Almost a quarter of people cannot afford to save money as the State continues to grapple with a cost of living crisis, according to a survey by PTSB.

The bank’s Reflecting Ireland report is conducted every quarter and is based on an online survey of 1,000 people.

The research also showed that just half of those eligible avail of PRSI and tax relief entitlements, with one in three homeowners unaware of the supports available to help with the cost of energy upgrades.

But it found consumer confidence levels have bounced back to their highest level since January 2022, a period when significant Covid restrictions were being phased out and immediately before the Russian invasion of Ukraine.

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The report said 58 per cent of people are considering switching electricity and/or gas provider this year, up from 42 per cent last year. There was an increase in switchers for car insurance too, up to 56 per cent from 37 per cent last year.

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The report found 38 per cent of people were positive about the direction Ireland is headed in, but more than half (52 per cent) said they still feel the State is headed in the wrong direction.

Six out of 10 expect the economy to get better or stay the same over the coming year.

Some 23 per cent said they were better off now compared with a year ago, which was up from 18 per cent in the second quarter of this year, while 29 per cent said they expect they will be better off this time next year.

But a slightly larger number, 30 per cent, said they expect to be worse off next year, which was up slightly from the 28 per cent recorded in the second quarter.

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