Survey shows we’re saving tigerishly

WE may have been painted as a nation of spenders but recent studies show that the Irish are a nation of savers.

Up to 80% of us hold savings accounts, according to research conducted by Amárach Consulting, on behalf of Halifax Bank. And, nearly six out of 10 put money aside regularly.

The 35- to 44-year-old bracket, over-65s and the high-earning ABC bracket are most likely to have savings/deposit accounts.

Up to 80% of women are regular savers as are 79% of the 25- to34-year-old age bracket. Those renting a home are also highly likely to save, with 83% saving for a house deposit.

Cars are still the number one reason for saving followed by the need for a “rainy day fund”. After that comes holidays, house deposits and saving for children’s education.

Just under 23% of us don’t have a savings/deposit account, according to the research. However, up to 40% of those interviewed said they would be “quite exposed financially” if they were to get seriously ill. This worry was most stark amongst the 35- to 44-year-olds and low wage earners. The giddy disregard for savings that was attributed to the Irish during the Celtic Tiger years seems to be disappearing with 77% of those questioned thinking that savings and investments were important.

Despite the constant warnings about the need for pension cover, just 29% of people are saving for their old age.

The research also shows up to 25% of people questioned intend making new investments, such as property purchases, in the next 12 months. More tellingly however, a further 47% said they wouldn’t be investing.

Overall, Irish people are more concerned about their finances this year than last. One in three are less confident about their finances this year than in 2007.

More people are now putting money away for the future with 59% saving for a rainy day compared to 54% last year.