Irish League of Credit Unions have published their Q4 2014 survey yesterday. Some very interesting results overall (see full release here: http://www.creditunion.ie/communications/news/2014/title,8698,en.php)
- 1.76 million of adults (51% of total adult population in Ireland) have less than EUR100 left in disposable income each month after key bills and taxes are paid. This means that de facto, more than 1/2 of Irish adults have not enough money left every year to cover a mild dental emergency or child's braces.
- 730,000 of working adults in the country (41% of working adult population) have less than EUR100 left at the end of the month. This means that for an average household with 2 working adults, assuming no emergency demands on their funds, a saving of 10% downpayment on an average (nationwide) house will require 9.6 years worth of savings.
- A person aged around 35-40 should be saving around EUR350-400/month to cover pension top up, as well as to provide some cushion for emergencies. Only 632,000 people in the country currently can afford such a 'luxury' - only 21% of our adult population. Of working adults, only 427,000 (24%) can afford reasonable pensions and insurance savings cover.
- 37% of adults in this country cannot afford (regularly) to pay their bills in full every month. This is up on 32% a year ago and up on 31% in August 2014 survey.
- In Q4 2013, 90% of Irish adults said they either occasionally or regularly rinding themselves in a position of not being able to cover their monthly bills. In Q4 2014 survey, this number rose to 92%.
- The survey results largely confirm the trends in household deposits recorded by the Central Bank of Ireland.