Attitudes to money changed dramatically in the fourth quarter, lender says, as it reports drop in cost of living concerns
Inflation, which was “so dominant” among consumer concerns over the past three years, reached its “lowest level”, in the fourth quarter of 2024, as 18 per cent cited it as their main worry, down from a peak of 33 per cent in February 2023. The overall savings and investment index rose to 94 in the quarter, up from 83 in July and a record low of 76 in August 2023.
“By November this year, with the inflation rate dropping – now down to 0.7 per cent per annum – less than one in five people cited inflation as their biggest concern.” Bank of Ireland chief investment strategist Kevin Quinn said there was “little doubt” the cost of living remains a “prominent concern for a great deal of families” and that the overall increase in prices over recent years remains “an enormous problem for many”.