OVER 1.1 MILLION adults in Ireland have less than €50 left over after paying essential bills each month.
According to the latest Irish League of Credit Union’s What’s Left? income tracker, disposable incomes remain under pressure.
About 63 per cent of adults have less disposable income than they had this time last year with 1.6 million left with less than €100.
The survey shows that 560,000 people – that is 16 per cent of all adults – have absolutely no money left at the end of the month after all essential bills are paid. A further 210,000 have less than €20, while 385,000 say they didn’t have more than €50.
The majority of the most vulnerable surveyed said they worry how they will cope if unforeseen expenses arise. More than half said they were living to work, as opposed to working to live.
Keeping a car on the road is among one of the greatest concerns for the adult population with 7 per cent of motorists considering giving up or selling their car due to recent increases in car tax and fuel prices.
Almost half of all drivers are “really struggling” with the rising costs of motoring. One in five people has already changed their car for a smaller model with another 26 per cent intending to do the same in order to reduce costs.
Mortgage and rent, as always, are among the most expensive bills for most with groceries taking second place once more (food bills moved ahead of utility bills in December and the rankings remained the same last month).
The League of Credit Unions said the improvement in the weather has allowed for the drop in the price of utilities.
Transport costs, loan repayments, credit cards, health insurance, telecoms and TV, education fees and childcare make up the top 10 most important and most expensive bills.
Paying bills on time remains a problem for 47 per cent of Irish consumers but this figure has actually dropped from 55 per cent last December. Last on the priority list are the TV license, bin charges and the TV/telecoms bill.
Saving is also impossible for some with 46 per cent stating they cannot put aside any money. About one third of people save an average of €197 each month.
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