Report reveals vast majority of Travellers have difficulties making ends meet

Some of the services the report recommends are flexible repayment options for loans or schemes like the Household Budget Scheme, which helps Travellers completely pay off loans for trailers. File picture: David Keane

More than 85% of Irish Travellers have difficulty making ends meet compared to 25% of the general population, according to a report.

The Financial Unwellness report was published on Wednesday by the National Travellers Money Advice and Budgeting Services (MABS). The report highlights that Travellers score much less favourably financially across the board in comparison to the general populace.

According to the report, only 40% of Travellers would be able to deal with a significant financial shock compared to 80% of the population, and approximately 60% of Travellers would need to borrow money within one month if they lost their main source of income compared to 12% of the population.

National Traveller MABS Coordinator Nancy Power believes financial institutions must help the community tackle financial stress by developing services designed to help Irish Travellers, including savings accounts, loans and insurance. 

“We can participate more fully in the financial system and build the type of security necessary to help alleviate the high levels of financial stress that so many Travellers experience.

“In this context, access to legal and affordable credit is critical — unfortunately, Travellers face a myriad of barriers in accessing such credit,” Ms Power said.

Some of the services Ms Power recommends are flexible repayment options for loans or schemes like the Household Budget Scheme, which helps Travellers completely pay off loans for trailers.

“In addition, we need to see more microfinancing loans being provided so that Travellers can build up their ability to manage loans,” Ms Power added.

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One of the authors of the report, Dr Stuart Stamp explained previous research identified specific issues Travellers have with financial literacy and the Financial Unwellness report compared Travellers’ experiences compared to members of the general population.

Financial literacy is measured by the person’s awareness, knowledge and behaviour necessary to make sound financial decisions.

Those surveyed mentioned that they received food vouchers from St Vincent de Paul, borrowed money from friends and family or did not eat to make ends meet.

85% of Travellers had difficulty making ends meet in the last 12 months compared to the general population and less than a third of Travellers have extra money at the end of the month compared to the majority general population.

It also found one in three Travellers are unable to pay their bills on time and less than 20% have a credit card compared to 60% of the settled community.

Some of the reasons mentioned by the candidates include surprise expenses like funerals or replacing broken equipment.