Consumers ramp up saving in response to cost of living pressures, report shows

However, separate research shows there have been marked and contrasting changes in the financial wellbeing of many Irish consumers in the past year.

Europe’s biggest economy, Germany, officially entered recession today as it finally succumbed to the pressure of high inflation.

Incidence of saving made a dramatic recovery in early 2023, as belts were tightened again after Christmas, according to a new survey.

The Bank of Ireland Savings and Investment Index for Q1 found that the cost of living crisis remained a primary concern for consumers heading into 2023, which spurred on increased savings habits.