More people saving money, but amount invested falls slightly

More people saving money, but amount invested falls slightly

There has been a rise in the popularity of putting cash into savings.

The Bank of Ireland/ESRI Savings and Investment Index released today shows it has gone up from 99 in June to 102 in July.

In particular, older savers are putting larger lump sums of money away for a rainy day.

The percentage of over 50s that felt it was a good time to save hit 41% last month, the highest response since October 2017.

However, Tom McCabe from Bank of Ireland Investment Markets says investors were putting a little less money into the markets.

Mr McCabe said: "On the investment side it was a little bit of a soggier story, I think it was more reflective of the fact that we really are into the summer months now.

"Investment attitudes still remain really strong, we saw the percentage of regular investors was up slightly to 32%, but it just seemed that people were investing slightly less in the month."

However, he did say there is growing optimism among savers.

Mr McCabe said: "Savings patterns remain very strong across the Irish economy, we saw that 50% of people were regularly saving in July, that was up a touch from 49% in June.

"But I suppose the most interesting aspect of it was people seemed a little more confident and a little more optimistic about the outlook for savings and possibly the outlook of returns from savings."

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