We recently ran an extensive survey to capture the mood of the nation in the run up to #Budget18. What we found was that many householders are still quite worried about their finances and that the 2018 Budget is unlikely to help in any significant way.
Most Irish people still worry about their household finances
Three-quarters (74%) of Irish householders are either “a bit worried” or “very worried” about their personal finances for the coming year, with six out of 10 (64%) reporting that they have seen no increase in their spending power over the last three years.
Findings such as this suggest that Ireland’s economic recovery is yet to materially benefit the majority of citizens.
Nearly a quarter (23%) of those surveyed report that they generally have no money to spare on the day before payday. However, the majority of respondents (63%) claim to have enough disposable income for leisurely pursuits, such as dining out and socialising.
#Budget18 is set to underwhelm
The 2018 Budget is unlikely to bring peace of mind to Ireland’s worried consumers.
It is expected that USC cuts and tax band changes will add about €200 to annual household budgets in 2018, but eight out of 10 (83%) consumers say that this amount of money would have “little impact” or “no impact” on their spending power.
Household bills often bring surprises...and not the good kind
Half of the respondents (50%) say they would use their extra €200 to help cover their regular household expenses, such as utility bills.
Other findings further suggest that household bills are a cause of concern for many, with a large majority of billpayers (78%) reporting that they are either sometimes or always surprised by how expensive their bills are.
Consumers should take advantage of savings opportunities
The 2018 Budget is likely to bring a marginal benefit to households, but it appears that many consumers will remain worried about their personal finances over the coming year.
Billpayers should aim to take full advantage of the savings opportunities available to avoid overpaying for their regular household expenses.
Simple actions like switching energy providers, cancelling bloated TV subscriptions and reviewing health insurance premiums can add up to hundreds of euro in savings over the course of a year - much more than is ever going to be handed out in a national budget
Is it time to #DitchAndSwitch?
Here at bonkers.ie, we are currently offering you the chance to win €324 cash when you switch energy suppliers with us.
All you have to do is switch gas, electricity or dual fuel on bonkers.ie, tweet your savings figure to @bonkers_ie using the hashtag #DitchAndSwitch to be entered into a draw to win. The closing date for entries is 5pm on Friday, October 13th.