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40% of Irish workers still living payday to payday

Written by Robert McHugh, on 27th Mar 2020. Posted in Financial

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Two in every five workers in Ireland (40%) are living from payday to payday, despite believing their financial wellbeing is at its highest level since 2015.

This is according to the latest Willis Towers Watson 2019/2020 Global Benefits Attitudes Survey which measured attitudes of over 40,000 employees at medium and large private sector employees in 27 countries. A total of 752 Irish workers participated in the survey, which was conducted between July and September 2019.

Although salaries have risen for workers in Ireland many are still struggling to meet their financial obligations. Nearly two fifths (40%) of struggling employees are earning €65,000 or more, so Willis Towers Watson believe that the issue is not necessarily one of income but rather a need for them to better understand how to manage their finances.

The research was undertaken before the COVID-19 crisis which is unfortunately bringing some of the findings into stark reality and may exacerbate people’s financial struggles. The research shows that 40% of those surveyed do not have enough savings to meet household bills for six months if they took a significant hit to their income, Willis Towers Watson say sadly for many this scenario may well become "all too real."

Source: www.businessworld.ie

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