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16 Jan 2022

Saving more this year is top priority for more than four in ten people

Three in ten say their financial behaviour has worsened since the pandemic began

Savings

Twenty per cent of those surveyed say they will budget properly in 2022

While three in ten people say their spending has disimproved since Covid began, a similar number have actually improved their financial behaviours.

This is according to the latest Taxback.com Taxpayer Sentiment Survey of over 1,200 taxpayers, which found that 44% cited saving when asked for their number one financial goal for 2022, while a further 20% said that they would budget properly.

The Taxback.com survey revealed that just 11% of people plan to be more proactive in terms of looking for better deals on insurance and in getting their tax back.

“The feedback was really mixed – because while 7 in 10 (71%) people said that they had made changes to their financial behaviours since the pandemic began – there was a split between those who are now better at money management and those who are worse," says Barry Cahill, business development director at Taxback.com.

"What’s more, while saving appears to be a high priority for lots of people (44%) in the New Year, it’s a bit disheartening to learn that just one in ten appears to want to be proactive when it comes to negotiating or sourcing better deals or claiming back money. Unnecessarily overspending and not claiming what people are owed have always been something the Irish consumer has grappled with.

"Many people are simply unaware of the significant price differences on various products, or about tax relief or other benefits that they are entitled to avail of. Which is why it is up to the experts to highlight the many ways which people can cut their costs and save money without having to sacrifice.

"For example, there are lots of ways people can claw back well-earned euros from the taxman through the huge range of tax reliefs that are out there. They won’t all apply to everyone but there certainly are many common ones that will, such as medical expenses, tuition fees for third-level colleges, nursing home fees, flat-rate expenses, year of marriage relief and the home carer tax credit,” he stated.

The Taxback.com survey also found that just one in ten (11%) say they are focused on earning more money as a result of the pandemic.

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