One in seven Irish rely on family financial support, survey finds

A new Royal London Ireland survey shows that one in seven people in the state are receiving financial help from family members.

The data indicates the proportion rises to almost one in four among those aged 34 to 44. On Newstalk Breakfast, Mark Reilly said the findings demonstrate that “family is increasingly becoming Ireland’s unofficial financial safety net”.

Reilly explained that for many households the assistance is not for luxuries but to cover essentials, with almost half of respondents using the money for groceries, utilities, childcare, insurance and other everyday costs.

The survey also found that 53 % of adults with children or grandchildren provide financial assistance to them, highlighting unequal wealth distribution across the community.

Housing costs are identified as a core difficulty, with rising rents and house prices eroding disposable income. Reilly noted that the average house price in the 1990s was around €89,000, whereas the national median today is just under €400,000 – 27.5 % higher than the Celtic Tiger peak – making deposits harder to achieve and prompting reliance on the “Bank of Mum and Dad”.

Support levels are highest in Dublin, where living costs are greatest, and lowest in Connacht.

Source: Newstalk. Photo: Jakub Zerdzicki / Pexels.