Credit Union Surveys

Going Forward

How accurate or representative of the nation can these surveys be?

Is'nt there a danger that the respondents will over egg their answers?

http://www.rte.ie/news/player/2013/0117/20140371-over-15-million-people-have-only-50-after-bills-are-paid/

goz83

is that not the case with most surveys?

Pinch of salt with all that egg

Going Forward

goz83 wrote: »

is that not the case with most surveys?

Pinch of salt with all that egg

Yes, but this one is given great gravitas by all media outlets.
And the respondents (members AFAIK) are already indebted to the ones asking the question so may feel compelled to "put on" the poor mouth.

kippy

All surveys need to be taken with a pinch of salt, but this one in particular.

1. Apparently the survey size is over 1.5 million people. Were 1.5 millions people actually surveyed? Myself, my wive, parents, her parents, brothers sisters etc, are all members of one of more CU's. Not one of us was surveyed. I can assume that there weren't actually 1.5 million people surveyed.
2. IF they were, what exactly is determined as "critical" spending and what is deemed "discretionary" spending? It is defined for the respondants to help them answer, and if not why not?

Just two questions about this particular survey..............

goz83

My guess is that 1.5 million survey emails were sent out to customers. 15 replied :rolleyes:

NIMAN

I share some of the views on here as I listened to the guy from the League of CUs on Morning Ireland this morning.

First off, he said they interviewed 1000 people. OK so most would say that is a decent sized sample, and if it was across all sections of the community then it should give a good overall representation of the nation as a whole.

But I got to thinking about the CUs and how their members may skew these surveys.

I am not a member of a CU but one or two family members are, and quite a few close friends are that I know of. All of these people who I know personally could be classed, imho, as "not good with money". Hope that doesn't sound too harsh.

Most of them spend money foolishly, borrow for silly things and are only members of CUs because they would struggle to qualify for a loan from any other type of financial institution. They tend to spend beyond their means and also are the types who will have credit cards max'd out.

Some may say I am generalising based on my knowledge of a handfull of people, but if the CU members who I know are anything to go by, then I am not surprised by the overall figures.

antoobrien

NIMAN wrote: »

are only members of CUs because they would struggle to qualify for a loan from any other type of financial institution.

Indeed this is the very reason that credit unions were started in the first place - so that people who the banks wouldn't loan to (they may not have had a bank account) could get loans.

O.P. I'm very sceptical of these findings, I'd want to see the survey questions before I made any kind of analysis because the questions themselves are often phrased to get a certain response.

Take these questions (monthly):
How much money do you have left at the end of the month: often €50-€100
How much money do you have after paying bills each month: more than €1,000
How much money do you spend on food each month: €200

Chips Lovell

They didn't include methodolgy notes on the latest release but on previous editions of the survey they did. It wasn't a poll of credit union members, it was a sample of the adult population. For example, this was noted on the July release:

The survey was conducted by Market Research Company iReach during the period of June 2012 using the iReach Consumer Decisions Research Panel which delivered 1,000 responses from adults in Ireland aged 18+ to 65+ and is nationally representative by Age, Region, Gender and Social Class. This research has a confidence level of 95% and confidence interval of 4%.

NIMAN

These surveys are being quoted a lot in the media at present, including main news and current affairs programmes, and are being taken as gospel.

If the results are inaccurate then its slightly worrying that the state of the nation is being judged based on them.

kippy

NIMAN wrote: »

These surveys are being quoted a lot in the media at present, including main news and current affairs programmes, and are being taken as gospel.

If the results are inaccurate then its slightly worrying that the state of the nation is being judged based on them.

Totally agree, they are some of the most flawed surveys I have ever seen undertaken.
And the amount of coverage they are getting is crazy.

NIMAN

Think they are getting so much coverage due to the fact that they make headlines. End of.

I know many many people are struggling but I don't think 1.6 million workers in Ireland have less than €50 left at the end of the month.

carpejugulum

The other reason to be sceptical about the results is the fact that people consider things like cable TV essential spending.

goz83

NIMAN wrote: »

I don't think 1.6 million workers in Ireland have less than €50 left at the end of the month.

Maybe not, but that dpendn how you look at it. How does one define "left over" in this case? Is it what's left after all the essentials are paid (food, rent/mortgage, gas & electric) ? Maybe what's left in your pocket after going shopping in Brown Thoms and paying for your Sky Platinum 3D monthly entertainment package, buying a few bits of bling, the payment of your new Jag and a night out in the casino? Is it what you are left with to put into your credit union account at the end of the month?

The surveys are poorly put together and people have a tendency to exaggerate where they can.

goz83

carpejugulum wrote: »

The other reason to be sceptical about the results is the fact that people consider things like cable TV essential spending.

I would say basic cable TV is essential for most people, so as not to go completely insane. Saorview might be free to air, but the equipment can be costly for some, especially if you have to get an aerial and pay some dude to install it. €25 per month is easier to some than a lump sum payment of around €300 for saorview.

kippy

goz83 wrote: »

I would say basic cable TV is essential for most people, so as not to go completely insane. Saorview might be free to air, but the equipment can be costly for some, especially if you have to get an aerial and pay some dude to install it. €25 per month is easier to some than a lump sum payment of around €300 for saorview.

The point is:
Are "essential" bills defined in these surveys so that every respondent is on the same page?

Head The Wall

goz83 wrote: »

I would say basic cable TV is essential for most people, so as not to go completely insane. Saorview might be free to air, but the equipment can be costly for some, especially if you have to get an aerial and pay some dude to install it. €25 per month is easier to some than a lump sum payment of around €300 for saorview.

I was able to pick it up by hanging a cable at the living room window. People are able to receive it via their current aerial.

Dob74

NIMAN wrote: »

Think they are getting so much coverage due to the fact that they make headlines. End of.

I know many many people are struggling but I don't think 1.6 million workers in Ireland have less than €50 left at the end of the month.

Why not? I would say most people have less.

Both myself and my wife are working, we have a low mortgage 400 a month. And we find it hard to make ends meet.
If driving a car or having basic cable is considered a luxury than people must have low expectations on the standard of living in ireland.
Going to the pub and expensive holidays I would consider luxuries. Which most people I know have cut out.

The only people I know who are flush with cash are living rent free at home everyone else are totthe pin of their collar. Anyone earning decent money h a s had it reduced and are left with expensive mortgages. anyone on a low wage cant afford to run a car let alone run a household.
People are screwed financially and it will be along time before the consumer will have money again.

nice_guy80

goz83 wrote: »

I would say basic cable TV is essential for most people, so as not to go completely insane. Saorview might be free to air, but the equipment can be costly for some, especially if you have to get an aerial and pay some dude to install it. €25 per month is easier to some than a lump sum payment of around €300 for saorview.

saorview is €69 for a box to receive it

no more bills

NIMAN

€300 for Saorview???

No-one should be paying that sort of crazy money to get Saorview.