Fear of recession prompts increase in desire to save

An increasing number of people are looking to save their money following poorer-than-expected growth figures in Ireland leading to fears of the recession returning.

The number of people who want to save their money has jumped by 13%, according to the latest Nationwide UK (Ireland)/ESRI Savings Index.

Managing Director of Nationwide UK (Ireland) Brendan Synnott said that consumers were again looking to save money to get them through tougher economic times.