Cash-strapped Irish householders are borrowing money or using savings to pay bills

Extortionate motor insurance remains the biggest hurdle, new research shows.

Cash-strapped householders are at breaking point despite the economic recovery.

Everyday bills are tipping families over the edge, with two-thirds raiding savings or borrowing just to make ends meet - writes

Extortionate motor insurance remains the biggest hurdle, new research shows.

Mortgages or rent is the second biggest worry for struggling consumers.

Money expert, Eoin Clarke, said: “As our research sadly shows, juggling bills, scraping together money and stressing about living costs are a daily fact of life for many of us today.”

Loans should be a last resort, the managing director of , which released the data, warns.

Mr Clarke said: “Relying on borrowing or savings to see each month through might seem like an easy or quick fix, but it can bring long-term pain.”

Overall, six in ten consumers can’t cover household bills with their regular income.

One-fifth say they are weighed down by debt as a result.

Plastic is popular, with 26% using their credit card to cover household expenses.

Overdrafts are how 16% get by and another 12% count on their family on friends to help out.

A minority, 2%, have turned to money lenders and payday loans, while 4% have pawned off valuables to get them out of a hole.

Rainy day funds are plundered regularly, as 35% admit they dip into their deposit account to keep afloat.

Although premiums are going down, almost half say forking out for motor insurance puts them under pressure.

However it’s not the only sticking point, with 43% saying their rent or mortgage payments cause them financial stress, closely followed by motor tax, 40%, and health insurance, 36%.

Energy price hikes mean electricity bills are crippling one-third of people.

But shopping around can help consumers save their hard earned cash.

Mr Clarke said: “The fact is that many of us stick with the same providers for years and years, automatically renewing our policies and contracts.

“As a result, we often end up paying far more than we need to for these essentials.

“Some of the biggest financial headaches could be easily reduced if you’re willing to set aside an hour or two to shop around for better deals.

“In fact, switching energy, broadband and mobile plan alone could save you well over €1,000.”

Read more news of Dublin on our site.
If you notice an error, highlight the text you want and press Ctrl + Enter to report it to the editor
1 view in november
I recommend
No recommendations yet


Post your comment to communicate and discuss this article.

A 20-year-old woman had a bag stolen from her at knife point during a robbery at an isolated bus stop in Dublin. The shocking incident happened at the bus stop at the Blanchardstown slip road on the N3 which serves routes heading to Co Meath. Gardai have told Dublin Live that the woman received a minor injury to her hand during the robbery. No arrests have been made so far in connection with the incident and the investigation is continuing. A garda spokesw...
Two foreign- nationals have been arrested after over €2 million worth of Heroin was seized in Dublin Airport. A man in his 30s and woman in her 50s were taken into custody after Revenue Officers caught the massive 15kg haul which had made its way over from Pakistan. The woman, who was accompanied by a small child, was met by the man in arrivals before they were arrested and taken to Ballymun Garda Station. A Revenue spokesperson said that the arrests came...
Inner City Helping Homeless are asking for the public's help in filling a Luas with gifts this Christmas. Fill A Luas asks the public to donate a shoebox of gifts to the homeless at Connolly Luas Stop on Thursday, December 6. This is the fourth year of the charity event. This year, Fill A Luas will be a week-long event to give people more time to donate a shoebox over the holidays with the aim of collecting more than the record of 20,000 shoeboxes. The pub...
The sightings of UFOs over the coast by three sets of airline pilots has led to Ireland being seen as a hotbed of alien activity. It has emerged the crews who reported an unidentified object streaking through the skies over Co Kerry are not alone. Dublin Live has been inundated with reports of similar sightings around the country in recent weeks. The Irish Aviation Authority has begun an investigation into the appearance of the mysterious objects which wer...
Ombudsman Peter Tyndall has expressed his disappointment that the Health Service Executive has not fully implemented the recommendations made in his 2015 investigation into the healthcare system. The Ombudsman's 2015 report, Learning to Get Better, found that many people were afraid to complain about the treatment they receive in hospitals and that many hospitals were not learning important lessons from complaints they receive.  The HSE and Department of H...
A new programme aimed at helping immigrant teachers find work in Irish schools opens to applicants today. The course, at Dublin’s Marino Institute of Education, aims to provide immigrants who are qualified teachers, but not working as such, with the knowledge, skills, and confidence to enable them to find employment here. Recent research has found that while Ireland’s school student population is now highly diverse, teachers here continue to be overwhelmin...
EU and UK negotiators have agreed a text that deals with the Irish border, RTÉ News understands. The text was agreed at around 9pm last night and then transmitted to Downing Street. While two well-placed sources have confirmed that the text was "as stable as it can be", they say it would not be correct to say that the negotiations have "concluded". According to both sources, there will be one backstop to avoid a hard border on the island of Ireland. The ba...
The Cabinet will meet this morning to consider developments around the draft text of a Brexit withdrawal agreement. Yesterday, Taoiseach Leo Varadkar put his colleagues on standby for this morning's meeting, which is due to be held at 9.30am. Mr Varadkar and the Tánaiste will update their Government colleagues on what has happened over the last 24 hours. It follows a meeting last night between Mr Varadkar, Tánaiste Simon Coveney, Minister for Finance Pasch...
A number of events have taken place around the country and in Northern Ireland to mark the centenary of the ending of World War I. Locations where ceremonies have taken place include Belfast, Enniskillen, Cork, Limerick, Sligo, Kilkenny, Westmeath, Galway and Tipperary. In Cork city, Lord Mayor of Cork Cllr Mick Finn laid a wreath at the Cenotaph on the Grand Parade. He was joined by relatives of those who died in WWI and members of the Cork branch of the...