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One third of Irish consumers are worried about their finances

Written by Robert McHugh, on 11th Mar 2019. Posted in Financial

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One third (34%) of people in Ireland are very worried about personal finances, more than half (55%) have no pension, and one in four would last less than a month without having to borrow if they lost their main source of income. 
 
This is grounded in nationally representative research carried out by Bank of Ireland which sheds light on consumer levels of Financial Wellbeing across Ireland. 
 
The report finds that almost half (49%) of consumers don’t feel confident about managing their money and over a third (37%) of consumers feel that financial advice is only relevant for consumers who have large amounts of money to invest. When it comes to personal debt, six in 10 consumers have some debt and one in six have too much and almost one fifth (18%) of consumers are sometimes or regularly overdrawn. The majority (77%) of consumers hold some form of loan and one in four (23%) have two loans.
 
Bank of Ireland has today announced a new programme to support consumer capability and confidence when it comes to their personal finances. 
 
Commenting on the programme, CEO Retail Ireland, Bank of Ireland, Gavin Kelly said, "Financial wellbeing is about what you do with your pot of money, not the size of it. It’s about making sure that you can cover day-to-day expenses, plan for the future and cope with the unexpected, enabling you to do the most with what you have. Our research shows that the majority of people in Ireland are not in as much control of their finances as they want to be."
 
Source: www.businessworld.ie

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