Cavan people least likely to give up socialising to save cash
Cavan people are least likely to cut back on socialising in the face of the cost of living crisis, according to a survey.
PayPal’s new Thrills & Bills study1 reveals that nearly six in ten (59%) of Irish people are extremely worried about the cost-of-living crisis, rising to 65% for those between 25 to 44 years of age.
PayPal polled 1,000 adults across Ireland to explore changes in spending habits that people are making in order to navigate the crisis, from adjusting their lifestyles to savvy money management.
The research revealed that two thirds (66%) of Irish people are planning to cut back on going out and eating out, making this the top lifestyle change in response to the cost-of-living crisis. Female respondents were found to be more open to this (72%) than male respondents (49%).
People in Cavan are least likely to cut back on going and eating out at 44%, opting for cutting down on shopping first (75%), followed by switching to cheaper brands (63%) and using store loyalty points more often (50%).
Irish people are also trying to make more conscious choices when it comes to their shopping habits, with 63% planning to buy fewer items and less often, and 62% opting to switch to cheaper brands.
Furthermore, the study found that some 31% say they will buy second-hand items and nearly four in ten (37%) plan to change utility providers for the best deals on energy (including electricity and gas).
Importantly, savings were top of the list for what Irish people refuse to compromise on. Nearly half (44%) of consumers will continue to focus on building up their savings. Other priorities people are not prepared to eliminate are maintaining a healthy lifestyle such as a gym membership and healthy food options (24%), and buying coffee, drinks and snacks from cafés or coffee shops (23%).
Speaking about the findings, Maeve Dorman of PayPal said: “The cost-of-living crisis is impacting everyone. Without a doubt, it’s a challenging time and people are adapting quickly and making changes. While some are taking more ownership of their spending, others are sharing expenses to enjoy shared experiences.”