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

摘要

The Irish economy has undergone vast economic restructuring over the yearsudparticularly over the last decade. This dissertation reviewed the economic developmentudin Irish history from the 1930’s to the “Celtic Tiger” era. The key enabling factors thatudlead to the “Celtic Tiger” were analysed. The rise in personal borrowing andudconsumption levels of Irish consumers were identified with particular emphasis on theudrole of Irish financial service providers during this era. The review concluded with anudevaluation of the impact o f the recent Credit Crunch on Irish financial service providers.udPrimary and secondary research methodologies were utilised to investigate the impactudof the “Celtic Tiger” and the recent “Credit Crunch” on the demand levels for financialudproducts and consumer confidence. Primary research was under taken through anudempirical qualitative methodology in the form of semi structured interviews andudanonymous questionnaires. The secondary research was carried out by criticallyudevaluating relevant published material such as academic books, journals, web sites,uddocumentaries and newspapers.udKey findings were identified from the research. Over the last decade it is evident thatudthe majority of Irish consumers have some level of debt liability to a financial serviceudprovider. The re-emergence of a savings culture was evident. The majority of Irishudconsumers surveyed were unable to define the term “Credit Crunch” however theudmajority said that the current economic climate has negatively affected the demand forudmortgages and personal loans. The findings concluded that confidence in the Irishudfinancial sector still remains positive.