Fears of a global recession have overtaken housing and inflation as the biggest worry for Irish households, a new study has found.

Fear about recession was the number one concern for 21% of us in the second quarter of 2025, up 8% on the first.

Those most worried are millennials and Gen X (aged 30-59), with 24% citing it as their biggest concern.

Professional/managerial employees are most likely to name a global downturn as their biggest concern, at 27%.

However, the cost of housing/rent dominates concerns of younger age groups, with 28% of 16-to-29-year-olds citing it as their biggest worry.

Almost a quarter (24%) of that age group cited inflation and the cost of living as their biggest concern, the Bank of Ireland’s Savings and Investment Index shows.

Despite recession fears, the number of people saving their money has fallen, the index showed.

The report, released yesterday, said: “The risk of a global recession has emerged as the biggest concern for Irish households, jumping ahead of both the cost of housing/rent and inflation as geopolitical events also take centre stage.”

Bank of Ireland investment strategist Kevin Quinn explained: “Global investment markets had experienced a steep downturn in April, and headlines about an effective trade embargo had dominated those weeks.

“Markets have recovered significantly since then, with a powerful rally from mid-April, but that hasn’t moved the dial for Irish households yet.

“With tariffs dominating public discourse... and the Israel-Iran conflict now to the fore, it’s little surprise these concerns are prominent.

“It’s also no surprise to see housing concerns and the cost of living remaining uppermost amongst younger age groups.”

After a high in the first quarter, attitudes to saving dropped during the last quarter, it was found, as the Savings Index is down nine to 87.