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More people are saving, but not because they think it's a good time to do so

Despite an increasing in savings, attitudes towards it would seem to be contradictory with only 24 per cent of people believing that “now is a good time to save”.

PEOPLE ARE SAVING money more and more with over a third of people now saving regularly according to new research.

In a monthly study by the Irish branch of UK savings bank Nationwide,  34 per cent of people in December were found to be regular savers compared to 32 per cent the previous month and 30 per cent a year before.

Even occasional savers are increasing, with the proportion of people not saving at all falling from 48 per cent last year to a current level of 40 per cent.

Despite the increasing in savings, attitudes towards it would seem to be contradictory with only 24 per cent of people believing that “now is a good time to save”. This is just above the record low in the Nationwide index.

Nearly two-thirds of people think that government policy discourages saving while just 8 per cent of people feel that government policy encourages saving.

Nationwide’s Barry Synnott’s says that people’s apparent contradictory attitude is understandable, saying that “the conditions for saving remain difficult due to falling interest rates and increased rates of tax on interest earned”.

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Changing consumer sentiment in 2014 could have a significant influence on the figures this year he adds, with people perhaps beginning to spend more.

Open thread: What are your best money-saving tips?

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About the author:

Rónán Duffy

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