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Annual savings up 10 per cent on last year

Research from EBS shows that people aged 16-24 are now more confident about their economic well being than this time last year.

Image: Piggy bank image via Shutterstock

QUARTERLY RESULTS FROM EBS’ consumer saving sentiment research have indicated that average annual savings held are now 10 per cent higher than the same period last year.

The survey studied the attitudes of 1,000 Irish consumers toward saving and found that 78 per cent of Irish adults are saving, the majority without a savings plan.

Overall, there has been a decrease of 6 per cent in the number of savers since July 2012, with 22 per cent claiming that they don’t save. Despite the decline in the number of people saving, the amount saved annually has increased to an average of €3,303 – 10 per cent higher than the same period last year.

The study shows 44 per cent of women are very confident with their money management skills compared to 35 per cent of men though women’s average annual savings at €2,501 were lower than their male counterparts at €4,222.

Some 52 per cent of people aged 16-34 are more confident now about their economic well being compared to the same time last year.

Year-on-year, there is little variation in the use of savings although there is an increase of 10 per cent in people using savings for general living expenses.

Attitudes to encourage children to save have been consistently strong with 88 per cent of respondents feeling that it is important that parents encourage children to save from an early age.

82 per cent of those questioned are more inclined to save for a large purchase rather than opting to borrow or use a credit card.

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Savings Manager at EBS, Richard Kissane said it is encouraging that Irish people continue to have a positive attitude towards saving.

“From our experience we know that those who have a regular savings plan save on average 50 per cent more than those without a dedicated savings product,” he said.

Related: Banking sector saw rise in deposits, decline in lending in 2012>

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