Disposable income falling - survey

One fifth of Irish people have just €70 disposable income left to spend each month after paying their bills, according to a survey by the Irish League of Credit Unions.

It found that 74 per cent of respondents in that position fear they will be unable to meet their commitments should social welfare be reduced further or income tax increase.

The nationwide What's Left survey found that 6 per cent of respondents do not have an income sufficient to cover their essential bills and that a further 7 per cent say they have nothing left to live on once their essential bills are covered.

The poll of 1,000 people found that 36 per cent do not see a future for themselves or their family in the State.

Irish League of Credit Union’s chief executive Kieron Brennan said it was becoming increasingly apparent that Irish families were struggling financially.

“We have just seen an ECB rate increase last week which is likely to push families and individuals further into mortgage difficulties and arrears,” he said.

Mortgage and rent payments are regarded as the most important bills by 72 per cent of respondents. Utilities, at 55 per cent, were seen as the second most important bills followed by groceries (51 per cent), car repayments (26 per cent) and loan repayments (25 per cent).

Some 69 per cent said their level of disposable income was lower than at this time last year, which the survey said reflected changes to taxes and rising utility and transport costs.

Three out of 10 people said that if the minimum wage is reduced further they would be better off not working.

More than half (52 per cent) of those with dependent children were unlikely to have money to save compared to 42 per cent of those without children.