Consumers plan to increase savings and scale back spending

Survey finds women are more vulnerable to financial shocks, with 44% revealing that they could not pay for a major unexpected expense, compared to just 27% of men

The proportion of consumers planning to save regularly has increased from 58% in 2021 to 65% in 2022, with PTSB warning that this shift in attitudes may lead to reduced discretionary spending in the economy.

Many consumers are planning on saving more now than ever entering 2023, as economic uncertainty forces many to cut off on discretionary spending.

Releasing its 'Reflecting Ireland' quarterly series on consumer behaviour, Permenant TSB found that a third of 18-34 year olds are planning to spend less in the new year, with just under a fifth of total consumers reporting similar intentions.