Cork Mabs: Govt must address key issues in Budget 2024 to relieve pressure on public

South Munster Money Advice and Budgeting Service (Mabs) has submitted its 2024 pre-budget submission, calling on Government to address the housing crisis, the increase in the cost of living, and financial inclusion.

South Munster Mabs, which provides free, non-judgemental, and confidential money and budgeting advice across Cork, has made its recommendations for Budget 2024 following workshops and feedback identified by those working with clients including money advisers, dedicated mortgage advisers, and Mabs personnel.

Jessie Anthony, of Mabs Cork City and West Cork, said: “The past 12 months have seen households across the country experiencing huge pressures, and this is bringing an increased number of people to avail of our service.

“Between March 2020 and March 2023, home energy costs increased by 117.1% for urban-based households and by 75.8% for rural households.

“Mortgage interest rates are the highest in 20 years, and a lack of affordable housing —both social and private — have increased pressures for all.

“We are calling on the Government to address these real concerns and our recommendations to relieve the pressures on the public.

“Our recommendations come directly from our clients and address the most critical situations that people are finding themselves in — housing, cost of living, and financial inclusion. These are the issues we are dealing with every day, and need to be addressed.”

Mabs housing recommendations include the introduction of a long-term strategic approach to addressing the housing crisis; an overhaul review of the housing assistance payments (Hap) to ensure the security of tenure and provide the same protection to Hap tenants as those in social housing; and the introduction of inflation-proofing policies for mortgage debt and consumer protection.

Its cost-of-living and household pressures recommendations include universal supports, as well as targeted supports for those on lower incomes; addressing ongoing concerns for pay-as-you-go customers; and benchmarking social welfare against inflation, including social welfare increases as part of a broader strategy to benchmark the social welfare system.

Its financial inclusion recommendations include a review and evaluation of the household budget scheme, broadening access and facilitating making payments to a greater number of creditors; development of financial education to support financial literacy; and the introduction of a ‘help to save’ initiative, similar to the UK, to support the substantial section of the population who have low levels of saving.