Tuesday, October 30 10:25:21
Irish people's confidence in their own financial futures hovered close to an all time low in October, the latest index survey from Standard Life shows.
Its most recent quarterly survey of more than 1,000 adults showed that the overall index fell 0.6pc over the last quarter from 51.2 to 50.6.
The index hit an all time high of 66.7 in March 2008, and is currently hovering just above its all time low of 50.5 set 12 months ago.
The index measures how financially secure people feel out of a total possible score of 100.
The least financially confident age group are 35 to 44 year olds scoring just 45.9 of a possible 100. "This age group is probably the most financially pressurised with significant mortgage repayments, childcare costs, and education expenses," said Brendan Barr head of Marketing at Standard Life.
"People's financial confidence levels are down again probably due to worry about the impact of the upcoming Budget with significant speculation about cuts in childrens allowances and higher property taxes," added Mr Barr.
People aged 65+ continue to be the most financially confident scoring 58. However they experienced a sizeable drop over the quarter from 59.6. The largest drop in confidence levels over the quarter was the 25 to 34 year olds whose confidence levels fell almost six points from 54.9 to 49.1.
Men continue to be more financially confident at 51.6 with women's financial confidence at 49.7. However the gap continues to narrow with women's confidence falling less than men's in the last quarter.
Those living in Dublin remain the most confident region scoring 54.4 (up 1.7 over the quarter) .All other regions decreased, Connaught/Ulster 50.6 (down 0.4) Rest of Leinster 48.5 (down 2.0) and Munster 48.7 (down 1.8).
When asked how important independent financial advice is when it comes to making a major financial decision, 39pc believe it's important whilst a further 21pc believe it's very important. Only 13pc of people believe independent financial advice is not important.