Growing costs for food and fuel are having a negative impact on people’s ability to save money and support their children in the future. According to a report, the high cost of living is keeping people from reaching their financial objectives. A recent poll of 4,000 members of Capital Credit Union in Dublin found that rising costs are impeding people’s ability to own their homes, pay off their mortgages, and provide a little amount of money for their children. The main obstacles to reaching their financial goals, according to almost half of survey participants, are Ireland’s high Expense of living and persistent inflation. Insufficient income was mentioned as the second cause, while a lack of funds came in third.
According to the study, the majority of respondents feel that their financial circumstances have stabilized. This follows years of skyrocketing food and energy prices, rising mortgage rates, and rising motor fuel prices. The study results, according to Capital Credit Union CEO Pat Byrne, paint a complex picture of Ireland’s financial soundness.
“The majority of respondents said they believe their financial situation to be stable to various degrees, yet more than half (51pc) identified Ireland’s inflationary pressures as the most significant barrier to achieving their financial goals.
“This suggests that while people might be able to pay the bills, the high cost of living often hinders their progress towards furthering their financial situation.”
According to him, most people’s primary financial objectives are to pay off their mortgage and become home owners. Typically, parents’ second priority is raising their kids and watching them begin to achieve their financial and personal objectives. Making ensuring they can afford a nice retirement is the third. We make an effort to motivate members to establish their financial objectives as soon as feasible. They’ll be more likely to succeed in doing so, according to Mr. Byrne.
According to Mr. Byrne, when respondents were asked to rate the reasons why they were unable to achieve their financial goals, insufficient income came in second.
Mr. Byrne stated, “And fewer still say ‘lack of savings’ is the big challenge.”
The head of the credit union stated that during the past few years, hundreds of thousands of households have seen their mortgage rates rise, gasoline prices have skyrocketed, and property prices have increased steadily across the nation.
