Four out of five people believe we are not as wealthy as we think but are merely obsessed with the trappings of wealth, according to The Living Economysurvey released yesterday.
"Keeping up with the Joneses" is clearly an Irish preoccupation, according to the Bank of Ireland Life study which targeted workers aged 30 to 50 and asked them about their attitudes to money. It found 73 per cent compared their lifestyles with others. Some 18 per cent said they rarely did this while 9 per cent said they never compared lifestyles.
Some seven out of 10 people said they thought Ireland was a wealthy country but 79 per cent also agreed with the statement that most Irish people were not really wealthy "but obsessed with the trappings of wealth". And 76 per cent agreed with the statement that "it's all about keeping up with the Joneses".
The survey involved more than 500 people who were in full-time employment and earning more than €30,000. Asked what the "true signs of wealth" were, the vast majority said it meant not having to worry about money, having enough money to help children buy their own home or not having a mortgage on your main home.
Having a second home was seen as a real sign of wealth by more than half of those surveyed. Flashy consumption was not valued by this group, with almost one in two saying personal fitness trainers, designer clothes, expensive jewellery and new cars were not true signs of wealth.
Social psychologist Dr Ken McKenzie said the survey reinforced the belief of some that we were running faster to keep pace with the lifestyles of others.
One in five said they often compared their career progress with friends. The same number compared their spending habits and their personal relationships with friends.
Dr McKenzie said people often compared their lifestyles with people whose circumstances differed from theirs and this was putting them under pressure.
The survey found a partner's earning power was more important to women than men. Some 84 per cent of those surveyed said they would not marry for money, yet one in five women agreed the size of a partner's salary "matters a great deal". Just one in 10 men agreed with that statement.
One-third said their partner could be more sensible in how they spent their money and 43 per cent said they and their partners disagreed about money from time to time.Asked why they did not invest their earnings, half of those surveyed said they wanted access to their money. Almost one in 10 said they "could not be bothered".
Bernard Walsh, head of investments at Bank of Ireland Life, said the survey showed people's actions often differed from their beliefs.
