Almost three in four Irish adults are worried about money to some extent, with women significantly more likely than men to report financial stress, according to new research.
A survey of 1,000 adults nationwide by insurance and wealth advisers NFP found that 72% experience some level of concern about their finances, including 18% who said financial stress was a regular or constant part of their lives.
A further 43% said they were managing financially but that money worries were always in the background, while 9% said they felt financially overwhelmed most of the time.
The research also highlighted a significant gender gap in financial confidence, with just 21% of women saying they feel in control of their financial affairs, compared with 35% of men.
Eight in 10 women (79%) said they were worried or stressed about money to some degree, compared with 65% of men.
Women were also more likely to say they were managing while still having persistent concerns, at 50% compared with 40% of men. Meanwhile, 11% of women said they felt financially overwhelmed, compared with 7% of men.
Sarah McGurrin, Head of Employee Benefits at NFP Ireland, said financial worry was now common for a significant proportion of the population.
“What this research highlights is that financial worry is common and for a significant proportion of people it is something they experience on a regular or ongoing basis,” she said.
She said ongoing cost-of-living pressures, higher housing costs and household financial demands were likely contributing to the concerns.
Looking ahead, 37% of respondents said they were already falling behind financially or expected to do so within the next 12 months.
Women again reported greater concerns, with 41% saying they were already struggling or expected to fall behind, compared with 32% of men.
Men were also more optimistic about their financial prospects, with 24% expecting their finances to become stronger compared with 17% of women.
The research found that age also played a significant role. Some 41% of those aged 55 and over said they felt in control of their finances, compared with just 17% of those aged between 25 and 34.
Among 25- to 34-year-olds, 19% said they were already slipping backwards financially, while a further 21% expected the coming year to negatively affect their financial position.
Dubliners were the most likely to feel in control of their finances, at 32%, while respondents in Connacht and Ulster were least likely, at 23%.
The research also found a significant socioeconomic divide, with people in the C2DE group more than twice as likely as those in the ABC1 group to feel financially overwhelmed most of the time, at 13% compared with 6%.
Ms. McGurrin said the findings showed that financial resilience was “not being felt evenly across society”.
She added that recognising financial difficulties early and taking action could help prevent problems from escalating.
“Small gaps between income and outgoings can start to widen,” she said, warning that missed bills, delayed payments and additional charges could make it increasingly difficult for households to catch up.
*This article was originally published on BusinessPlus.ie.
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