Financial Confidence for the year is linked to those who have done a financial planning exercise
OVER 50 per cent of adults in Munster are worried that they will not be able to cope financially in 2010 according to a major new survey of 1,000 adults by Irish Life. The survey also highlights that those who are more confident about their ability to cope financially will typically have done a financial planning exercise while the financial worriers are less likely to have done any financial planning.
The survey showed that a lack of emergency savings to pay for unexpected bills 29% and fears of unemployment 28% were the biggest concerns.
The most pressing financial issues for the year for Munster people range as follows:
1. Being unable to pay “unexpected” bills (29%).
2. Holding on to job (28%).
3. Struggling to repay debts (15%).
4. Meeting repayments for ordinary household bills (12%).
5. Paying the mortgage (10%)
The survey found that better financial planning appears to be a lower key priority for Munster people in 2010 than other regions. One in five are focused on regular budgeting with one in 10 carrying out regular financial reviews yet over 20 per cent want to cut their spending and increase savings.
James Collins, Area Manager Limerick, Irish Life said, “These are worrying times but the survey does highlight the importance and value of financial planning – preferably with an experienced professional. In this environment putting clear financial plans and goals in place can really help you cope with all eventualities and give you peace of mind.”
