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One million people live on €70 or less a month after the bills are paid: survey

A new survey uncovers some shocking statistics including that 428,000 believe they have no future for their families in Ireland because of the economic downturn.

A NEW SURVEY has revealed the extent to which Irish people are struggling to make ends meet with 245,000 people having no money to live on after they have paid their bills each month.

In a survey entitled ‘What’s Left Tracker’, the Irish League of Credit Unions (ICLU) found that 428,000 people believe there is no future for their families in Ireland such is the state of the country’s economy and future prospects.

Among the other findings of the research that was carried out across Ireland among 1,000 adults are:

  • Three-quarters-of-a-million people have just €70 left each month after they have covered their bills.
  • 210,000 people do not have enough income to cover essential bills.
  • Only one-in-five believe they have enough money to enjoy themselves each month.
  • More than two-thirds of Irish adults said their disposable income had fallen from this time last year.
  • 80 per cent of families are worried they will not cope if unforeseen expenses arose such as medical bills.

Responding to the findings, the Irish Examiner reports that chief executive of the ICLU Keiron Brennan believed that there was more pain ahead in 2011:

“We have just seen an ECB rate increase last week which is likely to push families and individuals further into mortgage difficulties and arrears.

In the meantime increasing mortgage rates combined with increasing fuel costs, the introduction of the universal social charge and cuts in social welfare means that 2011 will be one of the most difficult years for the Irish population in terms of money management.

According to the Irish Independent the survey  also found that most people regard their mortgage as their most important bill.

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This was  followed by electricity and gas and then groceries.

The cost of running your car, loan repayments, credit card debt and health insurance were all ranked at a similar level of importance.

Have your say: Is there a future for you in Ireland? >

About the author:

Hugh O'Connell

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