Mortgage interest relief, and cuts to income tax rates, which have gained a lot of headlines across Budget Day, are less likely to apply to most of those under 30 years of age.
So, what might people in their 20s benefit from this Budget Day? Prime Time and KPMG have crunched the numbers.
If you're working, the amount of USC you pay will come down by about €100 over the course of a year, not much but not nothing.
You’ll also get an extra €100 tax credit, assuming you earn more than €19,000 a year. If you earn less than that, you are probably not paying income tax as it stands.
If you’re on minimum wage, that’s gone up from €11.30 an hour to €12.70.
Half of 24-year-olds are living at home, half have moved out. If you have moved out, you’ll get an additional €250 renters credit compared on last year, but only if you are renting from a registered landlord. That credit is up from €500 to €750.
If you’re a student living in digs or renting a room in a family home and your parents are paying the cost, they will be eligible for those renters’ credits instead, and that’s been back-dated for them to last year.
If you pay energy bills, you’ll qualify for three €150 credits on them next year. So, a total saving of €450, but that’s on the bills, it is not per individual.
If you’re studying for a degree, your fees should be almost halved next year - cut by either €1000 or €1500.
If you drive to college or university, fuel excise increases which were expected to push up petrol and diesel prices further at the end of the month have been deferred to the middle of next year.
If you travel by public transport, 24-and-25-year-olds will now qualify for the Young Adult card which provides access to half-price fares.
If you’re receiving payments from social welfare, they’ll increase by €12 a week, and you’ll probably see several additional one off or bonus payments over the coming months, depending on the payments you get.
Opposition parties in the Oireachtas say the Budget may help some, but that it is a lot of small measures that don’t go far enough to make big changes, particularly when it comes to housing and the cost of living, but you might feel differently about what’s been announced for you.
