Women more likely to be struggling financially
Biggest concern amongst 18-24-year-olds is saving for a house deposit
Other financial concerns raised by survey respondents included ; -
- 11% suggested that paying their mortgage was a big financial concern
- 6% of respondents worried about paying their rent
- 5% of homeowners are concerned about job security
- 4% of respondents worry about medical expenses
- And a further 4% worried about paying for college fees
The survey probed respondents as to how regularly they reviewed their household budget, taking into account their income and outgoings. While 85% of those surveyed said they reviewed their household budget yearly or more often, more than 1 in 10 (11%) admitted to never reviewing it.
- Almost half of respondents claimed that they reviewed their household budget at least monthly which is an encouraging finding
- However, 1 in 4 admitted to only looking at their household expenditure once a year – if at all!
- Men are more likely to review their budget more frequently than women – 49% of men review at least monthly versus 45% of women
- The findings also revealed that the younger you are the more likely you are to check up on your finances on a weekly basis – this stands to reason because in your 20s and possibly early 30s most people are living pay cheque to pay cheque
Homeowners continue to be faced with price increases across a range of items in their weekly shop and in many other household bills. Sharp increases in the price of energy and in other everyday items are continuing, with the war in Ukraine compounding existing price pressures. Fuel costs are hitting households hard and are currently cited as the biggest financial worry for homeowners, particularly for those over 55. Unfortunately, this situation is only going to deteriorate further as inflation is expected to continue to surge, with the Central Statistics Office (CSO) reporting that inflation is now running at 6.7% as of March, up from an annual increase of 5.6% in the year to February 2022 with this trajectory set to continue.
David Lyons, Aviva
Commenting David Lyons, Aviva said: “Homeowners continue to be faced with price increases across a range of items in their weekly shop and in many other household bills. Sharp increases in the price of energy and in other everyday items are continuing, with the war in Ukraine compounding existing price pressures. Fuel costs are hitting households hard and are currently cited as the biggest financial worry for homeowners, particularly for those over 55. Unfortunately, this situation is only going to deteriorate further as inflation is expected to continue to surge, with the Central Statistics Office (CSO) reporting that inflation is now running at 6.7% as of March, up from an annual increase of 5.6% in the year to February 2022 with this trajectory set to continue.
“Depending on your age, either 1 in 4 or 1 in 5 people say they are just keeping their head above water – with more women than men likely to be experiencing this. Financial worries are stressful and ultimately bad for both your mental and physical wellbeing. Worrying day-to-day about how you’re going to afford the basics is no way to live. However, reviewing your finances on a regular basis may prove to be a useful exercise as it allows you assess your budget and where potential savings can be made”, concluded David Lyons.