THE vast majority of people have seen their disposable income fall in the last year.
According to a survey by the Central Statistical Office, most people expect their financial situation to get worse in the coming year.
The CSO found that consumers typically saw an increase in the cost of their weekly grocery shopping by around €30. Families with children spend 40 euros more per week on groceries.
And more than half of young people said they would consider emigrating to lower their cost of living.
Separate calculations by economist Austin Hughes show that the cost of living crisis is expected to cost an average family around €3,000 a year due to inflation in energy, fuel and food prices and rising mortgage rates.
The clear results of the CSO survey show that around 80 percent of people said they had experienced a drop in disposable income in the last 12 months.
And 64 percent of people surveyed by the CSO expect their situation to get worse in the coming year.
Next to not having enough savings or a pension, the cost of utilities and health care are the top three financial concerns.
Almost all respondents are concerned about the current cost of living, and more than half are very concerned.
Statisticians said just over a third of people said they were only making ends meet financially.
One in five said they were short of cash every month to cover their expenses.
Almost all respondents indicated that they had made cuts.
Typical savings consisted of reducing electricity use and heating less, buying less fuel, and buying less groceries.
The biggest cuts in non-essential expenses were socializing and takeaway expenses.
When asked about non-essential costs and cuts, more than half of all respondents reduced their cinema, theater or concert visits.
A majority of people have also reduced their spending on clothing, hairdressing and beauty.
Around four in ten have reduced their spending on media subscriptions like Spotify, Netflix and newspapers, with almost a quarter no longer spending as much on club subscriptions like gyms and social clubs.
The CSO Pulse Our Lives Our Money survey found that men in full-time employment are more likely than women to demand a raise to help offset the rising cost of living.
More than 40 percent of part-time workers said they went to work unwell to avoid a potential drop in wages.
Different age groups had different concerns.
About 45 percent of those over 70 said health care was their top concern, while those aged 60 to 69 were most likely to save on fuel.
Younger adults feared they could not afford to start a family, with nearly three in ten 18-29 year olds choosing this option.
More than half of respondents aged 18 to 29 would consider emigrating to lower their cost of living.
Similarly high was the number of those who considered emigration to lower their cost of living.
The results of the survey indicate that respondents are aware of the current inflation rate of 9.2 percent, with 72 percent estimating the inflation rate to be between 7 percent and 11 percent.
Almost all respondents had noticed an increase in their weekly grocery shopping, with people reporting a medium or medium increase of €30.
The average increase for respondents with children in their household was €40 for their weekly grocery store statistician in the CSO’s Social Data Collection, Aoife O’Neill said.
https://www.independent.ie/business/personal-finance/families-with-children-say-they-are-paying-an-extra-40-a-week-for-groceries-42195895.html Families with children state that they pay an additional 40 euros per week for groceries