36% of people’s household income down since beginning of Covid-19 pandemic – new Core Personal Finance Research
- Average amount saved every month is €222, with 33% savings as a financial safety net, 26% saving for a holiday abroad and 22% saving for home improvements
- 29% of workers financially impacted say Covid affected their decision on whether or not to have a child
DUBLIN, 14 September 2021
While 36% of people say their household income decreased since the beginning of the COVID-19 pandemic, the majority of the population say their household income has remained the same (49%) or in fact increased (15%), according to the new Pandemic Personal Finance report from Core, Ireland’s largest marketing communications company.
The research shows that over one million workers were impacted by COVID-19 but as a result of dual-income households and state supports, most households were in a position to maintain their level of household income they had in March 2020.
Workers who have been impacted by COVID-19 are most likely to say the amount they save every month has decreased. 51% of this group say they save less than before COVID-19. In contrast, of those who’s employment has not been impacted, 53% say the amount they save every month has remained the same and a further 36% say the amount they save has increased.
The perceived average amount people save every month is €222, and notably those impacted by COVID-19 claim to save a little more (€251) compared to workers who were not impacted (€218).
Although 33% of people are saving as a financial safety net, 26% are planning a holiday with their savings and 22% ar saving for home improvements. For workers who’s income was impacted by COVID-19, 28% are saving for a house while 17% are saving for a car.
Of those who were impacted by COVID-19, 48% of people’s working hours were reduced by the pandemic and 28% of workers’ salaries were reduced while 8% are no longer in paid employment due to the Covid-19 pandemic.
Other key statistics from the report include:
- 45% of impacted workers say Covid-19 impacted their decision to purchase a vehicle
- Some 29% of people impacted by COVID-19 said it delayed their decision to have a child.
- 31% of impacted workers said it delayed plans to get married.
Speaking about these research findings, Core’s Marketing Director, Finian Murphy said:
“It is clear that Covid-19 pandemic has impacted our lives in a variety of ways. What stands out in our Pandemic Personal Finance report is Irish people are still intent on planning for the future despite a very changeable period.”
“Saving behaviour for younger people and families affected by the pandemic may be long-lasting with an initial focus on housing security, but subsequently building in financial security as legacy of 2008 recession and COVID-19 informs their approach to personal finances. For those who were not impacted by the pandemic, it is also clear to us that financial security remains important.”
To learn more about Core, please visit onecore.ie