BY JOHN ELLIS, FINANCIAL ADVISOR
As we inch closer to a General Election, one thing is clear: we would be forgiven for thinking that the political landscape is been transformed into a giant cash bazaar. With billions from the Apple tax case and Budget 2025’s pre-Christmas giveaways, every party is playing Santa early. But is this really a gift, or just another fantasy wrapped in a bow?
The adage “money can’t buy happiness” often comes to mind, particularly in times like these when cash is being flung about like snuff at a wake. Nobel laureates Daniel Kahneman and Angus Deaton, in their 2010 study, explored this notion of whether money truly makes people happier.
Their findings were nuanced: while more money might make us think our lives are better, it does not necessarily make us feel any better.
The Apple tax windfall is the golden goose in this election. Labour, for instance, has pledged €7 billion into housing, including €6 billion for a state construction company. This ambitious plan promises relief for Ireland’s chronic housing crisis, alongside €1 billion for water infrastructure. The Greens have similarly grand visions, dedicating €7 billion to major transport projects, plus an additional €3 billion from “other sources”.
While these promises sound noble, there is a whiff of opportunism in the air. After all, wasn’t this money supposed to be ring-fenced following the EU ruling? Now, in the frenzy of an election, those assurances seem conveniently forgotten.
Adding to the frenzy, Budget 2025’s lump-sum payments are raining down on social welfare recipients. Child Benefit has been doubled, and parents will receive €280 payments twice before Christmas. A Newborn Baby Grant of €280 — extended to include December births — will further cushion families. In the coming days, thousands of households will benefit from additional social welfare boosts.
These payments are no doubt welcome in the short term, offering families relief during the cost-of-living crisis. But does this really address the root problems? These measures provide temporary comfort without tackling systemic issues like wage stagnation, childcare costs, and the continual gap in Ireland’s public services.
Kahneman and Deaton’s research offers a stark reminder: money, while helpful, is not the panacea it has often made out to be. It may improve our circumstances, but it does not guarantee contentment or well-being. As voters, we need to ask ourselves: are these billions really being used to build a better Ireland, or are they a short-term strategy to win our votes?
The Apple tax case and Budget 2025 funds could indeed reshape our nation —i f spent wisely. But grand plans and lump sums will not solve deeper societal issues without sustained effort, transparency, and real vision.
As the election looms, let us look beyond the billions being promised by both the Government and opposition. Policies must be judged not by their price tags but by their potential to create genuine, lasting change.
If we let ourselves be dazzled by the money alone, we risk selling our votes for short-term gains while leaving Ireland’s long-term needs unmet. This election should not be about who can give away the most but about who has the courage to address the underlying challenges that money alone cannot fix.
Let us ensure we demand more than financial promises — we must demand true leadership.
086 8362633
