Three in five young people concerned they can’t save for a house deposit

The rising cost of energy bills is the top financial concern for adults in Ireland.

Almost 60% of 18-24 year-olds surveyed said that their greatest financial concern surrounded on being able to save for a house deposit. The results are part of a survey of over 1,000 people nationwide conducted by iReach Insights, along with Aviva Insurance. The top concern nationwide was in relation to the rising costs of energy bills, highest among homeowners and those aged 35-55+. 21% of those surveyed were concerned at the rising costs of day to day living expenses.

Other financial concerns raised by survey respondents included ; -

• Paying their mortgage (11%)
• Paying their rent (6%)
• Job security (5%)
• Medical expenses (4%)
• Paying for college fees (4%)

11% of those surveyed admitted to never reviewing their household budget, with younger respondents more likely to check their finances on a weekly basis.

“Homeowners continue to be faced with price increases across a range of items in their weekly shop and in many other household bills," said David Lyons from Aviva.

"Sharp increases in the price of energy and in other everyday items are continuing, with the war in Ukraine compounding existing price pressures.

"Fuel costs are hitting households hard and are currently cited as the biggest financial worry for homeowners, particularly for those over 55.

"Unfortunately, this situation is only going to deteriorate further as inflation is expected to continue to surge, with the Central Statistics Office reporting that inflation is now running at 6.7% as of March, up from an annual increase of 5.6% in the year to February 2022 with this trajectory set to continue.

“Depending on your age, either one in four or one in five people say they are just keeping their head above water – with more women than men likely to be experiencing this.

"Financial worries are stressful and ultimately bad for both your mental and physical wellbeing.

"Worrying day-to-day about how you’re going to afford the basics is no way to live.

"However, reviewing your finances on a regular basis may prove to be a useful exercise as it allows you assess your budget and where potential savings can be made."