A new study reveals that 80% of Irish consumers cancelled or postponed major life events this year due to Covid-19 at a cost to them of €694.

The global study, published today by digital bank N26, found that 2020 was set to be a big year for Irish consumers, with 77% of the population - compared to 67% globally - saying they had major purchases or life events planned. 

However, as new challenges and priorities emerged with the Covid-19 crisis, over 80% of people here were forced to cancel or postpone those plans.

Among the events planned by Irish consumers for 2020 were going on a big holiday abroad (37%), followed by buying a new car (24%), starting a new job (23%), paying off debts (20%) and moving house (16%).

The study, which surveyed a nationally representative sample of 1,005 Irish consumers, showed that people here had saved an average of €1,896 for those plans that ended up having to be cancelled or postponed. 

According to the survey, the hardest hit consumers by postponed plans were those in Belgium who lost €750.27 and the Netherlands €707.29. 

Kelly McConville, Director Growth at N26, said that people's lives have been transformed since the start of the Covid-19 crisis and as major life plans have been cancelled or postponed, it has left many people feeling like life has been put on hold. 

"But as plans and our lives have changed, it's interesting to see how people have adapted and developed new digital habits - particularly the uplift in using card over cash and a shift towards mobile or online banking," Ms McConville said.