Despite the current financial pressures on the public, a study for Penneys conducted by Amárach Research indicates that most people in Ireland have adapted their behaviour, becoming savvier than ever before with 95 per cent of people engaging in money saving hacks. The index showed that a typical person takes five actions on average to save money.
The Pulse of the Nation study shows that the cost of living crisis is having a disproportionate effect on the quality of life on some people in Ireland. A person’s financial situation has almost twice the impact on quality of life compared to other factors. Over half (56 per cent) of people in Ireland are happy with their quality of life, including family life and mental health.
Non-essential
The actions include wearing warmer clothes at home to reduce heating costs and cancelling entertainment subscriptions. Seven in ten report that their spending on essential living expenses increased, while 57 per cent cut their non-essential spending. Money is firmly on the minds of consumers, with large purchases deferred by 62 per cent of adults.
Three in four consumers are switching to more cost-effective service providers and retailers. One in four have admitted to skipping a bill to meet other financial priorities. Despite making these changes, half of adults struggle to manage their monthly outgoings. Costs are having a bigger impact on women, six in ten of whom have the lowest quality of life.
The survey results are based on interviews with 1,200 adults aged 18 and over in February.
