Financial confidence running high

Financial confidence is running high according to a survey by Standard Life.

Financial confidence is running high according to a survey by Standard Life.

The survey of over 1,000 adults was carried out by the life and pensions provider.

When asked how financially secure they felt, the overall score was 62 per cent.

When asked to state how secure they felt on a score of one to ten, 18 per cent of those surveyed gave a score of less than five, suggesting that almost 20 per cent of the population do not feel financially secure.

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A total of 3 per cent of interviewees gave a score of one out of ten - implying that they feel totally financially insecure, while 8 per cent gave a score of ten out of ten suggesting that they felt they were totally financially secure.

Retired people appeared to feel the most secure - coming out above the survey average at 65 per cent. Young people aged 18 to 24 feel least secure, yet they still ranked their feelings of security at 58 per cent.

Those with the highest index of financial security were reported in Dublin city and county, followed by both Munster and Connaught/Ulster scoring 62, and the rest of Leinster at 61.

Michael Leahy, chief executive of Standard Life Ireland, said: "The relatively high score in the new Standard Life Financial Confidence index of 62 may well surprise those who have been talking down the Irish economy over the last number of months. There is a strong underlying confidence out there that would appear more robust than certain commentators are giving credit for. "