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Saving more in 2022 is the number 1 priority for more than 4 in 10 people

Written by Robert McHugh, on 4th Jan 2022. Posted in Financial

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The latest Taxback.com Taxpayer Sentiment Survey of over 1,200 Irish taxpayers has found that 44% cited ‘saving’ when asked for their number one financial goal for 2022, while a further 20% said that they would budget properly. While 3 in 10 people say their spending has disimproved since COVID began, a similar number have actually improved their financial behaviours.

Experts at Taxback.com say that the fact that so many people either want to save more (25%) or watch what they spend to a greater extent (31%) could come as a big worry to the Government and economists, as most suggest that we’re already saving too much.

While 7 in 10 (71%) people said that they had made changes to their financial behaviours since the pandemic began – there was a split between those who are now better at money management and those who are worse. What’s more, while saving appears to be a high priority for lots of people (44%) in the new year, just 1 in 10 appear to want to be proactive when it comes to negotiating or sourcing better deals or claiming back money.

Speaking of the findings, Business Development Director at Taxback.com, Barry Cahill said, "Unnecessarily overspending and not claiming what people are owed have always been something the Irish consumer has grappled with. Many people are simply unaware of the significant price differences on various products, or about tax relief or other benefits that they are entitled to avail of. Which is why it is up to the experts to highlight the many ways which people can cut their costs and save money without having to sacrifice."

He added, "There are lots of ways people can claw back well-earned euros from the taxman through the huge range of tax reliefs that are out there. They won’t all apply to everyone, but there certainly are many common ones which will, such as medical expenses, tuition fees for third-level colleges, nursing home fees, flat-rate expenses, year of marriage relief, and the home carer tax credit."

Source: www.businessworld.ie

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