Financial Exclusion and Crime on the Rise in Ireland: Study Reveals Alarming Trends

A Growing Concern for Households Across the Country

A shocking new study has revealed that financial exclusion and over-indebtedness are on the rise in Ireland, with devastating consequences for households across the country. The research, conducted by the Economic and Social Research Institute (ESRI), found that one in five Irish households does not have access to a bank current account, leaving them vulnerable to poverty and financial instability.

Financial Exclusion: A Major Issue in Ireland

Financial exclusion is a major issue in Ireland, with consequences for both individuals and society as a whole. According to the study, 5.4% of households are over-indebted, struggling to pay their bills and debts. This lack of access to basic financial services forces many Irish families to live on the margins.

Disproportionate Impact on Certain Groups

The study found that certain groups are disproportionately affected by financial exclusion, including:

Those with low education qualifications
Low-income households
Local authority tenants
Those aged over 55

Over-Indebtedness: A Significant Problem in Ireland

In addition to financial exclusion, the research revealed that over-indebtedness is a significant problem in Ireland. The study defined over-indebted households as those who are unable to pay their bills on time, have high levels of debt, and struggle to cope with unexpected expenses.

Income Shocks Trigger Over-Indebtedness

The findings suggest that over-indebtedness is often triggered by income shocks, such as job loss or illness, which can push families into financial crisis.

Call to Action for Policymakers

The study’s authors are calling on policymakers to take action to address these issues, including:

Increasing access to basic bank accounts
Implementing policies to tackle poverty and financial exclusion
Financial education initiatives to help households manage their finances effectively

The findings of this research have serious implications for Ireland’s social and economic well-being. As the country continues to recover from the economic crisis, it is essential that policymakers prioritize financial inclusion and address the root causes of over-indebtedness.