Life and pensions company Standard Life has launched a new financial confidence index which shows that nearly a fifth of the population do not feel financially secure.

The results of its first survey amongst 1,000 people countrywide, across different age and income groups, give an average financial security score of 62% for the population.

While most people feel reasonably financially secure, some 18% of the population does not, with 3% feeling financially totally insecure.

Speaking on RTE radio this morning Standard Life chief executive Michael Leahy says those who have regular savings, and suprisingly, those at pensioner age and farmers are among the most confident.

He says the 18-24 age group are wondering how they are going to get on the property ladder - even with the recent fall back in prices.

He says those living in affluent suburbs and rural areas are the most confident about their finances.