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NEW FIGURES FROM the Nationwide UK (Ireland)/ESRI show that Irish people are still saving for a rainy day.
In fact, 36 per cent of us are still putting money aside for unexpected expenses, the largest saving category.
However, this is down from 46 per cent a year ago as people shift their saving pattern to pay for specific items rather than contingency funds.
Ongoing employment challenges mean that the second most popular saving category is for education and training, with 19 per cent of people investing in their skill set to improve their job prospects.
This is up from 15 per cent a year ago.
Saving for holidays or buying or renovating homes has also increased in popularity, with 14 and 7 per cent of savers putting money aside for this, up from 10 and 5 per cent a year ago.
Our focus on paying down debt has remained high, but shows signs of decreasing. 47 per cent of respondents said they would use any money over what they need on a day to day basis for this, down from 53 per cent a year ago.
10 per cent of people said they’d spend it, with 39 per cent saying they would save the money.
Downward trend
Overall, people are slightly less enthusiastic about saving than earlier in the year, with the sentiment index coming down one point to 101 when comparing April figures to the previous month.
Nationwide UK (Ireland) managing director Brendan Synnott said he expects that trend to continue.
“The decline in the index this month is driven by negativity towards the economic environment and government policy towards saving, in particular among those aged over 50.”
We expect the overall index to decline further as the economy improves and while there has been no signifiant increase in preference to spend…there has been a noticeable change in the reasons why people save.
He said that people are now saving for intended purchases rather than general ‘precautionary’ saving.
‘saving for a rainy day’? man its been piss*ng down here since 2008 !
Like my Gran always said, if they can’t see it they can’t tax it!
As a socialist, don’t you like taxes?
Just taxes that are used to bail out billionaires I imagine
Holiday is what I’m saving for at the moment. Not saving a load but trying to get some bit in to the credit union every week
Saving for our first born due in Oct.
all the little cute hores saving away
Would be interesting to see how many have stopped saving because of the lack of return and are now moving into risky assets like stocks bonds and property.
…stocks, bonds & property – are ya nuts ? Me, I’m putting into a sports car. At least if I go somewhere I can fupping take it with me !!
I save into a couple of places. Credit union for holidays etc, post office for my daughter and bank for ad hoc stuff like insurance and car tax etc. I find bonds are best for long term purposes like an education fund. Bank rates and DIRT are horrendous disincentives though. As is the pension levy, reducing the value of my AVC’s. Work operate an excellent medium term share save plan too.
Wish I had some to save!
Saving to pay all the extra taxes that come out of my after tax income!
have your say