What covid baby boom? New research says that almost a third of people decided to delay having children because of the pandemic.
However, lockdown also turned us into a nation of savers – with people impacted by the pandemic surprisingly squirrelling more away than those who weren’t affected.
The average amount people saved every month was €222, while those impacted by the pandemic saved €251 compared to €218 by workers who were not affected – mostly as there were far fewer shops open during lockdown.
Parenting expert Laura Erskine said: ‘There’s a huge number of people who have experienced a lot of financial uncertainty when it comes to Covid, and so if they were planning to have a baby now isn’t a good time given all of the expense that we know comes with having a baby.’
The mother-of-three added: ‘The other aspect, of course, is the current and ongoing restrictions in hospitals during the pandemic, and that certainly makes anybody who would be a first-time parent very, very nervous about going it alone in terms of the delivery.’
Savings at banks and credit unions are at a record €134billion – with a total of €1.8billion extra being saved every month, according to the Central Bank.
While the amount in State savings, which includes premium bonds, at the end of August was €23.8billion which is up from €21.5billion in March last year when the virus struck.
Finian Murphy, of Core, which conducted the research, said: ‘It is clear the Covid pandemic has impacted our lives in a variety of ways. What stands out in our Pandemic Personal Finance report is Irish people are still intent on planning for the future despite a very changeable period.
‘Saving behaviour for younger people and families affected by the pandemic may be long-lasting with an initial focus on housing security… For those who were not impacted by the pandemic, it is also clear to us that financial security remains important.’
Almost half of people – 45% – said Covid impacted their decision to buy a car, while 36% said their household income decreased since the start of the Covid pandemic.
Some 49% said their household income remained the same while for around one in seven, 15%, their income increased during the pandemic, according to the new Pandemic Personal Finance report from Core, Ireland’s largest marketing communications company.
Did the pandemic inspire to you save? Did it make you delay TTC? Chat about it on our discussion boards.
