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Have your spending habits changed in the last year? We asked our readers to share their views

We’ve teamed up Allianz for our Securing Your Future survey series.

SPRING IS A lovely time of the year. The weather should be picking up (if only slightly), the evenings are getting longer and it’s easy to let thoughts drift towards summer plans, whether it’s going on holidays or even attending festivals.

But for some, there is no denying that financial challenges are going to impact plans not just for summer but all year round as the cost of living continues to play on people’s minds.

As part of our Securing Your Future survey* series with Allianz, we’re looking at all different aspects of life in Ireland and we wanted to learn how our readers feel about their own finances and if spending habits have changed in the past year given the increase in the cost of living. So firstly, we asked if the attitudes of Irish households have changed towards spending and budgeting in the last year. 

As can be seen from the graph, an overwhelming majority of people are more careful about what they’re spending their hard earned money on compared to this time last year, with 85% of respondents saying they’ve taken more notice of their outgoings.

46% of those surveyed said they are much more careful with their spending while 39% admitted to be somewhat more careful. This can largely be chalked down to the rising cost of living, with inflation driving up the cost of goods and services, automatically making consumers more conscious.

Over the past 12 months, the Consumer Price Index reported a growth of 62.7% in electricity prices, 86.1% in gas prices, 17.3% for home-heating oil and 46.1% for solid fuels. While the cost of sugar also increased by 30.8%, frozen fish increased by 26.9%, fresh whole milk by 26.8% and eggs rose by 22.9%. With wages not increasing at the same level, consumers are left with reduced spending power and becoming more aware of spending habits as a result.

Meanwhile, 13% of respondents said there is no change in their attitude towards spending.

We also want to hear what you think, so let us know below if your spending habits have changed in the last 12 months.

Money on my mind

"I am much more careful with how I spend my money since this time last year." How much do you agree or disagree with this statement on a scale of 1 to 10? 1 being not at all and 10 meaning complete agreement. 

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It’s important people know where they are spending their money, and by being aware of where your money is going each month, it means you’re in a better position to make decisions on where you could cut back if necessary.

So we asked our readers do they know how much they’ll spend/save on any of these sectors next month?

Allianz-info15

Spending awareness is focused on a few key areas, with 52% budgeting for exactly how much they will spend on food and groceries in the next month.

With energy bills along with rent and mortgage payments also being prominently placed at the top, it’s obvious that households are feeling the pinch of the energy crisis, so it’s worth keeping an eye on the Government supports available to the public.

You can also check out Allianz’s energy saving tips for your home, for ways to reduce your energy use.

We want to know if the ongoing energy crisis has influenced you at home, let us know below.

Have you been more conscious of your energy bills?

"I have actively been cutting down my energy use to try and reduce my bills." How much do you agree or disagree with this statement on a scale of 1 to 10? 1 being not at all and 10 meaning complete agreement. 

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Across all demographics surveyed except one, food and energy bills were where people had the tightest rein on their finances. The one outlier was the demographic of people who lived alone, with 78% of these people knowing exactly how much of their budget they would be spending on rent next month.

*Three question poll conducted for Allianz & TheJournal.ie by Ireland Thinks. Date of Survey: 3rd March, 2023. Sample size: 1,491. Margin of Error: +/- 2.6 per cent

Allianz plc is regulated by the central bank of Ireland. Standard acceptance criteria, terms & conditions apply. 

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