63pc of people in Ireland have 'little to no' disposable income due to cost of living

Younger people are feeling the pinch the most as 75pc of 18 to 34-year-olds said their quality of life has reduced, according to the new Business Post/ Red C poll.

Seventy-three pc of those surveyed said they have started to buy cheaper food to reduce their weekly shopping bill, while 50pc said they are now using savings or credit to pay for everyday living expenses.

Support for Sinn Féin has reached a record high (34pc) which is a rise of one percentage point since the last poll.

Fine Gael has recovered from its worst ever Red C poll last month as the party is up two percentage points to 2pc.

Support for Fianna Fáil has remained the same at 16pc while the Green Party is down one point to 4pc as it has received criticism in the past few weeks over its proposed ban on turf sales.

Despite the hope that new Labour leader Ivana Bacik would revive the party, it has also fallen by a percentage point down to 4pc, while The Social Democrats remain steady on 5pc.

Support for Solidarity/ People Before Profit are on 3pc, Aontú 2pc, and independents on 11pc.

Sinn Féin supporters are feeling the impact of the cost of living crisis more than Fianna Fáil and Fine Gael, as it holds the support of 42pc of 34 to 54-year-olds.

Seventy-nine percent of Sinn Féin voters say their quality of life has deteriorated as the cost of living increase, compared to 60pc of Fianna Fail voters and 55pc of Fine Gael voters.

Out of all those who took part in the poll, 85pc said they are less confident about the future.

Chief executive of Red C Research, Richard Colwell, said those who had less in the first place are the ones that are feeling the increased pressure from the cost of living crisis.