Latest news with #CreditUnionIrishConsumerSentimentSurvey
Extra.ie
23-05-2025
- Business
- Extra.ie
One in four Irish 'clinging on' when it comes to finances
One in four people in Ireland are 'clinging on' when it comes to their finances, a survey has found. While just over half of Irish consumers could be regarded as financially 'comfortable' at present, some 20% say they are just 'coping', the latest Credit Union Irish Consumer Sentiment Survey shows. Those who describe themselves as 'coping' would borrow from family or friends, or from a bank or credit union, or by using a credit card, in the event of a financial emergency. People who are 'clinging on' include those who say they could not handle a financial emergency at present as well as those who would resort to borrowing from a lender other than a bank or credit union and those who would sell something. One in four people in Ireland are 'clinging on' when it comes to their finances, a survey has found. Pic: Shutterstock Irish League of Credit Unions chief executive David Malone said: 'While many are reasonably comfortable at present and planning a better future, others would face substantial problems in the event of an unexpected expense or bill. As always, credit union members can rely on their local credit union to support them through both the financial emergencies and opportunities they encounter.' Consumer confidence improved marginally in May as US president Donald Trump's tariff threats eased slightly, but continuing downside risks to the economy and some signs of renewed pressure on household finances mean sentiment remains 'soft and continues to signal a nervous Irish consumer', it was found. One in five said they would not cope with an unexpected bill of €1,000. Economist Austin Hughes, author of the report, said: 'With some roll-back of the scale and timing of increased tariffs in recent weeks and a sequence of largely reassuring domestic economic releases, a very slight pick-up in Irish consumer sentiment in May is not altogether surprising. While just over half of Irish consumers could be regarded as financially 'comfortable' at present, some 20% say they are just 'coping', the latest Credit Union Irish Consumer Sentiment Survey shows. Pic: Shutterstock 'However, the latest survey reading still suggests Irish consumers remain gloomy. 'The weakest elements of the May survey reading related to household finances, likely reflecting a pick-up in grocery bills of late which suggests many consumers continue to experience strains on household finances.' He added: 'While just over half of Irish consumers could weather a financial emergency by drawing on savings or income, around one in five say they would be unable to cope with an unexpected financial outlay of €1,000.' More than a third (37%) of consumers would rely on savings in a financial emergency, 18% would use current incomes to handle such a problem, while15% say they could not deal with an unexpected financial outlay. The latest survey reading still suggests Irish consumers remain gloomy. Pic: Shutterstock About one in four consumers might be seen as 'clinging on', in financial difficulty, it was found. May's sentiment reading of 60.8 was up marginally on April's 58.7 figure but significantly lower than the 74.9 in January. The May reading is also way below the long-term survey average of 84.0. Mr Hughes added: 'While the slight uptick in the May sentiment reading should be seen as positive in that it suggests Irish consumers are both able and willing to see small traces of sunlight in a dark economic sky, the general tone of the of the survey suggests Irish consumers remain nervous about the economic outlook and negative about their own household finances. 'The mixed elements of the survey in May also suggest that good weather didn't drive a broadly based improvement in the mood of Irish consumers.' He added: 'The May survey saw a slight step-back from the particularly negative views formed in the aftermath of the early April announcements of dramatic increases in tariffs on goods going to the US.'
Irish Examiner
22-05-2025
- Business
- Irish Examiner
Consumer sentiment rises after tariff pause but remains low compared to long-term trends
Irish consumer confidence picked up marginally this month as the threat of tariffs receded but the overall outlook remains 'gloomy' with confidence levels 'well below' long-term trends, the latest Consumer Sentiment Index shows. This month's consumer sentiment index reading stood at 60.8 - up from 58.7 during April but significantly lower than the 74.9 figure seen as recently as January. The May survey reading is also some distance below the long-term survey average of 84.0. The Credit Union Irish Consumer Sentiment Survey is based on a sample of 1,000 adults and is conducted by Core Research on behalf of the Irish League of Credit Unions. The analysis of the survey was written by economist Austin Hughes. Mr Hughes said the increase between April and May 'is not altogether surprising' but the 'latest survey reading still suggests Irish consumers remain gloomy, with confidence remaining well below the level of a year ago and its long-term trend'. He said the improvement in Irish consumer sentiment during May was driven by a 'limited easing in concerns about the outlook of the economy and jobs' which more than offset a 'slight weakening' in consumers' assessments of their own personal finances. The survey shows the weakest elements of consumer confidence related to household finances likely reflecting a pick-up in grocery bills of late. While the outlook for household finances over the next 12 months was effectively unchanged, Mr Hughes said this should be seen in the context of that being the weakest element of the April survey reading. 'Our sense is that renewed consumer concerns around their household finances owe much to a continuing step-up in grocery price inflation that has translated into ongoing and somewhat unexpected financial strains for significant numbers of consumers,' he said. 'The tone of the May sentiment survey suggests consumers are slightly less nervous about an apocalyptic collapse of the Irish economy than they were a month ago but there is still a strong sense that economic and financial conditions will be very challenging.' The strongest improvement in consumer sentiment between April and May was seen in the outlook for jobs. 'This likely reflects a partial correction of the thinking that prompted a sharp weakening in sentiment in April,' Mr Hughes said. 'Comfortable' v 'clinging on' In the survey, consumers were also asked how their household would deal with an unexpected financial emergency costing €1,000. It showed 15% saying they couldn't deal with an unexpected financial outlay while 37% said they would rely on savings. Another 18% said they would use their current incomes to handle such a problem. 'Drawing together those who can meet an unexpected financial emergency through savings or from their current incomes, the 2025 survey might suggest that a little over half of Irish consumers might be described as 'comfortable' at present,' Mr Hughes said. 'At the other end of the financial spectrum, roughly one in four Irish consumers might be considered to be 'clinging on'. This grouping includes those who say they could not handle a financial emergency at present as well as those who would resort to borrowing from a lender other than a bank or credit union and those who would sell something,' he said.
RTÉ News
25-04-2025
- Business
- RTÉ News
Consumers expect weaker economy over next five years
Consumers in the Republic of Ireland and Northern Ireland expect a weaker economy, less favourable job prospects, and higher inflation over the next five years, a new survey suggests. The research - undertaken on behalf of credit unions on the island of Ireland - indicates that people are increasingly concerned by issues around tariffs, infrastructure shortfalls, and cost-of-living pressures, which are all weighing on sentiment. The findings suggest that just over a quarter of consumers in both the Republic (29%) and in the North (27%) expect the economy to be stronger in 2030. However, according to the survey consumers in the Republic are notably more downbeat now about the medium-term outlook than in previous years, whereas NI consumers are marginally less pessimistic than previously. Nearly four in ten consumers on the island (37% in ROI, 39% in NI) believe the jobs market will be weaker in five years' time. The credit union research also suggests that although consumers are concerned about what sort of economic environment they may face in 2030, slightly more consumers in the Republic think their household incomes will be higher in 2030 than think their household incomes will drop (34% v 29%). While it notes consumers in Northern Ireland are marginally more positive about the outlook for their household incomes in 2030 (31% expecting higher incomes v 23% expecting a drop). On house prices, it says 71% of consumers in the Republic and 66% of consumers in Northern Ireland expect them to be higher in five years' time. Commenting on the findings, research author and Economist Austin Hughes said: "With the threat of a trade war highlighting common global concerns and improving domestic activity and incomes of late giving some shared sense of more positive developments, the sentiment survey suggests there are good grounds for more similarities than differences in the views of consumers in the Republic of Ireland and Northern Ireland on their economic and financial circumstances." Chief Executive of the Irish League of Credit Unions David Malone said "while consumers in both the Republic of Ireland and Northern Ireland are understandably concerned about a troubling global economic outlook, the expectation of a modest improvement of incomes and higher house prices suggests many consumers see a future of opportunity as well as challenge. "Whatever their future may hold, consumers can face it with more confidence with the support of their local credit union." The Credit Union Irish Consumer Sentiment Survey is a monthly survey of a nationally representative sample of 1,000 adults. The Northern Ireland Credit Union Consumer Sentiment Survey is a quarterly survey of a representative sample of 350 adults. Core Research undertake the survey administration and data collection for both surveys. This survey was carried out in February, before US President Donald Trump's sweeping tariff announcements on 2 April.
