The cost-of-living domino effect: Many will seek extra work, ditch gym subscriptions and cut pension savings
The cost of living is prompting people to work longer hours and to demand pay rises from their employers.
thers are set to look for promotions in a bid to earn more, according to a survey conducted by iReach Research for employee benefits brokerage Lockton Ireland.
Nine out of 10 people say they expect to be hit hard by the surge in costs for everyday items this winter.
The crisis is set to hit widows, the divorced and people who are separated the hardest, the research shows.
More than one in four said they would be willing to work overtime, or to go for a promotion in work, so they could earn more money to cope with the costs crisis.
And a similar proportion of respondents said they would be willing to cut their gym subscription, or other types of subscriptions, to free up some money and ease the impact of the squeeze on prices.
The vast majority of workers, regardless of income level, say the crisis will affect them to varying degrees.
But almost half of those earning between €20,000 and €60,000 believe the oncoming blow from the crisis will hit them severely.
Fewer numbers of workers in other income brackets expect to be hit hard by the inflation surge.
About four in 10 married people in employment expect to be hit “a lot” by the cost-of-living crisis over the winter, with a similar proportion of single people saying the same.
This compares with 61pc of workers that are divorced, separated or widowed people who expect to take a hard economic hit, according to the survey commissioned by Lockton Ireland, a brokerage that specialises in employee benefits.
The survey also found that more women workers than men expect the price squeeze to hit them particularly badly in the coming months.
Partner with Lockton Ireland, Ray McKenna said: “Our research of workers suggests that divorced, separated or widowed people are bearing the brunt of the price squeeze most.
“About six out of 10 of workers that are divorced, separated or widowed said the crisis will impact them a lot in the coming months – almost twice the number of married or single workers who believed this would be the case.”
He said the survey also found that almost half of those workers aged between 25 and 34 said the crisis will affect them a lot, compared to a national average of 39pc.
This is indicative of the huge rental and housing costs facing this age cohort, Mr McKenna said.
Mr McKenna said it was a cause for concern workers aged 45-54 said they were more likely than other age cohorts to cut or stop their pension savings. This, he said, indicates the repercussions of the crisis could be felt for years to come.
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