Politicians' pay deemed best protected in crisis

THE PUBLIC believes that politicians are the group most likely to retain their income during the current economic downturn, according to a new survey.

One thousand adults across the country were polled for the survey by Irish Life, which explores people’s perceptions about potential loss of income.

Politicians may be pleased to know that their job is perceived to be safer than that of sports professionals and pop singers, who came third and fourth respectively in the survey.

Civil servants were perceived to be the second most likely professional group to hold on to their income in the current economic climate, while bank officials were ranked in fifth place, despite the current difficulties in the banking sector.

The survey found that more than 75 per cent of Irish people have no form of income protection, while 57 per cent say they would have no source of replacement income if they were unable to work due to an accident or injury.

Income protection manger at Irish Life, Oisín O’Shaughnessy, says that although the number of people taking out income protection insurance has increased since the downturn began, the majority of Irish people are not prepared financially for the possibility of losing their income.

“Our survey found that over a third of Irish adults admit to losing sleep worrying about their finances, yet most have made no provisions for the eventuality.”