People left with only €100 after paying bills
Irish League of Credit Unions launches first ‘What's Left' tracker of 2013
Print24 September 2013
1.8 million people left with only €100 after paying bills
The Irish League of Credit Unions (ILCU) has published its first ‘What’s Left’ tracker for 2013. The series is now in its third year having started in 2011. For 2013, the report has focused on household finances and the journey from net monthly income to disposable income by looking at how a typical family is spending their money.
The main finding in this year’s tracker is that 1.8 million people in the country are left with just €100 per month, after paying essential bills.While the proportion of people left with only €100 is still relatively high, it has fallen from 2.106 million in December 2012.
Since the first ‘What’s Left’ tracker in 2011, disposable income has fallen for the majority of people. However, the findings in 2013 have shown slight stabilisation in the area. The number of people with no income left, after all essential bills have been paid, has dropped from 690,000 in December 2012 to 518,000 in May 2013. Those with €50 or less has dropped too, from 1,588 million in December 2012 to 1,208 million in May 2013.
The report also highlights that almost four in 10 adults have put off paying their essential bills, while eight in 10 have sacrificed spending in other areas to cover bills. The main reason for not paying is simply an inability to pay, with 33% of those surveyed saying they cannot afford to pay all their bills each month. Non-essential items like nights out and holidays are the main sacrifices made in order to make a full or part bill payment.
Items such as clothes and footwear (71%), health insurance (39%), food (30%), and a second car (21%) also rank highly. The average spend on groceries is €160 for individuals and €389 for households. The amount spent on lunches at work or school came in at €45 for individuals and €54 for households. While alcohol purchases made up the smallest amount spent with €27 being spent by individuals and €36 by households.
Speaking about the 2013 tracker findings, ILCU CEO, Kieron Brennan, said: "It is encouraging to see, what possibly might be, the first signs of stability in 2013. Disposable income has begun to stabilise and we are seeing an increase in the numbers of people who are able to save something, even a small amount at the end of each month."
Following a number of tough years, he noted that while people are still struggling they are becoming more savy with their money. "This in no means takes away from the fact that people all over the country are still seriously struggling on a daily basis. However what we might be seeing now is that people have a better ability to cope – managing their household budgets much more tightly and cutting back on unnecessary spending."
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