Consumer sentiment has rebounded markedly, new research has found.
According to the latest PTSB Reflecting Ireland report, respondents are now more positive than they were at any time since 2022 about the economy, with 61% expecting it to get better or stay the same over the coming year.
38% said they were positive about the direction that Ireland is heading in, again the highest level in over two years.
Although more than half do still think the country is heading in the wrong direction.
Regarding their own financial situation, nearly one in four said they are better off now compared with a year ago – a big jump from the 18% recorded in the second quarter.
29% said they expect they will be better off this time next year.
While this is an improvement on previous quarters, a similar proportion also said they expect to be worse off next year, up slightly from the 28% recorded in June.
In relation to savings, three quarters of people here reported that they save regularly, rising to 84% in the 25-34 age group.
Among those who currently save, nearly two thirds are planning to save the same amount over the coming year, a quarter intend to save more and 12% say they will save less.
Security of the account is the most important factor when choosing a savings product, the research also found, followed by ease of access and attractive rates.
Three in every five parents with children aged 8-18 have opened savings accounts for their children, mainly to instill a savings habit but also to help to protect their financial future, the analysis found.
But a quarter of people said they can not afford to save or that they can not form a savings habit.
Regarding plans to switch service providers, 58% are considering switching electricity and/or gas provider this year, up from 42% who thought about doing so last year.
56% are also considering switching car insurance provider, up from 37%.
But just a quarter are considering switching savings account, up from 14%, and a fifth are considering a current account move, up from 10%.
Article Source – Consumer sentiment has rebounded, research finds – RTE
