We are all very aware of the financial situation the country finds itself in. Never before have we been in such financial dire straits. We all went to the polls several weeks ago to try and elect a government we believed would be best positioned to bring us out of our difficulties.
I believe, there is only one person in this country that has the power to take us out of recession and that person is you. Every household in the country is not in recession. In fact I have lots of clients who are doing better now than they ever have. I have clients who have been promoted, got new jobs or have increased the take home pay of the household by some other means, such as just working harder. Ironically, in lots of cases they worked harder in order to keep their job.
For every person in this country who is out of work there are almost 6 people working. Granted, if you are one of the 6 you are probably in a better position to bring the country out of recession than the people who are looking for work.
So what can you as an individual do to save the country? In a word, spend. There is no better way for us to get out of recession than to spend money on goods and services of Irish companies or companies providing jobs in Ireland.
You might feel you can’t spend money that you don’t have any. Well somebody does, in fact according to the central bank Irish Households currently have in excess of €90 billion sitting on deposit in Irish bank accounts never mind what has been moved abroad.
Or maybe you feel that it won’t be of benefit to the economy if you do spend your money? Let’s look at the US for a moment. The US makes up approximately 24% of the world’s economy, the US consumer makes up 70% of the US economy. That means that the US consumer, the individual on the street who buys goods and services represents about 17% of the world’s economy. Believe me if 17% of the world’s economy decides all of a sudden to stop spending and start saving it sends the world into an economic spin.
These are big figures and guess what we don’t need to worry about the large numbers we just need to worry about the small ones, the household ones. Forget about how the country is doing, if you can take your household out of recession than in my opinion you have done your bit. This country can get better but it won’t happen overnight it will happen one house at a time.
So when your next about to buy something, try and buy local, support local companies and ideally try and support SME’s. The quickest way to get the 1 in 7 back to work is to support the SME sector where approximately 900,000 people work 250,000 of which work in retail.
Eoin McGee is a qualified financial advisor and owner of Prosperous financial services. He has over ten years experience working with companies and individuals in relation to their financial planning. He can be contacted on 0876445533 or firstname.lastname@example.org
Alternatively you can view his website on www.prosperous.ie
Prosperous Financial Services is regulated by the Central Bank of Ireland.