These are testing times.
As coronavirus numbers begin to climb once again, a worrying 80% of Irish taxpayers say that the pandemic has stirred up real concerns about their financial future.
According to the latest Taxback.com Consumer Sentiment Survey Series on concerns around Covid-19, just one-fifth (20%) of the 2,500 respondents said they had no fears at all financially.
The survey revealed that 20% of people were most fearful about their children going back to school, while 19% said taking public transport was their most pressing worry right now.
Socialising in pubs and restaurants is making 16% of people fretful, while 11% of people admitted they worry every time they leave the house.
Just 20% of respondents said they were not fearful of catching the virus.
“The longer the pandemic goes on, the greater the impact it is having on household finances and on our financial health at an individual level,” said Marian Ryan, Consumer Tax Manager with Taxback.com.
“From the perspective of personal well-being, having the bulk of our population worrying about their finances is not a good place to be. The CSO’s report into the social impact of Covid-19 found that 37.5% of people have been negatively financially impacted by Covid-19, reporting also that 45% of 18-34-year-olds and 29% of 35-44-year-olds felt downhearted or depressed as a result of the crisis.
“From an economic standpoint, people will not spend if they are unsure of what the future holds. Yet, the Government know they have to encourage people to part with their money if the economy is to stay afloat. It’s a vicious circle.”