A new survey from Taxback.com has revealed widespread anxiety over finances in Irish households with a huge appetite among workers for access to financial wellbeing support from employers.
We all know that feeling that sometimes surfaces towards the end of the month when the bills keep coming in and you’re waiting for payday to take away some stress.
Whether it’s the soaring cost of gas and electricity, rising rents, insurance, or petrol prices, there’s always something that’s a cause of financial stress for many Irish consumers.
However, new findings from Taxback.com have shown that that stress is more widespread among Irish households than previously thought.
The survey results
The results from Taxback's latest survey show that almost 4 in 10 people in Ireland worry about money as often as every week.
Of the 1,500 taxpayers surveyed, a total of 54% of people said they worried about money on either a weekly or monthly basis, while 20% said they worry about money at different points throughout the year.
However a lucky 7% of people said they don’t worry about money at all while 19% only worry if a big, unexpected event comes up.
Speaking of the findings and financial concerns those surveyed expressed, Marian Ryan, Consumer Tax Manager with Taxback.com said:
On top of the 38% of our survey participants who said that money is a weekly worry, a further 16% said they worry on a monthly basis. That’s over half of the 1,500 people asked who find themselves stressed over their finances every month. Worry of any sort can and does impact a person’s well-being, but financial concerns can be particularly stressful and as we all know stress has a direct impact on health.
Here’s a look at the percentage breakdown of how often Irish people worry about money.
|
How often do you worry about money? |
Percentage % |
|
On a weekly basis |
38% |
|
On a monthly basis |
16% |
|
At several different times throughout the year |
20% |
|
Only if a big, unexpected event happens |
19% |
|
I do not worry about money |
7% |
What about financial planning and managing finances?
As part of its survey, Taxback.com also asked participants about how confident they are when it comes to managing their money on a regular basis.
The survey revealed that 43% of people were confident at managing their finances and household budget.
However, more than half of people (57%) admitted their money management skills are average at best, or even far below.
17% of those surveyed showed no confidence about their approach to money management, expressing that they’re either ‘not good’ or ‘terrible’ when it comes to their finances and budgeting.
The survey results also showed a strong appetite amongst Irish households for expert advice on their financial and tax affairs with 84% of people saying they would take such advice if their employer provided access to it.
Ms. Ryan continued by saying:
Money management and budgeting is a skill which, like any other, must be taught, learned, and practiced. There are various stakeholders in the provision of financial advice and information support, with Government and educators having an important role to play. However, we are finding of late a growing importance in the role of employers.
We regularly speak with employers across the country about the financial wellbeing of their employees and most are cognisant of the fact that financial, mental, and physical wellness are not mutually exclusive – they all impact on each other. This doesn’t necessarily mean that those with more money are happier, but knowing what you have and how to use it is key to developing and maintaining a healthy outlook on budgeting and finances.
Take a look below for how people responded in relation to confidence around managing their personal finances.
|
How good are you at managing your money and budgeting? |
Percentage % |
|
Very good |
13% |
|
Good |
30% |
|
Average |
40% |
|
Not good |
11% |
|
Terrible |
6% |
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