People saving less and paying off debt

PEOPLE are now saving less money and more are using extra cash to pay off debts.

The Government’s plan to encourage people to spend their cash is failing as the latest findings show the percentage of people who feel the Government is encouraging them to save rose to 13%, the highest level recorded since January of this year.

In the recent budget the Government hiked the deposit interest retention tax (DIRT) rate in an attempt to encourage more spending.