95% of Irish consumers admit to worrying about their finances

Rather than looking forward to welcoming in the New Year, it seems money worries will remain at the forefront of people's minds, with 95% of people recently surveyed admitting to being concerned about their financial situation – with 22% worrying almost daily.

The biggest fear for almost half (47%) of Irish adults is that they won’t be able to save in 2019 once they have paid for essentials.

As we head into 2019, these woes don’t to look set to ease anytime soon with just over four in ten (41%) saying they will be in the same position financially in 2019 as they were in 2018 – only a third (34%) are confident they will be better off over the next 12 months.

In contrast, quarter (25%) are less than optimistic, believing they will be worse off in 2019.

However, for some Irish consumers their financial outlook for 2019 is a little more positive. Almost four in ten (38%) are expecting to be able to cover their day-to-day expenses (such as mortgage, household bills, groceries etc.) as well as putting aside money for any unexpected costs and also for savings – this is a 9% increase on how people felt coming into 2018.

This is despite the possibility of a no-deal Brexit outcome for the deadline of March next year, which is estimated it could cost the average Irish household between €900 and €1,400 a year.

In addition to those who say they won’t be able to save, 42% are concerned they won’t be able to make ends meet if any unexpected expenses arise in 2019.

19% of people concede they have had to borrow money from a bank or friends and family in the past to cover expenses and 17% have resorted to selling their belongings for extra cash.

The worry and uncertainty that comes with managing household and personal finances can also have a resounding effect on not just household pockets, but also people’s health.

The research shows that 54% of people believe their financial worries have an impact on their mental health, 44% on their physical health and 41% on their relationships with their partner and family.

The research was undertaken by Switcher.ie