IRISH people are slashing their spending on subscriptions – with half cutting out at least one monthly outgoing to save cash as the cost of living crisis looms large.
A survey from Pure Telecom, the Irish-owned high-speed broadband company, found that 94 per cent of adults in Ireland are being financially hit by rising prices.
The online research, conducted by Censuswide on behalf of Pure Telecom, surveyed 1,002 people as part of a nationally representative study and found that 50 per cent of respondents report that they have canceled streaming or TV subscriptions in the last 12 months to reduce their outgoings.
The average Irish adult spends €22.57 on streaming and online TV services per month — with Netflix, Amazon Prime, Apple TV and Spotify among the most popular – which works out at just over €270 a year.
It also found that 66 per cent of adults in Ireland are resorting to tools such as internet banking, budgeting apps and cashback apps to combat the rising cost of living.
The survey found that a quarter of adults in Ireland are now using cashback apps – which enable consumers to get discount codes and vouchers, or cash back, on select purchases – in an effort to offset the rising cost of living.
A similar proportion (24 per cent) are using apps and websites that help them to find the best local deals for items on their shopping list, while 16 per cent are using personal finance apps that can monitor their spending.
Four-in-10, meanwhile, credit internet banking for helping them to keep track of their spending during the cost-of-living crisis.
Pure Telecom’s research found that the internet is also helping adults in Ireland to make more informed buying decisions.
Some 61 per cent of respondents said that they are spending more time researching prices online before making a final purchase.
The survey also found that remote working is helping workers to combat rising prices.
Of those who are working remotely or on a hybrid basis, 44 per cent say working from home helps them to reduce their cost of living.
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From this cohort, 69 per cent say it is reducing their spend on fuel, 53 per cent report that they are saving money on food and 42 per cent are saving on public transport.
A quarter of those working remotely or on a hybrid basis believe that remote working is increasing their cost of living.
Paul Connell, CEO, Pure Telecom, said: “With inflation and the ever-rising cost of living, we found that almost everyone is feeling the financial pinch and most are looking for ways to tighten the purse strings.
“Our survey found that adults in Ireland are getting creative and many are using multiple online resources to ensure they don’t pay a cent more than they need to.
“It is natural that in this current climate, people are looking at their monthly outgoings and cutting back where they can, so it is interesting to see that half of all adults have canceled at least one streaming or TV subscription in the past year.
“At Pure Telecom, we are always conscious of customer needs for great quality at an affordable price, which is why we are so proud of our extremely competitively priced Pure TV offering and broadband packages.
“We want to help people to reduce their cost of living without cutting back on the things they enjoy most.”