Majority of Irish Adults say Savings Won't Last
Community
2
min read
09 Apr 2020
Almost two thirds of the population say they only have enough savings to support themselves for the next twelve week period. Figures published* by research company Cicero/AMO said 34% only had enough to last them one month.
The report, which set out to measure Irish financial resilience, said majority of respondents were extremely concerned about their financial well-being, with many ill-equipped to cope financially for the expected downturn.
Over one in ten (13%) were worried about paying their rent and mortgage, 10% about keeping their job and 7% anxious about paying food and utility bills.
Unprecedented times mean we could see up to a three month pause on normal economic activity and with many households already living one pay day to the next, many people face severe mental and financial stress.
Professor Sam McConkey, Head of the Department of International Health and Tropical Medicine at the Royal College of Surgeons in Ireland, predicted a number of weeks ago that the coronavirus could be like the Spanish Flu, the Irish Civil War and the 1929 stock market crash all at once.
What will the future hold? When will our economy recover? 40% say it will take more than two years, with 22% claiming 1-2 years. It is certainly unchartered terrority, where we are now focusing on survival.
If you are facing financial difficulty, we’d like to remind members to reach out and talk to us, we’re here to help. Contact your local credit union here.
*525 adults surveyed between March-25th-31st 2020