60% of Irish households borrowing to pay bills

40% also have to dip into their savings

60% of Irish households borrowing to pay bills

File photo

Close to 60% of Irish households have to borrow money to be able to pay their household bills, according to a new survey. 

The survey which was carried out by price comparison website Switcher.ie, also found that 40% of households dip into their savings to pay bills while 35% use their credit card to pay bills. 

The online survey of over 1,000 adults found that 59% of respondents had to borrow to cover the cost of household bills last year, raising concerns over affordability and financial pressure mounting on already squeezed household budgets.

Even more alarming was that 12% took out a bank loan to cover bills and 20% borrowed money from family and friends. 13% also said that they had been gifted the money to pay their bills.

40% of those surveyed said they had no option but to dip into their savings to pay for bills. Only 24% said they didn’t have to resort to any of these measures in order to pay their bills. 

Motor insurance is the biggest cause for concern when it comes to household costs. 40% of consumers said their motor insurance bill had them under financial pressure this year.