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Nearly half of Irish people are living from payday to payday

Four out of every ten Irish people are living from payday to payday, according to a recent study.

The coronavirus pandemic has caused industry to stop in many countries and governments have had to step in and offer financial support to those unable to work.

The uncertainty has highlighted the precarious position many find themselves in.

worried young woman

The survey was carried out by global advisory firm Willis Towers Watson in the months prior to the coronavirus pandemic, which has only made the situation more serious.

Spokesman David Glennon said: “This 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.

“Our 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, sadly for many this scenario may well become all too real.”

The survey found that almost a third (31%) of Irish people admitted that money worries had a negative impact on their health.

The financial future of Irish people is also a source of concern, with 70% saying they are not able to save as much as they would like for their retirement, and 69% believing that by the time they retire the state pension will be less than it is now.

Of the people surveyed, 44% admitted they had suffered from stress, anxiety or depression at some point in the past two years because of money worries.

More than half (58%) also said that financial problems had put a strain on their relationships, and 37% of people said that it had prevented them from doing their best work.

Overall, less than half (48%) of those surveyed said they were happy with their financial position.

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