Survey finds attitudes to saving worsen

Mon, Jan 14, 2013, 00:00

Irish consumers are becoming less optimistic about their personal finances, with some 48 per cent not putting any money aside for emergencies or unforeseen circumstances.

This figure has increased by 6 per cent since November, when some 42 per cent of people were not saving, according to the latest Nationwide UK (Ireland) Savings Index.

The savings index fell from 98 to 81 in December, the lowest ever level since the index's inception in April 2010, as increased negative sentiment towards the economic environment discouraged saving.

Some 65 per cent of people believe that they are saving less than they should while only 13 per cent say they are saving more than they think they should. A record 60 per cent of Irish people said government policy discourages saving.

The environment for savers has become more negative, according to Brendan Synnott, Managing Director of Nationwide UK (Ireland).

"During 2012 people have found it increasingly difficult to save while at the same time, deposit interest rates have fallen thereby reducing their return for saving."

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