Parents with children face steepest inflation hit - Revolut survey

Parents with children feel they are the group most seriously affected by inflation, according to a study by fintech Revolut.

The majority of people in Ireland think prices will continue to rise in 2023, the new research claims, with the average consumer spending 18 per cent more year-on-year.

People with children are more likely to be affected by rising prices, the Revolut survey found, with 69 per cent of respondents believing that such households will be most affected.

More than half of those surveyed believe prices will continue to rise this year, with 15 per cent anticipating a decline in prices. Among this group, those aged 18 to 24 were most optimistic, with 31 per cent believing prices would fall; those aged 45-54 were most pessimistic, with 63 per cent anticipating further hikes.

Your work questions answered: Can I secure a remote working arrangement with one office visit per month?

---

London’s financial hub ‘ready for labour’

---

Falling fertility rates are one of the biggest challenges facing our world

---

US investor to offload Cork’s Blackpool Shopping Centre at heavily discounted €49.5m

---

Only 10 per cent of people said they had a pay rise last year to match inflation, with almost 40 per cent saying they hadn’t had a pay rise at all in the previous year. Some 3 per cent said their salary declined last year, and a quarter said their salary had increased but below the inflation rate.

The research found a gender disparity too, with 16 per cent of men getting a salary increase above the rate of inflation, compared to just 5 per cent of women.

[ Irish inflation eases to 7.8% in January but energy, food costs remain high ]

The average person in Ireland is spending 20.7 per cent more on travel overall year-on-year, the survey found. In January, spending on hotels (35.8 per cent) and airlines (55.5 per cent) increased year-on-year. Spending on cruises increased by 144.5 per cent with a 39.9 per cent rise in the number of customers making bookings.

Some 38 per cent said they are looking to save more money, while charitable donations have increased almost 15 per cent, and 18 per cent of people said they plan to donate more this year.

[ Cost-of-living package - what will the key decisions mean for your pocket? ]

“Our research gives insights into how the rise in cost of living is affecting the priorities of consumers. People in Ireland are ensuring that essentials and saving take precedence,” a spokesperson for Revolut said.

“However, travel and experiences continue to be sought after by consumers, as people look to visit new destinations after a turbulent couple of years for the travel industry. It’s also positive to see that as inflation rises, the generosity of people increases as many look to donate more to charities this year to help those less fortunate.”