ANALYSIS:WITH ALL the frustration and rage spilling out of spittle-flecked radio and TV debates on the economy, you might think the country is seething with anger, writes CARL O'BRIEN
Yet, a radically different picture emerges in today’s opinion poll. For the most part, people appear less consumed with blaming institutions for the economic mess we’re in. Instead, they seem keen to learn from the past, take personal responsibility for their financial problems, and get on with things.
When respondents were asked without specific prompting what were the biggest personal lessons they learned from the recession, most (41 per cent) said they should have spent less and lived within their means. It’s a sentiment shared in nearly equal numbers across most age groups. Others said they should have saved more (15 per cent) and borrowed less (5 per cent).
The issue of recrimination came lower. A total of 12 per cent said they wouldn’t trust the Government or politicians, while just 5 per cent said they wouldn’t trust the banking industry. As for builders and developers, another 1 per cent said they wouldn’t trust them either.
In general, younger people are more likely to feel they should have saved more and spent less in recent years, while middle aged people are likely to distrust bankers or politicians.
Older people aged 65-plus were mostly likely to say they hadn’t learned anything from the recession, perhaps a sign that they’ve seen it all before. A total of 5 per cent say their life has not been affected by the Celtic Tiger.
THE ECONOMY
Despite largely optimistic findings earlier in the week – with most people saying they are content and that it is time for Ireland to start believing in itself – many feel there is worse to come. When asked how they believed the country will fare economically next year, most (51 per cent) said it would be worse off. Around a third (34 per cent) believe it will be the same, while just 14 per cent believe the country will be better off.
Younger people are more likely to be optimistic for the future, with one-fifth of all people aged 18-34 believing the economy will improve next year.
Overall, more than half of people believe the economy will be growing again within the next two years. A total of 26 per cent believe it will start to grow in 2010; 28 per cent think it will grow by 2011; and 13 per cent think we will have to wait until 2012. One-fifth are even more pessimistic and do not expect growth until 2013 at the earliest.
DEBT
When it comes to debt, some 45 per cent of people say they are not in arrears. Most of those who are debt-free are younger and older members of society. For example, some 80 per cent of over-65s have no debt, a figure which falls to 31 per cent among the 25-44 age group.
Of those in arrears, the average debt facing a person is €7,270 (excluding mortgage debt). This includes credit card debt, personal loans, etc.
Significant numbers, however, are facing very heavy debts; some 13 per cent have debt well in excess of €10,000. Again, it is the 25-44 age group which is most likely to be in debt.
Life for those in debt hasn’t been made any easier by new restrictions over access to credit.
A total of 6 per cent say they have had an overdraft facility, credit card or debit card withdrawn over the past year. Those most affected are those in the 45-54 age group (11 per cent). Most people – 90 per cent – haven’t had any such facility withdrawn.
THE FUTURE
When asked what they would do differently in a future recession, people say the lessons they have learned are mostly financial.
Most people say they would save more (38 per cent) and be more careful with money (24 per cent), while 6 per cent say they will borrow less. Again, the numbers saying they won’t trust politicians (3 per cent) or bankers (2 per cent) are relatively small.
More say they will be more cautious (5 per cent) and be prepared for change (4 per cent).
Overall, most indicate they will be more cautious and prepared for change in the year ahead, come what may. One thing we can be fairly sure of from the poll findings is this: life after the recession will be much different to what went before.