Seventy per cent of adults worried about cost of living

Seventy per cent of Irish adults say that the rising cost of living has become their biggest financial worry, a survey shows.

The survey, which was carried out by Royal London Ireland, shows that 25-34-year-olds in Ireland are under the most pressure, with the highest number across all age groups who are deeply concerned.

It also shows that one-third of people in Ireland are concerned about covering their rent or mortgage.

Three in ten respondents say that they are concerned about building retirement savings.

Almost 30% say that the possibility of being unable to work due to illness or injury is a major concern.

When it comes to specific regions, cost-of-living worries peak in Ulster at 82%, followed by Dublin and Munster at 71%.

Barry McCutcheon, Protection Proposition Lead at Royal London Ireland, said: “The cost-of-living crisis is still weighing heavily on households across the country.

“While many people are focused on meeting immediate expenses like rent or mortgage payments, longer-term concerns such as retirement savings and income protection also cause financial stress.

“It’s not at all surprising that rising living costs are the dominant financial concern nationally. The latest CSO’s Consumer Price Index[2] shows that prices for everyday essentials have continued to rise.”

Barry McCutcheon added: “The data shows that housing affordability is a major concern for younger adults, with 48% of those aged under 35 citing it as a top concern. For many, rent or mortgage payments shape decisions about daily spending, career choices and long-term financial planning. This can mean difficult trade-offs each month between covering essentials and saving for the future.

“Concerns around the ability to save or plan for retirement are felt strongly by young adults who are often juggling the demands of establishing a career, getting on the property ladder, and starting a family.

“For many, long-term financial priorities can feel distant when day-to-day costs are rising. By contrast, lower levels of concern among those aged 55 and over may reflect that many are closer to retirement and may already have made some of the key financial preparations needed for later life. The data also suggests that for higher-income households, having the means to save allows for a greater focus on long-term goals like retirement.”