IRELAND:More than half of families with children are cutting back on eating out because of the increased cost of living.

Just over half (54 per cent) of households with children reported cutting back on food to save money over the past year.

The latest figures from the Central Statistics Office (CSO) revealed 96 per cent of respondents said they are concerned about the cost of living, with 94 per cent adding they have made spending cuts in the past 12 months.

Almost two thirds of households (62 per cent) said they cut their spending on utilities, while 58 per cent of people over 70 said they reduced their socialising in order to manage expenses.

In the October-November Pulse Survey, 80% of participants indicated they had observed a decline in their disposable income over the previous year, and 64% said they expected their financial condition to get worse over the following 12 months.

Only 7% of respondents think their financial status will be better by this time next year, while 29% think it will stay the same throughout that time.

A little over 35% of respondents said they are "just getting by," while 19% said they are short on cash each month to cover expenses. Utilities, health care, and the lack of savings or retirement plans were cited as the respondents' top three financial concerns.

With 43% of the cohort saying they are thinking about moving to a country with a cheaper cost of living, renters throughout the nation appear to be experiencing a significant pressure.

However, rising expenses are having an effect on individuals of all ages. Over 70s were found to be most concerned about healthcare costs, while persons in their 60s and 70s were found to be most likely to cut back on their fuel usage.

Almost three out of ten people in this age group expressed worry about their ability to support a family, and much more than in other groups, 57 percent of them stated they were considering emigrating.