Financial woes outrank fears about climate change

The state of the economy and household finances are a greater concern to people across the globe than climate change, according to the annual Life at Home Report released by Ikea on 10 January. Surveying over 37 000 people globally in 37 countries, the report reveals that 61 per cent are worried about their household finances, while 2 in 3 (66 per cent) are concerned about the general economy in their country as inflation continues to soar around the world. Financial woes outrank fears around the impact of climate change (56 per cent) as the top concerns in people’s lives.

Given increased living expenses, the report points to significant impacts on life at home, with 1 in 10 people anticipating the cost-of-living crisis affecting major life moments, such as getting married and having children. Over a third (35 per cent) expect to cancel or postpone home improvement plans, while a fifth (21 per cent) are worried about job security.

The outlook for people’s day to day quality of life is equally concerning, with around 2 in 5 (43 per cent) of those surveyed expecting their hobbies and interests outside the home to be negatively impacted as wallets become thinner – an indication of a potential “financial lockdown,” as the Ikea authors write.

Katie McCrory, who leads the Life at Home Report at Ikea, says: “After years of enforced lockdowns for our health, people will likely feel the need to stay at home once again to save on costs, meaning our [Editor’s note: Ikea] spaces need to work harder than ever. Yet worryingly, only half of us (56 per cent) say we experience enjoyment where we live and 4 in 5 people say they regularly feel frustrated by everyday gripes such as mess, household chores and too much clutter”.

However, according to Ikea, it's not all doom and gloom. The report also reveals that if your home reflects your personality, you’re almost twice as likely (1.7 times) to see it as a source of mental wellbeing. Pets and plants continue to be important members of households, and as many as 13 per cent of people say they have talked to their plants in the last 12 months. Overall, around 4 in 10 people say they feel more positive about their home compared to the same time last year.

The quantitative research was carried out by YouGov on behalf of Ingka Holding B.V. – Ikea Group.