- 1 in 5 Say Financial Stress is Constant, 1 in 10 Feel Overwhelmed Most of the Time
- Just 1 in 5 Women Feel “In Control” of Their Finances
- Over 55s Most Likely to Feel Financially in Control
- More Than 1 in 3 Expect to Fall Behind Financially in the Next Year
- 24% of Men Expect to Grow Financially Stronger, Compared with 17% of Women
- 41% of Women Expect to Fall Behind Financially or Already Are vs 32% of Men
Almost three in four (72%) Irish adults worry about money to some extent, with 18% saying financial stress is a regular or constant part of their lives. More than four in ten (43%) say they are managing, but money worries are always in the background, while one in ten (9%) feel financially overwhelmed most of the time.
A new survey from insurance and wealth advisers, NFP, which polled 1,000 adults nationwide on their feelings towards their personal finances right now and in the future, found that significantly fewer women (21%) than men (35%) feel in control of their financial affairs. Those aged 55+ were most likely to feel in control (41%), compared with just 17% of 25 to 34-year-olds.
Looking ahead, the NFP research found that more than one in three adults (37%) say they are already falling behind financially or expect to do so within the next 12 months. Women were more likely to be in this precarious position, with 41% saying they are already struggling or expect to fall behind, compared with 32% of men.
Sarah McGurrin, Head of Employee Benefits NFP Ireland commented on the findings,
“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.
Sustained financial pressure can make it more difficult to feel in control of day-to-day financial decisions or to see a clear way forward. These experiences are likely being shaped by ongoing cost-of-living pressures, higher housing costs and wider household financial demands, including energy price volatility, with prices in Ireland having risen by around 20 – 25% over the past five years[1].
When these factors persist over time, they can understandably influence how people feel about their financial stability and their confidence in planning ahead”.
Women feeling greater financial pressure than men
- Eight in ten women (79%) say they are worried or stressed about money to some degree - 65% of men said the same.
- Half of women (50%) say they are managing, but money worries are always in the background, compared with 40% of men.
- Women are more likely than men to feel financially overwhelmed (11% vs 7%).
- Men are more likely to feel in control of their finances (35% vs 21% of women).
- 24% of men believe they’ll get financially stronger whereas just 17% of women feel the same
Ms McGurrin continued,
“What is particularly striking is the difference in how this is being experienced by men and women. Women are significantly more likely to report stress and worry about money, and are more likely to feel financially overwhelmed, while men are more likely to describe themselves as feeling in control or optimistic about their financial future.
This suggests that financial resilience is not being felt evenly across society, and points to the importance of targeted supports and financial wellbeing initiatives that reflect these different lived experiences”.
NFP Survey highlights include:
- Dubliners are most likely to feel in control of their finances (32%), while people in Connacht/Ulster are least likely to feel this way (23%).
- People in the C2DE group are more than twice as likely as those in the ABC1 group to feel financially overwhelmed most of the time (13% vs 6%).
- Among those who currently feel stressed or overwhelmed, almost three-quarters (73%) say they are already falling behind or expect to do so.
- Younger adults aged 18 -24 are the most optimistic, with 36% expecting their finances to become stronger over the next year.
- Those aged over 45 are least likely to expect improvement, at around 15%.
- One in five people aged 25-34 and 45-54 (19%) say they are already slipping backwards financially.
- A further one in five (21%) in these same age groups expect the next year to have a negative impact on their financial situation.
Ms McGurrin continued,
“What stands out is the extent to which financial pressure is expected to continue over the coming year, with a significant cohort of people either already feeling like they are slipping behind or expecting their situation to worsen.
For those in this position, financial strain can build gradually. Small gaps between income and outgoings can start to widen, and when bills are missed or payments delayed, additional charges start to accumulate. This can make it increasingly difficult to catch up, even where people are trying to manage things as best they can. The concern is that once this pattern sets in, it can add to both the financial and emotional pressure people are already under, making it harder to take a step back and reassess the situation clearly.
However, early action can make a real difference. Taking time to understand what is coming in and going out, and prioritising key commitments, can help prevent issues escalating further and make it easier to identify manageable steps forward.
While the outlook varies from person to person, the key point is that once financial pressures begin to build, they can become harder to reverse, which is why recognising the early signs and taking action can make all the difference”.
