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8 in 10 households in the West reduce spending due to downturn
Galway Bay fm newsroom – 8 in 10 households throughout the West have opted to reduce their spending as a result of the economic downturn, in line with the national average
Figures revealed by the CSO today show that while 82 percent have reduced spending, 29 percent are using savings to pay bills.
The Quarterly National Household Survey shows that nine percent of households in the West have sought financial help from family or friends.
Seven percent have restructured loans.
The study also shows that five percent of those surveyed are now working longer hours or a second job in a bid to resolve their difficulties.
Nationally, the data shows that 66 percent of people cut back on going out to pubs and restaurants.
65 percent spent less on clothing and footwear and just over half cut back on groceries compared to the previous 12 months.
14 percent of mortgage customers surveyed were unable to meet repayments on time at least once in the previous twelve months due to financial difficulties.