A new report commissioned by the Competition and Consumer Protection Commission (CCPC) says one in three people in Ireland say they are being financially exploited, reports RTE,
More than 1,500 people took part in the survey, which is the first in a series of reports on financial well-being in Ireland.
A study by Indecon Consultants and Ipsos MRBI commissioned by the CCPC found that one in eight people said they could only afford one month of living in the event of an income shock.
This group is likely to include single parents and people living in shared housing.
The study comes against a backdrop of falling costs of living as consumers are forced to face higher costs and rising interest rates stemming from an inflationary environment not seen in decades.
While 58% said they were “satisfied” with their current financial situation, one in seven said they thought they were too much in debt, reports RTE.
When it comes to savings, 86% of households said they put money aside, mostly in savings accounts and term deposits.
The study found that men were more likely to engage in riskier investments such as cryptocurrencies or stocks and shares.
77% of participants said they had access to a state pension, and the same percentage said they planned to use a personal or occupational pension to fund their retirement.
While the survey showed a good understanding of general financial concepts, there were still key gaps in areas such as contracts and risk implications.
Nearly a quarter of respondents said they had not shopped before buying a financial product, and a third said they had been the victim of some form of financial fraud or had requested a financial transaction they did not recognise.
“This first report in our Financial Wellbeing series has some very positive findings. It shows a population making sound financial decisions, saving, budgeting, and drawing on information from a range of sources before choosing a mortgage or loan,” Kevin O’Brien, Member of the Competition and Consumer Protection Commission, said, reports RTE.
“There are also areas of deep concern. One in three people feel they are only just getting by financially. One in seven feel they have too much debt. There are significant differences between age groups, with those over 60 showing greater financial resilience than those under 30, while lone parents and people with lower levels of formal education have the lowest levels of financial wellbeing in Ireland,” he added, reports RTE.
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