Nearly half of Irish people lack financial preparedness

Almost half of Irish people are finding it hard to manage their finances, according to a new survey. The survey shows that 48 percent of participants do not feel ready for their financial future. Additionally, 43 percent said they are struggling and do not have savings set aside for emergencies. The survey, conducted by LIA, included 800 people in Ireland aged 25 to 60. It found that men tend to save more than women. In fact, 42 percent of women save less than 5 percent of their income, compared to only 24 percent of men. Younger adults also show a lack of financial preparedness. About 42 percent of adults aged 18-34 do not have a pension. Moreover, just 42 percent of people nearing retirement feel confident about their financial situation. Many respondents express worry over their earnings, with 81 percent stating that financial insecurity affects their mental health. The survey indicates that fewer than 60 percent of those asked have sought professional financial advice. LIA Chief Joanne Keane highlighted that financial insecurity is a serious issue that can lead to stress and anxiety. She noted that professional advice can help individuals make informed decisions about important milestones, such as buying a home or planning for retirement. Keane emphasized the goal of LIA is to enhance the expertise of financial advisors. This way, more people can access reliable advice, gain control over their finances, and better prepare for the future.