Consumers vigilant over savings but expect to be forced to dip into stash

CONSUMERS are remaining vigilant in their saving habits, according to a new report, but still nearly half of those surveyed feel they will have to dip into their savings in the coming months as a remedy to the economic downturn.

Market research expert, Millward Brown Lansdowne undertook the survey of nearly 1,000 people over the past four weeks on behalf of Postbank — the banking joint-venture between An Post and Fortis Bank — and found that 45% of respondents believe they will have to use some of their savings by October. Overall, however, 72% of those questioned said that they intend to generally save the same amount, or more, than they currently do over the coming three months.

“The overall sense is that following a period of economic turmoil, savers are steadying in their attitudes and savings habits. Savings are an important bedrock to the economy and despite current pressures on incomes, it’s positive to see that people remain committed to saving,” said John Donegan, head of marketing at Postbank.

The survey showed that there was no real gender imbalance in saving patterns — with 80% of men saving and 82% of women. Males were, however, bigger savers according to the findings.

“It’s positive to see that savings habits are strong among both men and women. Even taking into account that men may have a tendency to brag about the extent of their savings habits or that we’re not always sharing our savings habits with others. More women than men said they had secret savings that only they knew about — 13% compared to just 8% of men, and interestingly still 9% of people are stashing their money under the mattress,” Mr Donegan added.

Security remains the main consideration for savers and savers are feeling more confident over the security of their money than they did just four months ago.

People in Ireland saying that they are very or fairly confident in the security of their savings increased from 69% to 75% in the latest Postbank survey.