What’s your view? September 2022

In every issue of The Bottom Line, we ask students for their thoughts on a particular topic. This month, we want to know: How has the cost of living crisis affected you?

Jennifer O’Connor 
Associate, Baker Tilly

As we all know, the cost of living has gone up drastically over the last year. The problem is that as the cost of living is rising, the wage is not. 

I am currently a trainee accountant. As any trainee out there, the wage is minimum. Unfortunately, as the cost of living has risen so much, minimum wage is no longer near liveable. 

I currently have my own car which I need to get to work and home. Diesel has risen so much I can barely afford to put enough in my car each week on top of my other bills. 
We are expected to save for mortgages, but how can any trainee do this with the high cost of living and low wage?

Becky Bruen 
Audit Associate, PwC

I was lucky enough to secure accommodation in the heart of Dublin City this year. However, the current cost of living crisis has impacted my day-to-day spend significantly. 

The price of my weekly shop is where I have noticed the biggest difference. It may appear as only a slight increase (10 cents or more here or there), but it all adds up at the checkout. 

Although I haven’t ventured into the world of coffee drinking yet, my housemates continue to let out a little moan daily about the rise in price for their daily cup from a nice coffee shop. 

More recently, I have noticed the price of petrol on my commute home has changed drastically. Prices have risen significantly compared to when I first started driving. 

However, it’s not all bad news: one positive change that I have seen to counteract this is the lower fares in public transport from Transport For Ireland. My student Leap Card (thanks to Chartered Accountants Ireland) has been useful when trying to save on petrol. 

Anna McCormack
Audit Associate, Deloitte

As someone who lives in rented accommodation, the biggest impact on my life has been rent and utilities. 

With current inflation levels and the Russia-Ukraine war, the cost of paying bills has increased the already inflated rents by a substantial amount, especially given many of us are renting relatively old houses. This increased strain on our income has made it difficult to adjust to post-lockdown life as normal activities resume. 

It will be interesting to see how the upcoming budget accounts for these costs, given we’re spending less time at home but it’s now costing us more.