36% of people’s household income down since beginning of Covid-19 pandemic, new research finds

Average amount saved every month is €222, with 33% savings as a financial safety net, 26% saving for a holiday abroad and 22% saving for home improvements

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14 September 2021 | 0

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While 36% of people say their household income decreased since the beginning of the Covid-19 pandemic, the majority of the population say their household income has remained the same (49%) or in fact increased (15%). That’s according to the new Pandemic Personal Finance report from marketing communications company, Core.

The research shows that over one million workers were impacted by Covid-19 but as a result of dual-income households and state supports, most households were in a position to maintain their level of household income they had in March 2020.

Workers who have been impacted by Covid-19 are most likely to say the amount they save every month has decreased. 51% of this group say they save less than before Covid-19. In contrast, of those whose employment has not been impacted, 53% say the amount they save every month has remained the same and a further 36% say the amount they save has increased.

The perceived average amount people save every month is €222, and notably those impacted by Covid-19 claim to save a little more (€251) compared to workers who were not impacted (€218).

Although 33% of people are saving as a financial safety net, 26% are planning a holiday with their savings and 22% ar saving for home improvements. For workers who’s income was impacted by Covid-19, 28% are saving for a house while 17% are saving for a car.

Of those who were impacted by Covid-19, 48% of people’s working hours were reduced by the pandemic and 28% of workers’ salaries were reduced while 8% are no longer in paid employment due to the Covid-19 pandemic.

Other key statistics from the report include:

  • 45% of impacted workers say Covid-19 impacted their decision to purchase a vehicle
  • Some 29% of people impacted by Covid-19 said it delayed their decision to have a child.
  • 31% of impacted workers said it delayed plans to get married.

“What stands out in our Pandemic Personal Finance report is Irish people are still intent on planning for the future despite a very changeable period,” said Core’s marketing director, Finian Murphy.

“Saving behaviour for younger people and families affected by the pandemic may be long-lasting with an initial focus on housing security, but subsequently building in financial security as legacy of 2008 recession and Covid-19 informs their approach to personal finances,” he added. “For those who were not impacted by the pandemic, it is also clear to us that financial security remains important.”

 

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