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8 in 10 taxpayers fear for their financial future due to COVID-19

Written by Business World, on 28th Sep 2020. Posted in Ireland

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80% of Irish taxpayers say that the pandemic has stirred up real concerns about their financial future. The finding is the latest from the Taxback.com Consumer Sentiment Survey Series in which 2,500 respondents from Taxback.com’s customer database, were asked about their concerns around COVID. 

The Taxback.com survey asked if the pandemic had made them financially fearful about their future, with 80% of those surveyed replying yes. 

Consumer Tax Manager with Taxback.com, Marian Ryan, commented on the findings: “The longer the pandemic goes on, the greater the impact it is having on household finances and on our financial health at an individual level. That our survey finds as many as 80% of Irish taxpayers fearing their financial future due to COVID is testament to the far-reaching consequences this crisis has had on our country.” 

She added: “The CSO’s report into the social impact of COVID found that 37.5% of people have been negatively financially impacted by COVID, reporting also that 45% of 18-34 year olds and 29% of 35-44 year olds felt downhearted or depressed as a result of the crisis.”

Ms Ryan further explained that from an economic standpoint, people will not spend if they are unsure of what the future holds. Yet, the Government know they have to encourage people to part with their money if the economy is to stay afloat. It’s a vicious circle.”

The Taxback.com survey also found that 20% of people were most fearful about catching COVID-19 because of children returning to school, while 16% worried that socialising in pub and restaurants caused them most fear about contracting the virus. 20% of those surveyed were not fearful of catching it. 

The Taxback.com findings tally with research from the CSO in June, as restrictions were being eased for the first time, which indicated that 21.3% felt very uncomfortable with the idea of going to a bar or pub. Furthermore, a recent Transport Bulletin, also from the CSO, reports that while the number of passenger journeys is increasing, it’s still more than 50% lower than prior to the COVID crisis.

Ms. Ryan concluded: “Given the numbers of job losses sustained already, and the harsh economic outlook for 2021, it’s more important than ever to mind our money, and do what we can to buffer ourselves for an uncertain future.”

Source: www.businessworld.ie

 

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