Household Finances

Front

What role do individuals in paid employment play in the economy?

Back

They contribute to the country's economy by paying statutory taxes and spending wages on goods and services.

Front

How do households contribute to financial institutions?

Back

Many households have mortgages and loans that contribute to the profits of financial institutions.

Front

What is the importance of money management skills in families?

Back

Money management skills should be passed on to children to ensure financial literacy and responsibility.

Front

How does age affect household income?

Back

Income and outgoings generally increase with age. Teenagers may take on part-time jobs, and lack of private pension contributions can lead to a drop in income upon retirement.

Front

What impact does gender have on household income?

Back

The number of women in the workforce has increased, and legislation helps ensure equal pay for equal work.

Front

How does socio-economic status affect educational opportunities?

Back

Individuals from lower socio-economic backgrounds may have fewer educational opportunities, while those from higher backgrounds may have more.

Front

What are some sources of household income?

Back

Wages and salaries, social welfare payments, pensions, income from rental property, interest from savings, returns from investments, and EU farm subsidies.

Front

What is the difference between gross and net income?

Back

Gross income is earned before deductions, while net income is earned after deductions, often called take-home pay.

Front

What is PAYE and how does it work?

Back

PAYE (Pay As You Earn) is a compulsory tax deducted from gross pay by employers and paid to the Revenue Commissioners. It is used to run the country.

Front

What are the current rates of income tax in Ireland?

Back

There are two rates: a standard rate of 20% up to a certain limit and a higher rate of 40% on income above that limit.