Three in 10, aged 45–54, say they are facing financial hardship

Nearly one in 10 adults (9%) in Ireland say they are currently in ‘financial crisis’, with those aged 45–54 the most likely to be under pressure, with 13% of this group report struggling to stay afloat on their current income.

A further one in three people (33%) say they are ‘just getting by’, with their income covering only essential expenses and little else.

At the same time, new research from Royal London shows financial resilience appears limited.

More than four in 10 adults (43%) either don’t know how long their employer would continue to pay them if they became too ill to work, or believe they wouldn’t be paid at all. The findings point to widespread financial fragility, with over half of people either in crisis, struggling, or unable to build any buffer beyond the basics.

A new survey commissioned by Royal London Ireland, a leading provider of life insurance and pensions in Ireland, carried out by iReach with 1,000 adults nationwide, highlights the stark reality of financial well-being across Ireland, and also sheds some light on the number of people who are at either end of the financial spectrum.

When asked, ‘How well does your current income support your lifestyle and financial goals’, almost one in 10 said they were ‘thriving,’ with more than double the number of men (13%) compared to women (5%) falling into this category and reporting that their income ‘fully meets my needs and helps me achieve my goals’.

Commenting on the findings, Barry McCutcheon, Proposition Lead at Royal London Ireland said: “These results reveal the real financial pressures people across Ireland are experiencing today. While it is encouraging that 45pc of the population feels financially comfortable, it is concerning that such a vast amount of people are struggling to make ends meet to varying degrees.

“Our survey underscores the challenges facing middle-aged groups in particular, who may be juggling mortgages, childcare, or other financial responsibilities.” Highlights from the survey:

How well does your current income support your lifestyle and financial goals?

Thirty-three percent of people are ‘getting by’ i.e. they have enough for the essentials but not much else. That number rises to almost four in 10 women (compared to 3 in 10 men).

Younger adults (18-24) are the most likely to describe themselves as ‘thriving’ at 19%c – almost 1 in 5, possibly due to fewer financial commitments such as mortgages or dependents, while just 5pc of those aged 45-54 feel the same way.

Financial well-being varies by location. 17% of Dubliners say they are thriving, compared to only 4% in Connacht/Ulster. People in Leinster (excluding Dublin) are the most likely to be struggling or in crisis (30%).

When asked: “How long do you think your employer would continue to pay your wages if you became sick and couldn’t work?” While 16% of male workers say their employer wouldn’t pay them at all if they couldn’t work due to illness, a figure that rises to 25% among women.

Among those who are currently just getting by, struggling, or in crisis (55%), a sudden loss of income due to illness could have a devastating financial impact.