This is according to Aviva who spoke with 1,280 adults to assess the economic health of the nation for a survey they conducted last month.
Going on their results it appears the economic recovery is not as prevalent as the Government would like us to believe with evidence of little consumer confidence.
According to the survey:
“Time will tell whether this is merely a glitch in the momentum of the recovery or a deeper malaise in the financial wellbeing of the Irish family.
“Fewer than one in five people feel that the economic recovery has benefited them, with just 3% of the total agreeing strongly that it has been of benefit.
“More than one in two say they have not benefitted.
“Most of those who have done well are in Dublin (23%), with just 14% in Connacht/Ulster agreeing.
“There is also a gender split; more men 24% than women 14% feel that the recovery has benefited them.”
The breakdown in age is very striking with 25% of those polled in the under-44 category enjoying the recovery, with just 9% cent of those aged 55-64 and 11% for those aged between 45-54 reporting positively.
The effect of this lack of public confidence in the recovery is leading people to save more in case the future is bleaker.
Six out of 10 respondents say the fear of future uncertainty has made them “more likely” to save – though they are not necessarily likely to save greater amounts. Just 13% say that recent uncertainty has made them less likely to save.
Those under the age of 24 (18-24) are more inclined to save, and are managing to save an average of €291 a month (excluding pension contributions) – significantly more than those aged between 45-54, who, weighed down by the cost of rearing children and hefty mortgages perhaps, are saving only an average of
While 88% say saving money is important, three in four say they are not saving as much as they would like.
Overall, 80% of respondents in the survey, conducted between October 7th and 13th, have at least one form of savings or investments, with credit unions and bank deposits the most popular platform, and they are typically saving about €4,727 a year, or 13 per cent of their income
The survey also highlights the difficulties in buying a home.
There is a “wall of pent-up demand” from first-time buyers, and it’s clear that the preference among Irish people is still to own their own home, with 91% saying they would prefer to own their own property.
However, while 60% of respondents do currently own their own home (for comparison, the 2011 Census showed 71% of people owning their own home), just 35% of those in the 24-35 age group polled does, down from the 40% in the 2011 Census.
A significant number of respondents (8%) report living at home and almost one in two of those are in the 18-24 age group.
In the 25-34 age group 14% still live at home.