One in three struggling to survive financially in Ireland

One in three people in Ireland have said they are barely surviving financially, according to a new report conducted for the Competition and Consumer Protection Commission (CCPC).

Over 1,500 people were surveyed for the report, the first in a series of reports on financial wellbeing in Ireland. The report has has highlighted “deep concern” about the country's wealth gap, which has widened as cost pressures bite.

The survery for the report, conducted by Indecon Consultants and Ipsos MRBI on behalf of the CCPC, found that one in eight people say they would be in a position to cover their living costs for just one month in the event of an income shock.

Lone parents and those living in shared accommodation were most likely to be in this cohort. Lone parents have been at greater financial risk in recent years, as the group experience higher rates of homelessness.

In the last year, family homelessness increased by 30%. However, lone parents experienced a much higher increase of 38%, compared to a 20% increase for other families. Lone parents should be identified as an at risk group and a task force needs to find ways to support families. pic.twitter.com/robYuKCv9F

— SPARK-Ireland (@SparkIreland) June 30, 2023

The study comes against the backdrop of the cost of living crisis currently unfolding across the country. Consumers have been forced to tackled higher costs and interest rates due to inflation, the likes of which has not been seen in decades. The concurrent issues of the housing and accommodation crisis and stagnant wages have only added fuel to a fire that is slowly burning out of control.

58% of those surveyed said they were 'satisfied' with their current financial situation, but roughly 14% revealed that they were in "too much debt".

77% of participants said they had access to the State pension with a similar percentage saying that they planned to use a private or occupational pension to fund their retirement.

Speaking on the report, Kevin O'Brien, Member of the Competition and Consumer Protection Commission said that while there were some positive findings, the report also reveals "areas of deep concern".

"One in three people feel they are only just getting by financially," he said. "One in seven feel they have too much debt. There are significant differences between age groups, with those over 60 showing greater financial resilience than those under 30, while lone parents and people with lower levels of formal education have the lowest levels of financial wellbeing in Ireland."