79% are saving €263 a month

Nearly 80% of consumers save €263 on average each month according to the EBS quarterly Consumer Saving Sentiment survey.

The research carried out by Behaviour and Attitudes found that out of 1,021 people interviewed 79% of Irish adults are saving, the majority save whenever possible and without a savings plan.

Men on average had higher savings then women while an impressive 94% of those under 25 reported that they were actively saving their money.

The survey found that 40% of respondents were saving out of fear from the European credit crisis.

Savings manager with EBS, Richard Kissane said that although it is encouraging to see adults saving, the low uptake in savings plans was disappointing.

“EBS has always placed a strong focus on the importance of having a savings plan. Through our savings index we place a quarterly focus on savings to ensure we pass the message on to our customers and wider public around the importance of regular saving. What is encouraging to see is that the level of adults that are saving whenever possible is up to 79%,” he said.

Although 79% represents a significant proportion of respondents the figure was actually down 2% on the same period last year. However, the amount saved annually by savers increased to €3,150.

“From our experience we know that those who have a regular savings plan save on average 50% more than those without a dedicated savings product. This is why we put a strong emphasis on the importance of regular saving and in support of this throughout the month of April and May we will be offering 3.1% annual equivalent rate. Fixed for one year on our regular savings account,” Mr Kissane said.

The bank is also launching a campaign, ‘Your Savings Your Way’, to advise people on how to start and maintain a savings plan.