Ireland is struggling with the cost of living crisis in line with the global average, but the country's population is also among the most likely globally to change its habits, having already reduced expenses to get by, according to the annual Worldwide Independent Network of Market Research (WIN) world survey.
Some 70% of Irish residents have cut costs in the past month, and action was taken across all groups, highlighting the wider impact of the crisis across society. Only 9% do not plan to make any changes to their expenses.
Just under a third of the Irish population (30%) is struggling to make ends meet, rising to 37% among people from lower economic backgrounds and the 'squeeze middle' aged 35-54 (37%). Inflation eased to 8.2% in December having neared 10% for much of the year.
Only a minority of 25% in Ireland feel their current financial situation is comfortable, with older age groups and respondents of higher social grades more likely to be living comfortably than other demographics.
Compared to the global average, the proportion of people in Ireland that are struggling to make ends meet is 6% lower, with the highest level posted in Argentina (76%) and the lowest in Vietnam (14%).
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In terms of living comfortably, Ireland is same as the world average (25%), while India and Philippines lead on having the most with just under half living comfortably.
“The Irish resilience and experience with economic woes are clear to see, with the population reacting the most quickly globally to try and live within our means," said Richard Colwell, CEO of Red C Research and vice-president of WIN International Association.
"However, a significant divide clearly exists in Ireland, between those who are struggling and those still living comfortably in the current crisis. Any future supports need to be focused on those most in need,”
Some 48% of those surveyed have already reduced some expenses in previous months, with the 45-54 age group being the most affected ones (51%).
On the other hand, 19% of the respondents do not plan to make any changes in their monthly budget, a percentage slightly higher among people over 65 years (24%).
There is no evidence of significant difference between those in work (77%) and those in unemployment (79%) in terms of planning to cut expenses.
Japan has the smallest proportion (19%) who have already reduced their expenses, followed by South Korea (26%). South Korea also notes the highest proportion of people who do not plan to make any changes to their spend.
Internationally, people aged 35-44 are among the most affected by the crisis due in part to the cost of supporting a family.
More than half of the interviewed people (54%) who have basic education, or no education have difficulties in paying their bills, while interviewees who have completed higher educational levels (Masters, PhD, etc.) have less difficulties in this regard (25%).
"The historical time we’re living, affected by the pandemic, the rising of conflicts in many areas of the world, the climate emergency, and insecurities towards the future, forces us to take increasingly more into consideration people’s social and financial wellbeing as well," said Vilma Scarpino, president of WIN Internation Association.
"Research on many different sectors and aspects of life cannot overlook people’s spending possibilities. And it’s not only about finance: the rising costs of living affect people social wellbeing too.
Interestingly, this study highlights more differences between countries than many others do. While there are some common widely accepted standards (eg, agreement on climate change is high in every country) the financial situation differs significantly between different parts of the world."
A total of 29,739 people in 36 countries were interviewed for the survey between October and November.
(Pic: Getty Images)
