Skip to main content

Many Irish Are 'Broke'...

250,000 'broke' after paying mortgage and utility bills...

A QUARTER of a million people have nothing left to live on once they have paid mortgage and electricity bills, according to a new survey which reveals the true extent of the hardship imposed on households by the recession.

And another 210,000 people are so hard-up that their income does not even cover their essential bills for heat and the cost of the home, research commissioned by the Irish League of Credit Unions shows.

Another three-quarters of a million people have on average just €70 left each month after paying essential bills, the iReach survey conducted for the Irish League of Credit Unions shows.

The research, conducted to see how much disposable income households have, found that a large number -- 428,000 -- feel there is no future for their family in this country.

Family incomes have been hit by tax changes, higher utility bills and transport costs, the research found.

Most people regard their mortgage as their most important bill, followed by electricity and gas and then groceries.

Car costs, loan repayments, credit cards and health insurance were all ranked at a similar level of importance.

The survey, conducted among 1,000 adults, found that 245,000 adults have nothing left to live on after they have paid their mortgage and utility bills.

Chief executive of the Irish League of Credit Unions, Kieron Brennan, said: "It has become more and more apparent that many Irish families are seriously struggling in what are very difficult financial times.

"We have just seen a European Central Bank rate increase last week which is likely to push families and individuals further into mortgage difficulties and arrears."

He said that increasing mortgage rates combined with increasing fuel costs, the introduction of the universal social charge and cuts in social welfare meant that 2011 will be one of the most difficult years for the Irish population in terms of money management.

The researchers estimate that around one million people have €35 left a week after paying their main bills.

These people worry about how they will cope with an unforeseen expense like a medical emergency or a big car bill.

Almost half of those who responded to the survey said they they are unlikely to have money to save in the current economic climate.



Report by Charlie Weston - Irish Independent

Popular posts from this blog

Ireland's Celtic Tiger Excesses...

'Bang twins' may never get to run a business again... POST-boom Ireland is awash with cautionary tales of Celtic Tiger excesses, as a rattle around the carcasses of fallen property developers and entrepreneurs will show. Few can compete with the so-called Bang twins for youth, glamour and tasteful extravagance. Simon and Christian Stokes, the 35-year-old identical twins behind Bang Cafe and exclusive private members club, Residence, saw their entire business go bust with debts of €9m, €3m of which is owed to the tax man. The debt may be in the ha'penny place compared with the eye-watering billions owed by some of their former customers. But their fall has been arguably steeper and more damning than some of the country's richest tycoons. Last week, further humiliation was heaped on them with revelations that even as their businesses were going under, the twins spent €146,000 of company money in 18 months on designer shopping sprees, five star holidays and sumptu

Property Tycoon's Dolce Vita Ends...

Tycoon's dolce vita ends as art seized... THE Dublin city sheriff has seized an art collection and other valuables from the Ailesbury Road home of fallen property developer Bernard McNamara. The collection will be sold to help pay his debts. The sheriff, Brendan Walsh, is believed to have moved against the property developer within the past fortnight, calling to his salubrious Dublin 4 home acting on a court order to seize anything of value from his home to reimburse his creditors. The sheriff is believed to have taken paintings from the family home along with a small number of other items. The development marks a new low for Mr McNamara, once one of Ireland's richest men but who now owes €1.5bn . The property developer and former county councillor from Clare turned the building firm founded by his father Michael into one of the biggest in Ireland. He is the highest-profile former tycoon to date to be targeted by bailiffs, signalling just how far some of Ireland's billionai

I fear a very different kind of property crash

While 80% of people over 40 own their own home just a third of adults under 40 do. This is disastrous for social solidarity and cohesion Changing this system of policymaking requires a government to act in a way that may be uncomfortable for some. Governments have a horizon of no more than five years, and the housing issue requires long-term planning. The Department of Public Expenditure and Reform was intended to tackle some of these problems. According to its website its remit is to “drive the delivery of better public services, living standards and infrastructure for the people of Ireland by enhancing governance, building capacity and delivering effectively”. So how is the challenge of delivering homes for people in 2024 and beyond going to be met? The extent of the problem is visible in the move by companies, including Ryanair, to buy properties to house staff. Ryanair has, justifiably, defended its right to do so. IPAV has long articulated its views on how to improve supply an