Consumer index shows slump in weekly savings

There has been a surge in the number of Irish people not making any weekly savings over the past year.

According to the Nationwide UK (Ireland)/ESRI Index for June, 43% of Irish people from all age groups are not saving — the highest rate since the survey was first conducted in 2010. In June 2011, 35% of Irish people were not saving.

Managing director of Nationwide UK (Ireland), Brendan Synnott, said: “The overall household deposits market has stabilised over the past year and now amounts to €92 billion. A number of factors are now combining to make saving either less appealing or more difficult for a growing number of Irish people.