Number of regular savers increases to 34%

The number of people saving regularly has increased as the economy has recovered with people who had stopped saving in 2012, now managing to put money aside.

The Nationwide UK (Ireland)/ESRI Savings Index recorded the change in behaviour, although month-on-month, the index was unchanged. An increase in regular saving has contributed to a seven-point increase in the overall index versus Dec 2012.

The Savings Attitudes sub-index, which monitors consumers’ saving habits, increased by four points to 101 in December and is now 11 points higher than a year ago. This was driven by an increase in the proportion of people who save regularly, which now stands at 34%, compared to 32% last month and 30% a year ago.

Managing director of Nationwide UK (Ireland), Brendan Synnott, said there had been a 4% increase in the number of regular savers.

“Overall, looking at the trend for 2013, the index is seven points higher than a year ago.

“This improvement is primarily due to a recovery in regular saving which had fallen significantly in 2012; 34% of people now save regularly compared to 30% a year ago,” he said.