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Almost four out of every 10 older people in Ireland are having to make signifcant financial cutbacks in their standard of living to make ends meet.
That’s the findings of Behaviour and Attitudes research from Spry Finance – the sole provider of lifetime loans in the Irish market.
Of 301 homeowners in Dublin and other urban areas aged over-60, 32% said they were having to make significant cutbacks to make ends meet, 6% described themselves as ‘stretched’ and having to make very significant cutbacks, and 1% said they were financially ‘stressed’ because they couldn’t make ends meet and were having to cutback on essentials.
Just 17% of respondents said they were ‘very comfortable’ financially and able to afford everything they needed, with 44% stating they were ‘quite comfortable’ and were getting by but making a few minor cutbacks.
The research also found that 30% of over-60s considered themselves either quite or very unprepared for the financial demands of later life, with 70% stating they were quite and well prepared.