How People in Ireland handle their Finances

July 20, 2021
Anjali Prasad

In Ireland, people tend to handle their finances quite differently from people in the states. 70-75% of people in Ireland state that they don’t feel technologically savvy and don’t know how to handle their finances properly or even talk about how they spend their finances. There is a level of discomfort in Ireland when it comes to discussion of serious issues like handling finches.

The light taboo of conversation leaves many Irish people with surface level knowledge of how to deal with their money and how their peers and neighbors handle their finances. Financial freedom is a goal for people all around the world and fundamental to the well being of people in a working class. Therefore ignoring financial problems and not talking about how we are dealing with debt, missing out opportunities to save and spend, unaware of changes we can make to the way we handle finances could be a huge detriment to the well being of our lives.

By talking about a topic, we are able to learn more about how money works, how to control the money we earn and how to grow it. The more something is talked about the more people have the opportunity to bounce ideas off of one another and learn from the mistakes of the past in order to attain financial freedom. 

From a survey of 10 people polled in Ireland, 4 people stated that speaking of their balance in their bank was the least comfortable point of discussion when it comes to personal finances, with a quarter stating that speaking of their salaries makes them highly uncomfortable. This survey was taken in 2021, stating that the ways the Irish view personal finances as a relatively taboo subject to spark up in regular conversation. People are as uncomfortable talking about personal finances as they are talking about sex. 

When choosing a mortgage product, the mortgage market in Ireland is well developed and finding a choice among different mortgage products can be tricky yes you may  need to know the workings and details of each one to weigh the pros and cons to decide which to opt for. 

The process of getting a mortgage in Ireland as a foreigner is also pretty straightforward as there are pre-qualifying measures that financial institutions take to ensure that they can afford the loan. Generally speaking, to get a mortgage loan in Ireland means you have to pay admin fees and legal costs. However, using OnlineApplication for mortgage loans the process is completely automated and the process of uploading and getting approval is done within minutes. 

Leave a comment