Irish Pensions & Finance are delighted to sponsor the new William Stokes Boardroom, part of the Post-Graduate Centre at St James’ Hospital
LACK OF PENSION PROVISIONS AMONGST YOUNG WOMEN SIGNALS FUTURE OF FINANCIAL DISEMPOWERMENT
25 February 2019: According to a new survey commissioned by leading Pensions provider, Aviva, planning for retirement is way down the priority list for women in Ireland, with only (6%) of women surveyed perceiving it as being a high priority. The Behaviour & Attitudes Survey* of over 1,000 adults nationwide reveals that over 6 in 10 (63%) of women surveyed said they do not have a private pension with over half (55%) of these women admitting they had never considered putting one in place. Almost half (47%) of men cited having a pension, compared with only (37%) of women, which represents a pension pay gap of (10%) and could point to a future of financial disempowerment amongst future female retirees.
When asked about the prospect of auto-enrolment, over 2 in 5 (43%) men were aware of the Government’s plans, when compared to 1 in 3 (33%) of women. A larger cohort of men (64%) were also found to be in favour of auto-enrolment in comparison with (58%) of women surveyed. When asked about security of their future retirement income, almost 2 in 3 (59%) men indicated a higher level of confidence when compared to only 2 in 5 (40%) women, suggesting greater levels of concern amongst females when it comes to pension provisions.
Ann O’Keeffe, Head of Individual Life and Pensions, Aviva, said of the findings: “Having conducted this same survey for the last 4 years we have found that, worryingly, pension coverage for women has remained largely stagnant at (37%) since 2014. While the participation rates for both genders are far too low – the case for women is particularly concerning. Saving for retirement doesn’t appear to be high on people’s agenda.”
While insights demonstrate a disparity across genders when it comes to retirement provision, unsurprisingly, age too plays a significant role. The research shows young workers aged 25-34 as being the age group least likely to have a pension (30%) when compared with (54%) of 35-44-year olds and (43%) of 45-55-year olds, which suggests a pension is not a focus for most people in their 20s and 30s, limiting their potential contribution period.
On this, Ms. O’Keeffe commented:
Of those under 35 without a pension, almost 2 in 3 (58%) say they simply have never thought about it. The survey paints a clear picture of a highly optimistic generation in their financial well-being when they can no longer earn an income While it is understandable that retirement provisions might be the last thing on people’s minds, particularly for younger people, in actual fact it’s one of the most important financial decisions a person can make during their working life.”
“Thankfully, we are all living longer, more active lives and our good fortune in this respect should not become a financial burden. That is why we need to ensure that women – as well as men – across all age groups understand the benefits of financial planning as early as possible in their careers.”
Aviva customers and consumers alike are invited to visit www.mindthepensiongap.ie to avail of its free online pension calculator and for more information on a range of bespoke retirement savings plans.
Here are a few reasons as to why home insurance is a must-have thing and how it can help one to avoid a huge financial setback in the event of any mishap.
When you buy home insurance online or offline, make sure you opt for the policy offering the best cover.
A home is not merely a structure made of cement and bricks, it is a space filled with emotions. People earn for their lifetime and give everything to build a place where they could live comfortably with their family.
You gave your all to have a home of your own, but do you have any backup plan to protect the same?
There are few things which we as a human do not have control over, and to protect the ‘humble abode’ that you have instituted with the years of constant dedication and hard work, home insurance should be your top priority.
However, the irony is, people see it as an unwanted expense, but in fact, it is not. Let us check out some legitimate reasons as to why house or home insurance is a must-have thing and how it can help you avoid a huge financial setback in the event of any mishap.
As mentioned earlier, there are few things which are beyond our control, and natural disasters aka “Acts of God” are one of them. It can strike anytime, and anywhere. Remember the recent floods of Kerala, Uttarakhand and Mumbai that affected millions of lives with deaths, injuries, and destroyed homes. People witnessed houses and assets getting destroyed in front of their eyes and had to use their hard-earned savings to rebuild homes. It was a traumatic and emotional experience for them.
Therefore, to protect yourself and your family against “Acts of God” such as landslides, floods, earthquakes, cyclones, etc., it is important for you to buy a home insurance plan.
No doubt we live in a technology dominating society where we have the latest and fanciest of safety measures, such as CCTV security and gated communities, but we cannot rely on them completely for our security, can we?
Man-made disasters such as riots, strikes, robberies, terrorism, thefts, etc., are a real risk and still prevalent. And this makes for a strong reason for you to have a proper home insurance plan. However, some insurers may not cover for the losses due to all these risks, but you can ask them for extra protection in the form of riders.
Home insurance not just covers your house, but also the contents within. Things like electronics, furniture, jewelry, light fixtures, antique items, valuable home appliances, etc., are also covered under a home insurance policy. However, the scope of coverage might vary as per your preferences. In case of any damage or theft, you will get compensation for the same or even get them replaced with the new ones. So when choosing a home insurance plan, you can actually opt for the things that you want to get cover for along with your home insurance.
For many, home insurance may seem like an unnecessary expense but a few know that it comes at a fairly low premium rates, which may be cost lesser than a rupee per day. And in return, home insurance buyers get significant benefits. Further, you get the flexibility to increase or decrease the premium amount as per your affordability by simply adding or removing the items to be insured under the policy.
What if you incidentally damage someone else’s property owing to the spread of fire? You will be in a legal hassle. But, home insurance can save you from such hassles by covering the cost for the damage caused to another property due to any incident. Not only this, it also covers the cost for the medical expenses of the visitor or guest injured in your property during that event.
If in case you experience a loss due to fire perils, and it makes your home inhabitable, be it owing to natural disaster or manmade circumstance, you may have to find a temporary accommodation until your home gets reconstructed. In that case, your insurer pays for your rent. So, being a responsible individual, it is always wise to be prepared for the worst, and home insurance ensures financial support in such situations.
You cannot deny the fact that for most people, home insurance actually sounds like a certain expense for an uncertain reason. However, the peace of mind offered by home insurance is more than anything that money can actually buy for you.
So, it does not matter whether you own a villa or an apartment, once you buy home insurance for it, you get the luxury of peace of mind because you know that you are prepared for the worse.
Buying home insurance is indeed a proactive step you take to protect your home from unforeseen dangers. It signifies what extent you can go to protect your home. Moreover, home insurance is the right policy to provide protection from uncertainties not only to homeowners but to tenants as well. However, when you buy home insurance online or offline, make sure you opt for the policy offering the best cover.
(By Subrata Mondal, Executive Vice President at IFFCO Tokio General Insurance Company )
Many thanks to all who attended our recent Retirement Planning Seminar in the Westbury Hotel and to our panel of speakers who provided useful information on the night.
To date, IPF have held 20 Seminars around the country for Public Sector employees. We have had over 2,000 attendees in total to these seminars.
These events prove to massively popular and are always oversubscribed.
Our next Seminar will be in The Kingsley Hotel in Cork City on the 5th October 2018. Those interested in attending should book their places as soon as possible through firstname.lastname@example.org.
Here is the usual agenda for the seminar:
“Retirement Planning and how your benefits work” Claire Hanrahan, Financial Advisor
“Keeping Safe in Retirement” Sgt. Dean Kerins, Crime Prevention Officer, An Garda Siochana
“General medical guidelines for over 60’s” Dr. Rita Galimberti, Consultant, Femplus Womens Health Clinic
“Taxation; Essential information for you pre and post retirement” Ray McGovern, Chartered Accountant, McGovern & Associates
“Investing in a Challenging World” Stephen Dixon, New Ireland Assurance
“Active Retirement and managing your newfound free time” Pat Murphy, Planning Consultant, Retirement & Life Planning
It’s something that frustrates, enrages and outrages in equal measure: inheritance taxes on the family home. For many people, having paid down a mortgage with after-tax income throughout their lives, leaving a legacy of a substantial tax bill for their children feels akin to double taxation.
And yet, despite the outrage, most of us are shockingly ignorant about just how Ireland’s inheritance tax regime works. A recent survey from Irish Life, for example, revealed that while a quarter of over 65-year-olds expect to leave estates of more than €500,000, half of adults think their family home is exempt from inheritance tax.
Unfortunately, for many families leaving homes valued at Dublin prices, having to write a large cheque to the Revenue Commissioners in the aftermath of a death can come as an unwelcome, and sometimes unaffordable, surprise.
So what do you need to know about death taxes on the family home in Ireland?
It is possible to transfer property to someone else – without incurring a tax bill – in a number of ways. Firstly, inheritance tax doesn’t apply if the value of the property falls within the tax-free thresholds.
“For the vast majority of people that would be the case, particularly outside Dublin, where properties wouldn’t hit the exempt thresholds,” says Darragh McCarthy, head of private client services at EY.*
This means, for example, that a property worth €400,000, shared by two children, won’t incur a tax bill, as the transfer to each is within the parent-to-child thresholds (€310,000).
Similarly, if five nieces and nephews inherit a house worth €162,500, no liability will apply, as it’s again within the thresholds (€32,500), while if you inherit a share in a property from someone who isn’t related to you, and it isn’t worth more than €16,250, again there will be no bill.
Should you go over these thresholds, however, tax at a rate of 33 per cent will arise – even on the family home. A property worth €600,000 inherited by one child will incur a tax bill of €95,700.
“Although many people intend to leave significant amounts to their children and grandchildren when they die, most of them are unaware that those family members could be liable for a very substantial tax bill on those inheritances,” says Kate Connor, protection manager with Irish Life.
For example, a property worth €600,000 inherited by one child will incur a tax bill of €95,700 (33 per cent of €600,000-€310,000), while a property worth €100,000 left by someone with whom you have no recognisable relationship with will incur a bill of €27,637 (33 per cent of €100,000-€16,250).
If you’re married or in a civil partnership, no tax is liable on asset transfers, which means that a family home or investment property can be transferred with no tax liabilities.
Remember, however, that it only refers to legally recognised partnerships; common law partnerships are not recognised by the Revenue Commissioners, which means that even if a couple have been together for 60 years, should one of them die, there will probably be a tax bill to settle. Yes, their life insurance may in fact pay off the mortgage on the property, but the surviving spouse will still incur a tax bill on the transfer of this property to their estate.
Another way of passing on a property tax-free is to avail of the so-called dwelling house exemption – but its use has been restricted.
Used by thousands of people to pass on properties to their children, free of tax, the dwelling home relief was once a very popular tax exemption. However, its use was tightened significantly from December 25th, 2016.
“In practice it doesn’t have wide application,” says McCarthy. “I wouldn’t expect to see it much into the future.”
But it might still be of use to some.
The key criteria that now allow someone to inherit a property tax-free is that the property must have been the “only or main home” of the person who died. In addition, and this is where it gets tricky, is that the person inheriting must now have also lived in this property as their main residence for the three years prior to the transfer. Other requirements mean that to inherit tax-free, they cannot have an interest in any other property, and they must also stay in the house for six years after the transfer.
But there are some ways of getting around some of these points.
First of all, the three-year rule as well as staying in the property for six years subsequently does not apply where people are aged over 65.
Moreover, people can avoid this requirement in a number of ways. Firstly, if they sell the property they’ve inherited and invest all of the proceeds in another property, the relief stands. It also stands if the successor has to move either somewhere else in Ireland, or abroad, for work reasons.
Another quirk is that even if the owner of the property goes into a nursing home in the final years of their life, the person inheriting can still avail of the relief if they were living in the house.
For many families, a discussion about what happens in the event of the parents’ death never really happens until after the fact.
Others, however, are more proactive, and may wish to downsize – particularly at a time of a housing crisis when children may be eyeing up enviously their parents’ home.
But according to McCarthy, while each case will be different, transferring the family home during your lifetime can be more expensive than waiting until your death. This is because Irish stamp duty applies to lifetime gifts to property, which would not apply to inheritances on death. This means, for example, that the transfer of a house worth €500,000 would incur stamp duty of €5,000, while a property worth €2 million would incur duty of €40,000 – enough perhaps to make you think twice. And the rate of duty on investment properties is 6 per cent.
And of course, if the parents pay the stamp duty on behalf of a child, this could give rise to a capital acquisitions tax (CAT) liability.
One way to deal with the transfer of investment properties would be to house them in a company structure, as the company cash could then potentially be used to settle CAT charges. As a related point, McCarthy advises families at the early stage of property investment to consider co-investing, as in the event of the deaths of the parents, the children’s CAT liabilities will be restricted to the deceased’s share rather than the entire portfolio.
There can definitely be a sting in the tail for individuals who have foreign property, as they can often completely ignore foreign estate issues
And be careful also of other implications when considering a transfer during your lifetime. While a parent can sell a home to a child at a discounted price, the difference between the sale price and the market value will be considered to be a “gift” by the Revenue Commissioners, and will thus attract CAT if the child has already exhausted their tax-free threshold.
A nifty way to approach this, says McCarthy, is to make use of the €3,000 annual small gifts exemption (unchanged since 2003, it should be noted, and thus ripe for an increase).
If the property exchange was funded via a “loan” from the parent, for example, the parents could then, potentially, pay off the loan to the order of €6,000 a year without a CAT bill arising – of course, depending on the size of the shortfall, this could take some time to pay off in this manner.
Another consideration is if capital gains tax (CGT) and CAT both arise, you can use the CGT you have paid as a credit against the CAT. In the context of the family home, this is unlikely to apply, as it won’t be subject to CGT, but may be appropriate for investment properties.
If so, McCarthy warns that the “sequence” of transfer/sale of assets is very important to maximise tax efficiency.
For example, in such cases he suggests that it can be more efficient to transfer the family home in the first instance and use up the thresholds, and then subsequent gifts that would give rise to CGT would be made after these thresholds are exhausted.
Finally, we’ve spoken so far of Irish-based properties – but property abroad can cause further challenges. Not something people think much about, perhaps, when buying a place in the sun.
“There can definitely be a sting in the tail for individuals who have foreign property, as they can often completely ignore foreign estate issues,” says McCarthy.
Given people’s general ignorance of potential inheritance tax liabilities, it’s helpful to learn that the Revenue Commissioners are willing to receive CAT bills in instalments. It’s less helpful, however, to learn that they’ll charge you an arm and a leg – 8 per cent interest – on such an agreement.
“This is something we’d like to see reduced,” says McCarthy, although he adds that “at least it prevents a forced-sale scenario”.
You could also consider starting to save for any potential CAT bills now, as the Revenue still allows two tax-efficient savings schemes to enable you to do this.
Section 72 policies, for example, cover the cost of settling an inheritance tax bill in the event of your death and, crucially, don’t incur a tax liability themselves. They allow you to save towards a life assurance policy, with the proceeds going to pay off an expected inheritance tax bill. The key advantage is that the proceeds of the policy is not subject to CAT. However, there are some downsides – they’re expensive (expect to pay about €218 a month for €100,000 of cover); they need careful planning to ensure they match the tax owed; they have no cash-in value; and they need to be taken out early to be worthwhile.
You could also consider a section 73 savings plan. Again Revenue-approved, this allows you to gift the proceeds of this plan to your estate to meet any tax bills – and again, this gift is not liable to inheritance tax. Moreover, you can choose to keep the funds yourself if you so wish. However, they again need careful thought and can be expensive.
Between spouses All tax free
Group A (parent to child) €310,000
Group B (relatives such as nieces and nephews) €32,500
Group C (stranger) €16,250
Fiona Reddan, irishtimes.ie
Set up a budget with three sections: essentials, savings, and social. Start allocating money to your essentials first, like rent, utilities, food, transport and loan repayments.
Next, allocate something — no matter how small — to savings. Your first priority should be an emergency fund, and you should think about your own situation (job security, health benefits at work, your personal support system) to determine a comfortable amount.
With the essentials and some savings covered, you can spend the rest however you please. Remember to update your budget periodically, since your financial picture will inevitably change.
Retirement may seem like a long way away yet, but the earlier you start contributing to your pension, the more options you will create for yourself in the future.
IPFs Additional Voluntary Contribution Scheme for Public Sector employees offers the following benefits:
Full tax relief on contributions at your top rate
Tax-free growth on your savings
A wide range of investment options
*Assumes 3% growth & higher rate tax payer. Unit prices may fall aswell as rise
It might make sense for you to save some tax now and begin to build a supplementary pot of money for your retirement.
A meeting with a Financial Advisor can help you identify your priorities and build a Financial Plan. To arrange an appointment, you can call 01 8298500 or email email@example.com.
Public servants recruited before 1 April 2004 face mandatory retirement at 65
The Government has agreed the text of new legislation that will allow thousands of public servants work until they are 70 years of age.
As people are living longer and are in better health, many public servants want to work for longer, but they cannot because of a mandatory retirement age of 65 for those recruited before 2004.
Today, the Minister for Finance Paschal Donohoe brought the Public Service Superannuation (Age of Retirement) Bill 2018 for approval by his Cabinet colleagues.
The bill provides for an increase to age 70 in the compulsory retirement age for most public servants recruited before 1 April 2004.
This group of public servants currently has a compulsory retirement age of 65.
Public Servants recruited after 1 April 2004 are not affected by the changes agreed today as they either already have a retirement age of 70, as they are Single Pension Scheme members, or they have no compulsory retirement age as they were recruited between 1 April 2004 and 31 December 2012.
On 5 December last, the Government agreed that the compulsory retirement age of most public servants recruited before 1 April 2004 should be increased to age 70.
Today the necessary legislation for this change was agreed.
The bill is on the priority list of legislation to be published and it is expected to be published in the coming days.
While the new proposal will allow most public sector employees to work up to 70 years of age, they will be still be free to retire at the minimum retirement age if they so wish.
The bill provides for the amendment of all relevant public service pension schemes so that these schemes will allow members to accrue pension benefits on their service between the age of 65 and 70.
It is understood that there is widespread political support for this measure and a Government spokeswoman said: “Staff interests have been consulted and are anxious to have the legislation enacted.”
Reporter, RTÉ Political Staff
A guide to the financial issues facing young people and what they can do about them
Tue, May 8, 2018, 06:00, Fiona Reddan, www.irishtimes.com
It has become much more difficult for today’s 20-somethings to buy their first home.
“Generation rent”, the “lost generation”, or wasters who throw away their money on avocado toast: accurate descriptions of today’s 20-somethings or media hyperbole? The truth, perhaps, is somewhere in between.
Eoin Magee, a financial adviser with Prosperous Financial Planning, has buckets of sympathy for this age cohort. “I’d say people in their 20s have been dealt the worst cards possible,” he says, “It’s a very difficult environment to be starting out your life in.”
Magee points to the lower salaries of many 20-somethings as being a key challenge.
“When they came out of college, jobs weren’t freely or readily available, so they took whatever job they could get, but started on a lower salary than they would have otherwise done.
So while someone could have previously expected to start on 30,000, they might have started on €25,000. “And you don’t make up that gap again,” says Magee.
At the same time, house prices and rents started running away from them.
“They have got caught in a perfect storm,” he says, noting that the generation behind them might have it a bit easier. They will have auto-enrolment in their favour for one, which will help with retirement planning, and perhaps a different view of the property market.
“People in their 20s, they’ve seen house prices being decimated, so they may not work hard to save a deposit because they have a different perception of what normality is,” he notes.
But just because things are tough doesn’t mean 20-somethings should shy away from doing what they can to make their own circumstances that little bit better. The huge advantage 20-somethings have is their age though this only works in their favour if they take some steps now. So what are the typical mistakes you might make?
Not paying yourself first
How you establish your savings habits in your 20s is going to have a huge impact on your future financial health. Do you put whatever you’ve left over at the end of the month into a separate savings account? Or do you just leave whatever is left resting in your current account?
Maybe you’ve agreed a savings plan with a parent, whereby you cough up some rent and they save on your behalf. Whatever approach you take, the critical point is that this money goes into your savings when you get paid – and not at the end of the month when your accounts may have been decimated.
Magee suggests you target a figure of 20 per cent of your income, including pension savings.
“My priority is that you start to build a savings pot and you’re very disciplined in doing so,” he says, noting that this will then give you options, and can be allocated to a deposit on a house, or a masters, or whatever financial goals you may have.
Going the other route of planning a budget and trying to live by it over the month can prove challenging.
“I don’t believe in budgets” says Magee, likening them to a calorie-controlled diet – and we all know how well they work for most of us. Yes, we’re good for five days of the week and then splurge and ruin all our progress.
Relying too much on deposits
But if how you save is important, so too is where your money is saved. With savings rates on the floor – and nearly underneath it – earning less than 0.5 per cent a year can make saving an almost joyless experience.
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• Making financial provision for a guardian to my children
“You can’t save for more than five years in a bank account, as you won’t even beat inflation,” advises Magee, saying if you don’t invest in a well-diversified equity portfolio, “you’re going to have to save harder”. And that may be just too much for people already strapped for cash.
Moreover learning about investing, funds, shares, exchange-traded funds, etc, at a young age – even if you make the occasional mis-step – will undoubtedly improve your financial health over time.
Not talking to friends/family about money
One of the best financial resources you have is the people that you know. Carty gives example of people locking their savings away in notice accounts so they can’t access them – with one 20-something taking it so far as to put their savings in a credit union 20km away so it’ll be difficult to withdraw.
Magee has another tip for parents and live-at-home children alike; parents could charge the market rent to their offspring – less any savings they contribute. So if it would cost them €500 to rent a room, charge them €300 if they can put away €200 a month, and so on.
However, Carty notes that while 20-somethings might share their life on social media, they can still be shy when it comes to talking about money.
“It’s a bit of misnomer that they share so much,” he says.
But try and shrug this off as you’ll pick up some great tips long the way.
Thinking pensions are for later on
OK, so your 20s may not be the time to get in deep with pensions. But if you can do one thing, make sure you’re maximising contributions from your employer. If they match your contributions, try and put in the most you can to get the maximum contribution from them. It’s (almost) free money.
Not planning to buy a home – well in advance
As the resident financial planner on RTÉ’s Crowded House, which aims to help 20- and 30-somethings move out from home, Magee is keenly aware of the challenges facing today’s younger generation.
Whereas their predecessors may have bought their first home during this decade, it has become much more difficult for today’s 20-somethings to do so. A recent study from the UK-based thinktank Resolution Foundation found that about a third of millennials will never own their own home.
So if you want to be in the 66 per cent that do, it may require considered planning. “You may never want to buy a house; but you don’t want to wake up at 29 years of age and think ‘I definitely want to buy a house’ and have done nothing about it,” warns Magee.
Magee has crunched the numbers and found that it will take nine years for someone on the average income to save a deposit to buy the average house in Dublin, or seven years in Galway.
“So if you’re 21 years of age today, and if you’re not saving for a deposit for a house, you won’t be buying in your 20s,” he says.
Some 20-somethings are well ahead of the curve in this regard; Rory Carty, head of youth banking with Bank of Ireland, has fielded questions from second and third year college students about how they can save to buy.
“They are quite savvy and are saving quite early,” he says. And for people fearful of a preparatory chat with a lender about getting a mortgage, Carty says “don’t be”.
“People should come in and speak openly around their financial situation and get advice,” he says.
Thinking renting – and not saving – is viable
Maybe you’ll never own your own home; maybe you don’t want to. And don’t worry, never owning a home can be a legitimate financial decision. Look at the example of Germany, or France, where people are content to rent forever. Just 14 per cent of those living in Berlin, for example, own their own home.
However, years of experience have meant that these take a different view; yes they’re not forking out €4,000 to upgrade the boiler, but they are also aware that in retirement, unlike a homeowner, they will always have rent to pay on their home. So they take the money they would otherwise have spent on maintaining a property and save it for this eventuality.
And as Magee notes, while renting long-term can make sense, “you need absolute discipline for that”.
Spending what you don’t have
There are always temptations to spend more, but Magee is clear: “Don’t spend more than you earn”.
Given the proliferation of easy credit, such as through credit cards or car loans, urging us to upgrade our lifestyle, this can be more difficult than it sounds – particularly when it comes to the temptation of a shiny new (ish) car.
“There is no doubt that 20-year-olds are getting caught up with it ([extended purchase arrangements like] PCPs), and are driving better cars than they would have otherwise,” notes Magee.
He also cautions against saving, while you have a considerable balance on your credit card. Saving at 0.4 per cent while owing €1,000 on a credit card at 20 per cent, doesn’t make sense. If you use your savings to clear this debt, you can still fall back on the credit card should an emergency arise before you get a chance to rebuild your rainy day fund.
Allowing your lifestyle to inflate
This can be a major danger – or opportunity – to how your life is going to be. If you’ve just started work, you won’t be used to earning €400-€700 a week for example.
“So don’t get used to it,” Magee advises, urging 20-year-olds to try to put away 20 per cent of their net savings (this includes pension savings) each month. “And if you’ve never gotten used to spending a certain amount of money, you won’t miss it either. You’ll be just as content a person,” he says.
Not only that, but he wants you to bring this lesson with you through life.
“If you get a pay rise, don’t get used to it,” he says, cautioning against “lifestyle inflation”, whereby your lifestyle expands to fit your income. This is the biggest thing they can to help themselves financially,” he says of 20-somethings.
The challenges facing today’s 20-somethings
Soaring rents: Average Dublin city centre two-bed is €2,000
Priced out of the property market: Average age of first-time buyer 2006: 29 Average age today: 34
Unaffordability: Average house: average income 1995: 2.5 (national); 3 (Dublin) Average house: average income 2016: 4.7 (national); 6.6 (Dublin)
IPF hosted a 5-a-side Football Tournament in aid of St Michaels House last Friday 23rd March.
We would like to thank all the representatives from each of the Life Companies who their time to be involved and for all the donations made.
St Michaels House residents accept a cheque for €2,500
Tournament Winners Zurich Life
Player of the Tournament Ian Slattery