Almost two thirds of young adults are most concerned about not being able to pay their rent or mortgage, according to a new survey.<\/p>\n
64% of 25 to 34 year olds cited it as their main worry in research conducted by iReach on behalf of life insurance and pensions firm Royal London Ireland.<\/p>\n
Overall, missing rent or mortgage payments is a primary concern for one third of people.<\/p>\n
In fact the survey finds that younger adults have the highest proportion of people who are financially concerned.<\/p>\n
Only 11% of those aged over 55 cite rent or mortgage payments as a top concern, but three quarters of them are most worried about the rising cost of living.<\/p>\n
“The data shows that housing affordability is a major concern for younger adults, with 48% of those aged under 35 citing it as a top concern,” said Barry McCutcheon, protection proposition lead, Royal London Ireland. “For many, rent or mortgage payments shape decisions about daily spending, career choices and long-term financial planning.<\/p>\n
“This can mean difficult trade-offs each month between covering essentials and saving for the future.”<\/p>\n
The rising cost of living is the most significant financial worry for nearly three quarters of people, with seven in ten adults citing it as their biggest financial worry.<\/p>\n
According to the survey, three in ten people are worried about their retirement fund, with a similar proportion worried about not being able to work due to illness or injury.<\/p>\n
More than 40% are worried about their job security.<\/p>\n
“The cost-of-living crisis is still weighing heavily on households across the country,” said Mr McCutcheon. “While many people are focused on meeting immediate expenses like rent or mortgage payments, longer-term concerns such as retirement savings and income protection also cause financial stress.”<\/p>\n","protected":false},"excerpt":{"rendered":"Almost two thirds of young adults are most concerned about not being able to pay their rent or…\n","protected":false},"author":2,"featured_media":471054,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,113,61,60],"class_list":["post-471053","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/471053","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=471053"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/471053\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/471054"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=471053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=471053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=471053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}