Approx 21%, or 735,000 Irish Adults have an average of €70 left each month after essential bills are paid. Significant numbers of Irish people no longer see a future for themselves or indeed their families here in Ireland according to the Irish League of Credit Unions.
The Irish League of Credit Unions has announced the launch of a new disposable income tracker index called the ‘What’s Left ‘ Index.
Irish League of Credit Unions (ILCU) CEO Kieron Brennan said: “It has become more and more apparent that many Irish families are seriously struggling in what are very difficult financial times. We have just seen an ECB rate increase last week which is likely to push families and individuals further into mortgage difficulties and arrears. In the mean time increasing mortgage rates combined with increasing fuel costs, the introduction of the universal social charge and cuts in social welfare means that 2011 will be one of the most difficult years for the Irish population in terms of money management.”
Mortgage and rent are seen by 72% as the largest / most important bills for respondents. This is followed by utilities 55% and groceries 51%. While Transport / car 26%, loan repayments 25%, credit cards 25% and health insurance 24%, were all ranked at a similar level of importance.
Approx 19% of Irish adults have between 6-10% left while a further 27% of respondents have 10-20% or just enough of their income left over, having paid for all their essentials. Only 20% have more than 20% left over, which is enough to enjoy themselves.
Nearly 1 million people or 83% of people, who have less than 5% of their income left over, worry about how they will cope if unforeseen expenses arise.
Worst possible finding however revealed that 30% of Irish people believe that with any further changes to the minimum wage they would be better off not working.
The survey was conducted by Market Research Company iReach during the period of 24th March to 1st April using the iReach Consumer Decisions Research Panel which delivered 1,000 responses from adults in Ireland aged 18+ to 65+ and is nationally representative by Age, Region, Gender and Social Class.
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