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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 Post
29-04-2025
- Business
- Irish Post
Credit Unions, An Post and Boots deemed most reputable brands in Ireland
THE Credit Unions has been ranked the most reputable organisation in Ireland in a public vote. The organisations take top sport in the Ireland Reputation Index 2025 study, which was revealed today. An Post takes second place and Boots Ireland takes third place in the annual list which charts the reputation of 100 brands in operation across the country. Aer Lingus and Lidl Ireland took fourth and fifth place, while Bord Bia, Dunnes, Toyota, Bons Secours Health System and St Vincent's Private Hospital completed the top ten, in that order. Tech firms Meta and X found themselves at the bottom of the pile, placing 99th and 100th respectively in the list. RTÉ placed 98th and the FAI (Football Association of Ireland) came just ahead at 97. David Malone, CEO, the Irish League of Credit Unions, Niamh Boyle, CEO, The Reputations Agency, Garrett Bridgeman, Managing Director and COO, An Post; Stephen Watkins, Managing Director, Boots Ireland Úisce Éireann (Irish Water) placed 96th with Ryanair finding itself in 95th place. The annual study is based on the perceptions of over 5,000 members of the public. It measures the level of trust, respect, admiration and esteem the public has for the largest, most familiar and most important organisations in Ireland, alongside 100 reputation, brand, purpose and ESG (environmental, social and governance) indicators. The 2025 study took place between January 3 and March 17, 2025, the report authors confirmed. The Credit Unions topped the annual ranking for the third consecutive year with an 'excellent' reputation score of 82.4 – one of just two organisations to achieve an excellent score this year. 'They were perceived to be the most down to earth, fair, flexible, genuine, sincere and straightforward organisation amongst the 100 studied,' the study explained. Responding to their ranking David Malone, CEO of the Irish League of Credit Unions, said: "We are so proud to once again be named as Ireland's most reputable organisation in this year's Ireland Reputation Index, which reflects the ongoing trust in credit unions all over Ireland, as well as the positive response we have received to innovations in the services we provide. 'This ranking matters as it is built on the consistent work of credit unions across Ireland to provide best-in-class financial services. 'Importantly, it is also a testament to our focus on maintaining an accessible and active presence in communities, while also driving innovation across our digital offering and broader services.' Ranked in second place, An Post also received an 'excellent' reputation score of 80.8 for 2025. It was recognised for 'bringing its purpose to life in acting for the common good, improving the quality of life across every community in Ireland, and for its transformation towards a sustainable business, successfully delivering in a new world of eCommerce and financial services'. In third place, with a 'strong' reputation score of 79.5, Boots was acknowledged for 'meeting customers' needs, demonstrating concern for the health and wellbeing of its employees and offering high quality products and services'. Reflecting on the study, Niamh Boyle, CEO and Founder of The Reputations Agency stressed the importance of investing in understanding, protecting and building reputation. 'From our 2025 study amongst over 5,000 members of the public we found that the public in Ireland is 15 times more willing to buy from an organisation in the excellent reputation tier, than from an organisation whose reputation falls into the poor reputation tier,' she said. 'Understanding the reputational impact of changes in the external environment is critical for organisations,' she added. 'From the wars in the Ukraine and Gaza, extreme weather events, the rise of the far right, a more emboldened manosphere in some jurisdictions, and a volatile US Presidency which has rattled the global economy – the world is in flux. 'Our advice to organisations is to be externally focused, other-oriented and hold firm to their values and sense of purpose while the rest of the world is spinning. See More: An Post, Boots, Credit Unions, Ireland, The Reputation Agency
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.
Belfast Telegraph
24-04-2025
- Business
- Belfast Telegraph
Hopes for increases in house prices buoy consumers on both sides of Irish border: report
But there are also concerns about the impact which tariffs and cost of living pressures might have on finances between now and 2030, the Credit Union Consumer Sentiment Survey found. In both Northern Ireland and the Republic, just under 40% of people expect the economy to be weaker in five years time, while just under 30% expect it to be stronger. Overall, consumers in the south had grown more downbeat about the medium term, while NI consumers were slightly less pessimistic. However, Northern Ireland consumers tended to be more pessimistic about the outlook for the jobs market. But in NI, the numbers who were positive about improvements in their household incomes by 2030 did outweigh those who were expecting incomes to drop. And expectations of improved household incomes seemed to be prompted by 'very pronounced' views that house prices would be higher in 2030 than they are now. The survey was commissioned by the Irish League of Credit Unions (ILCU) in partnership with Core Research. Economist Austin Hughes, who wrote the report based on the survey, 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.' David Malone, chief executive of the ILCU, added: 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.' The research has been released as the All-Island Credit Union Sector Conference takes place on Friday at the ICC in Belfast. The conference will host over 500 credit union leaders.
Reuters
28-03-2025
- Business
- Reuters
Irish consumer sentiment drops to nine-month low on tariff fears
DUBLIN, March 28 (Reuters) - Irish consumer sentiment dropped to its lowest level in nine months in March as the prospect of U.S. tariffs on the European Union made consumers more nervous about the outlook for the economy and their own finances, a survey showed on Friday. The Credit Union Consumer Sentiment index fell to 67.5 from 74.8 in February, the largest monthly pullback in two-and-a-half years and well below its long-term average of 84.2. Research co-authored by the Irish finance ministry this week found that Ireland faces a disproportionate hit from tit-for-tariffs. Irish League of Credit Unions CEO David Malone said it was not surprising that the sentiment survey painted a picture of a much more nervous Irish consumer.
