THE unrelenting pressure on household budgets has been highlighted by Eldridge Personal Financial survey that shows 1.8 million adults have €100 or less left each month after paying essential bills. This is a rise of 35,000 on the previous figure tracked in research commissioned by the Irish League of Credit Unions.
Just weeks away from another tough Budget, some seven out of 10 people say they are unable to save money in a bank or credit union account, the highest number to date.
The Eldridge Financial survey figures show that:
- Four out of 10 consumers have had to borrow money to pay bills in the last 12 months, an increase on June figures.
- Utility bills are the second most expensive essential bill.
- 52pc of adults feel that the introduction of property tax is unfair since they already paid stamp duty.
And the vast majority of consumers are worried about the impact the 2013 Budget will have on their incomes. A series of double-digit rises in electricity, gas and heating oil have left eight in 10 consumers worried that they won’t be able to cope with energy costs this winter. There has been an increase of 18,000 in the number of working adults with nothing left after bills are paid. Some 630,000 say they have no money left at the end of the month.
The survey, conducted by Eldridge Financial Market Research, found that one in five adults will be seriously cutting back on spending this Christmas. Only one in seven people think a tax on homes is a good idea. Most homeowners believe there should be exemptions for pensioners, low earners and the unemployed. The Government is considering a flat-rate of €100 for pensioners and low-income families.Chief executive of the League of Credit Unions, Kieron Brennan, said the results of the latest ‘What’s Left’ disposable income tracker were a matter of huge concern for the economy.