a similar proportion believing their situation will worsen in 2023.

One in five (19%) said they are short of money every month to cover their expenses while 35% said they’re just getting by.

Emigration

And, despite the Tánaiste’s recent comments about the grass looking greener when comparing Ireland to other countries, large swathes of generation rent are looking at emigrating with 43% saying they are considering doing so during to the rising cost of living.

When it came to cutting back spending, as the money in our pockets isn’t stretching as much this year, 54% of households with children said they’ve cut back on food.

Over six in ten (62%) of households, meanwhile, cut back on utilities. The biggest cutbacks to non-essential costs were socialising (72%) and takeaways (62%).

Around four in ten (41%) reduced their spend on media subscriptions on the likes of Spotify, Netflix, and newspapers, with nearly a quarter (24%) no longer spending as much on subscriptions such as gyms and social clubs.

Switching providers

In a bid to save money in the next year, over seven in ten (72%) said they considered switching utility providers, six in ten (60%) said they would switch insurance and a similar proportion said they would change where they shop for groceries or swap to own-brand grocery products.

On a similar theme, almost all adults (97%) noticed a change in the price of their weekly food shop in the last year.

The three biggest financial worries for people were utilities, having no savings or pension, and healthcare.

Among renters, saving for a mortgage deposit (38%) was in the top three biggest money worries cited.

People with children in their household cited meeting mortgage repayments or their rent more (32%) than those without (20%).

The older population cited worries about healthcare more with nearly half of those aged 60 and above singling it out as one of their biggest worries.

In cases where people are short of money to meet expenses, half (51%) said they dipped into savings to cover these costs. A further 44% said they left some bills unpaid and 41% said they asked friends or family for help.

One in four (26%), meanwhile, said they used a credit card or overdraft facility while 19% said they got some other form of loan.

Looking ahead, 56% of people said they were very concerned about their financial situation and this rose to 72% among adults aged 18-29.

The CSO conducted this survey between October 27 and November 13, and received 11,316 responses.

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