Global recession the top concern for households in Ireland

Cost of housing and rent still a major issue too, with over a quarter of 16 to 29-year-olds citing it as their biggest worry, according to a new Bank of Ireland survey

The risks of a global recession was the number one concern for 21% of people surveyed. 

The risk of a global recession has risen to be the biggest concern for Irish households, overtaking the cost of housing and rent, amid international trade tensions and various geopolitical events, a survey by Bank of Ireland has found.

According to the bank’s latest Savings and Investment Index, the risks of a global recession was the number one concern for 21% of those people, up 8% compared to the same survey during the first three months of this year.

The cost of housing and rent continues to dominate concerns faced by younger age groups, with 28% of 16 to 29-year-olds citing it as their biggest worry.

Kevin Quinn, chief investment strategist at Bank of Ireland, said global investment markets had experienced a “steep downturn in April and headlines about an effective trade embargo had dominated those weeks”. 

He added: “Markets have recovered significantly since then, with a powerful rally from mid-April onwards, but that hasn’t moved the dial for Irish households yet.” 

Drop in savings

The bank said, between April and June, there has been a drop in the proportion of people who say they are saving and in those who believe they are saving enough.

The index dropped to 87 during the second quarter, down from 94 in the first quarter.

Bank of Ireland said that investing habits remained largely unchanged, with over half of consumers believing that stock markets will be lower in the next six months.

The index is produced quarterly from a survey of 1,000 consumers.