Despite market commentators talking down the economy, most Irish people feel financially secure, according to life and pensions company Standard Life.

A new financial confidence index published by Standard Life shows that the average rating, from a survey of more than 1,000 people, was 62 out of 100. This, according to chief executive Michael Leahy, indicates a relatively high level of financial security.

"There is a strong underlying confidence out there that would appear more robust than certain commentators are giving credit for," Mr Leahy said.

Some 8 per cent of people surveyed indicated that they felt totally financially secure, while just 3 per cent said they felt totally insecure when it came to their financial situation.

Those in retirement were found to be most upbeat about their personal finances, scoring an average of 65 out of 100.

The 18/24-year-old age group were found to be most concerned about their financial situation, scoring an average of 58.

A gender comparison revealed that, on average, men feel slightly more financially secure than women, scoring 63, as opposed to 61, in the index.

People living in Dublin had the highest rating of 64, while the rest of Leinster scored an average of 61. People surveyed in Munster, Connacht and Ulster were found to have an average confidence rating of 62.

The index will be updated on a quarterly basis, with the next survey taking place in September.

"It will be interesting to watch the movement in our new quarterly index over the coming years to see how it is affected by changes in employment, interest rates, property values and other significant factors," Mr Leahy said.