Under a third of adults save regularly
According to the latest edition of the monthly savings index from the Nationwide UK (Ireland) building society, just 32% of Irish people are saving regularly; compared to 36% 12 months ago.
The percentage of people not saving at all has increased from 43% to 46%.
'The latest index, for June, shows a reading of 86 points; unchanged from the first quarter, but down by 15 points on the corresponding period last year.
The underlying theme is that negativity is increasing regarding the amount being saved and the environment for saving as a whole. Also, that negativity is touching all age demographics.
Those under the age of 50 are unhappy with the amount they are able to save, while those adults over the age of 50 are unhappy with the return on savings in the marketplace.
According to Brendan Synott, Nationwide UK (Ireland) managing director: “In the past year, sentiment towards saving has decreased considerably as people continue to manage their way through austerity.
“The younger consumer is clearly not satisfied with their ability to save, presumably due to their ongoing day-to-day expenses and reduced disposable income,” he said.
The survey shows that over 60% of those aged 50+ believe Government policy discourages saving habits, up nearly 10% from this time last year, with just 8% saying the opposite.
