A section of society labeled “middle-aged in a hurry” appeared to be under severe financial pressure due to the cost of living crisis.
They are middle-income, middle-aged people with huge expenses.
They are paying high costs for mortgages, childcare and energy and are being forced to make major spending adjustments to cope with soaring prices, according to the latest KBC Bank Ireland consumer confidence index. .
Middle-aged people in a hurry referred to people in their late 30s, 40s and 50s, said KBC economist Austin Hughes.
“This group may face the greatest shock from the rising cost of living because they have a lot of fixed expenses related to children and mortgages, limited power to change jobs and see, in many cases, a sharp deterioration in his standard of living,” he added.
A special question asked by index compilers about how people are adjusting to record levels of inflation found that almost all consumers are suffering from cost pressures.
Just 5% of people told surveyors they didn’t need to adjust spending, while 9% said they couldn’t make any other changes.
Around 59% of respondents are cutting back on non-essentials, while 37% said they were forced to cut back on necessities such as food and energy.
Many said they shopped more, with switching suppliers now common. But Mr Hughes added that the survey showed the greatest shock and related adjustment to cost of living pressures fell on what he called the ‘middle-aged in a hurry’.
“This group would tend to have a relatively large number of fixed expenses, often related to expenses associated with dependent children and housing and other quarantine costs,” he said.
The survey found that responses from those over 65 indicate that they do not have obvious pressure points in some other age groups.