MORNING IRELAND - HOW THE RISING COST OF LIVING IS AFFECTING US
Claire • 27 May 2022
I was delighted to be interviewed on Morning Ireland Business News this morning by Petula Martyn about key insights emerging from the latest edition of Reflecting Ireland, a quarterly research report by Permanent TSB, Kantar and BehaviourWise.
Highlights:
- 62% of people feel they will have to cut back on food spending over the coming year in response to sharp price rises
- 53% of people worry they will be unable to pay higher energy bills
- The rising cost of living is now the dominant issue among 81% of consumers - up from 62% just three months ago
- Consumer pessimism is at its highest level for nine years. 53% of respondents feel they are less well off than they were a year ago, a huge increase from 32% in January. 43% feel they will be less well off in a year's time, up from 22% when asked three months ago
Claire Cogan, behavioural scientist and founder of BehaviourWise, said "the rising cost of living is having a deep impact on how people are feeling and behaving. "Optimism is fading and anxiety is on the rise, which is a concern. There is evidence that people are adopting their behaviour to meet the challenges, but there is also evidence that many feel in a financially precarious position. It will be increasingly important over the coming months to build our financial resilience, as upward pressure on the cost of living shows no sign of abating".
Read the full article on the RTE news website here:
https://www.rte.ie/news/business/2022/0526/1301396-62-cutting-food-spending-as-prices-rise-ptsb/
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