One-third of consumers can’t afford to live where they were raised — survey

Rising house prices are forcing many consumers to limit their options, a new survey has found, with more than a third of respondents saying they could not afford to live in the area in which they were raised.

The Reflecting Ireland research, which was carried out by Kantar on behalf of Permanent TSB, found almost half of consumers could not afford to live in their preferred area.

Younger people were hardest hit, with 60 per cent of those under 35 saying their options were limited.

Overall, the cost of living is a major consumer for consumers, with 60 per cent feeling they were worse off compared with a year ago, and 50 per cent saying they expected to be worse off next year. Only one in 10 expect the economy to improve over the next year, with consumer sentiment at negative levels that have not been seen since the financial crash of more than a decade ago. However, young people are more optimistic, with only 20 per cent of those in the 18-24 age group believing they would be worse off.

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The research was undertaken by Kantar in July 2022 among 1,000 adults.

The research was part of a broader survey that also looked at attitudes to community. Almost two-thirds said they felt there was a strong sense of community spirit in the area in which they lived, and that they knew their neighbours well.

“We’re clearly looking at some difficult months ahead for consumers and the increased levels of concern show that people are preparing for a difficult winter,” said Permanent TSB head of corporate affairs Leontia Fannin.

“While that is the major takeaway from this edition of the research, it is encouraging to see the strong community ethos that still exits. It is encouraging that people are expressing such strong and positive views about their links to their communities.”

However, despite the fact that 69 per cent said it was important to participate in the community, only 49 per cent said they actively did so, with three-quarters of people saying a lack of time hindered the creation of a strong sense of community.

“Our research shows that the continuing rise in the cost of living is weighing heavily on people’s minds, and that negative sentiment is on the rise as more people are worrying about their personal financial circumstances,” said behavioural scientist Claire Cogan. “At a time like this, being part of a strong local community offers much needed support and boosts our resilience. It’s good to see that two-thirds of us feel there is a strong sense of community where we live — this will help us through the tough months ahead.”