A recent survey conducted amongst 4,000 members of Capital Credit Union in Dublin has illuminated the hurdles individuals encounter in pursuing their financial objectives within the present economic climate. The survey exposed the exorbitant cost of living and persistent inflation in Ireland as the primary impediments impeding individuals from realising their financial aspirations.
The findings indicated that the soaring prices of fuel and food have substantially impacted individuals’ purchasing power and ability to secure their financial future, particularly in relation to mortgage payments, home ownership, and providing for their children. Over half of the respondents identified Ireland’s inflationary pressures as the most significant barrier to achieving their financial goals, followed by inadequate income and a lack of savings.
Notwithstanding these challenges, the majority of survey participants expressed confidence in the stabilisation of their financial situations to some extent. However, the survey underscored the widespread influence of the high cost of living on individuals’ advancement towards their financial objectives. Pat Byrne, the Chief Executive of Capital Credit Union, underscored the importance of early goal-setting in financial matters to enhance the likelihood of their attainment. For many, principal financial goals encompass mortgage repayment, property ownership, and securing a comfortable retirement.
In addressing the impact of inadequate income on financial stability, Mr Byrne highlighted that soaring house prices, escalating mortgage rates, and soaring fuel prices have created a “perfect storm” that persistently places financial ambitions out of reach. He also noted that nearly half of the respondents indicated collaborative financial decision-making with their partners, underscoring the prevalence of joint financial planning within households.
Capital Credit Union, which caters to approximately 50,000 members across south Dublin, offers an array of financial services, including personal loans, mortgages, and business loans. The survey findings offer valuable insights into the intricate financial landscape in Ireland and the obstacles encountered by individuals striving to achieve their financial aspirations amidst inflation and a high cost of living.
As delineated by the survey, it is palpable that the impact of inflation and the high cost of living extends beyond immediate financial concerns, impacting long-term objectives such as property ownership and retirement planning. The findings serve as a reminder of the significance of judicious financial management and early goal-setting to navigate the prevailing economic challenges and progress towards a more secure financial future.