People making life style changes to save money

A new survey shows that 59% of people here are extremely worried about the cost of living crisis, rising to 65% for those between 25 to 44 years of age.

PayPal’s new Thrills & Bills study also reveals that 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.

PayPal polled 1,000 adults across the country to explore changes in spending habits that people are making in order to navigate the cost of living crisis, from adjusting their lifestyles to sensible money management.

It found that people are 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.

The study also found that 31% of people surveyed said they will buy second-hand items and 37% plan to change utility providers for the best deals on electricity and gas.

Savings were top of the list for what Irish people refuse to compromise on with 44% of consumers saying they will continue to focus on building up their savings.

Other priorities people are not prepared to give up are maintaining a healthy lifestyle such as a gym membership and healthy food options and buying coffee, drinks and snacks from cafés or coffee shops.

79% of people said that while changes to spending habits are necessary due to the cost of living crisis, it was still important to occasionally spend money on a treat.

PayPal noted that women agreed with this more than males – 83% compared to 68%.

Treats included an occasional meal at a restaurant, food takeaways, night outs with friends or family every now and again, cinema trips and beauty and grooming treatments.

Today’s survey also reveals that 58% of consumers plan to regularly track their spending and create budgets to stick to (53%).

39% said they plan to track their spending habits via banks, credit card accounts and digital wallets like PayPal.

Maeve Dorman, Senior Vice President, Customer Success at 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,” she said.