Standard Life have today released their latest Financial Confidence Index for the first quarter of the year.
The results are based on an online survey commissioned by Standard Life and conducted by iReach of 1,006 adults between 24 March and 1 April 2016.
The index fell to 55.4 in March 2016 following an eight year high of 57.9 recorded in the previous quarter, December 2015. The index is comfortably higher than its score of 51.9 from a year ago.
The data shows that 25 to 34 year olds suffered the biggest drop in financial confidence falling from a 55.2 score to 50.6 from the previous quarter.
The biggest drop in confidence by region and of the entire survey was Connaught/Ulster falling from 56.0 to 50.4. It’s also the least confident region compared with the top score from Dublin of 60.1.
The least financially confident age group are 18 to 24 year olds with the lowest score of 49.4. Those aged 65+ are consistently the most confident age group whilst dropping almost 4 points they still remain the most confident age group with an average score of 69.6 vs the overall average score of 55.4
Head of Marketing at Standard Life, Brendan Barr says, "We think this is probably a temporary blip and due to a combination of a delay in the formation of a new government, nervous stock markets and uncertainty around Brexit."
He added, "Employment levels continue to improve and once we have clarity around a new government, we would expect confidence levels to improve once again."