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.