More people than ever concerned they are not saving enough

Covid has almost dropped off the list of concerns with just 3 per cent seeing it as their biggest concern, below climate change , global recession and the cost of housing .

Back in May 2020, the index for a “good time to save” reached a high of 117 whereas by August 2022 it had dropped to 92. When asked whether it will be a good time to save in six months, that score drops to 85, the second lowest level since 2019. When asked whether they see it as “a good time to invest”, the responses dropped to a level below what was seen during the pandemic and after the Russian invasion of Ukraine.

Bank of Ireland chief investment strategist Kevin Quinn said rising inflation is having a significant impact on how people view their finances.

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