Half of Irish adults not prepared for recession

AS MUCH as half of Ireland’s adult population are not adequately financially prepared for a recession.

Hibernian Life & Pensions yesterday said many people do not have the savings to cope with a recession and 60% are worried about having sufficient funds for their retirement. However, the concerns are changing savings habits for the better.

“Following a decade of boom-time spending, consumers in Ireland are no longer splashing the cash and only a little over one third of adults would now rather spend for today than save for tomorrow. Instead, we’re rapidly becoming a nation of savvy savers focused on having a nest egg for retirement,” said Hibernian’s Mark Reilly.