The key finding of this report issued by the Competition and Consumer Protection Commission (CCPC) are:
- 58% people are satisfied with current financial situation, though one in seven report too much debt.
- 1 in 3 report that they are “just getting by,” among people with only a primary education or less, this figure rises to over 50%.
- 1 in 8 can only cover their costs for a month or less in the event of income shock. Most people believe they can sustain their living expenses for three months or more in the case of a financial shock such as the loss of income, but 1 in 8 say they would just be able to cover their costs for a month or less. Lone parents and people in shared homes are among the least likely to have significant financial buffers in place.
- 86% of households save, with most using deposit or savings accounts. However, men are more likely to engage in higher-risk saving such as the purchase of stocks and shares or investing in crypto-assets.
Financial wellbeing Report can be read here