An investigation into the effects of the Celtic Tiger on the demand for financial products and the implications of the "credit crunch" on Irish consumers of financial products in the North Western region
The Irish economy has undergone vast economic restructuring over the years particularly over the last decade. This dissertation reviewed the economic development in Irish history from the 1930’s to the “Celtic Tiger” era. The key enabling factors that lead to the “Celtic Tiger” were analysed. The rise in personal borrowing and consumption levels of Irish consumers were identified with particular emphasis on the role of Irish financial service providers during this era. The review concluded with an evaluation of the impact o f the recent Credit Crunch on Irish financial service providers. Primary and secondary research methodologies were utilised to investigate the impact of the “Celtic Tiger” and the recent “Credit Crunch” on the demand levels for financial products and consumer confidence. Primary research was under taken through an empirical qualitative methodology in the form of semi structured interviews and anonymous questionnaires. The secondary research was carried out by critically evaluating relevant published material such as academic books, journals, web sites, documentaries and newspapers. Key findings were identified from the research. Over the last decade it is evident that the majority of Irish consumers have some level of debt liability to a financial service provider. The re-emergence of a savings culture was evident. The majority of Irish consumers surveyed were unable to define the term “Credit Crunch” however the majority said that the current economic climate has negatively affected the demand for mortgages and personal loans. The findings concluded that confidence in the Irish financial sector still remains positive.
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