FEARS over financial insecurity are having an impact of the mental health of people in Munster, a new survey has found, as just 13 per cent of respondents report feeling “very prepared” for their financial future.
The research also showed that as much as 35 per cent of people in the province were only able to save five per cent or less of their income.
The figures come from a survey carried out by financial advice and education organisation LIA on 800 people aged 25 to 60.
LIA’s figures show almost half (47 per cent) of respondents in Munster feel “financially unprepared for the future” – a concern that is “particularly pronounced” in women, with only 11 per cent feeling prepared for the future financially, compared to 23 per cent of men surveyed.
Mental health concerns were flagged from the survey too, with 81 per cent of those surveyed, according to LIA, saying their mental health and wellbeing has been impacted by financial stress and insecurity.
With fears for the future in mind, only 42 per cent of respondents nearing retirement expressed confidence for their financial future, with 25 per cent of people in Munster saying they felt unprepared financially for retirement.
Results also found that just 13 per cent of those surveyed were able to save 20 per cent of their income. 42 per cent of women surveyed nationwide said they were saving less than five per cent of their income, compared to 24 per cent of men.
These insights come as LIA launched its new three-year strategic framework, ‘Shaping the Future’, dedicated to advancing knowledge and expertise while empowering members to seek advice on their finances and future planning.
LIA CEO Joanne Keane said that “financial insecurity is not just an economic issue—it’s a mental health issue. Our research shows that too many people are unprepared for the future, leading to unnecessary stress and anxiety”.
“Our new strategy reinforces LIA’s role in equipping financial advisors with the highest level of expertise and professionalism. By continuing to develop and support highly-educated financial advisors, we strengthen the availability of quality advice, helping individuals take control of their financial future and build resilience for whatever lies ahead.”
