Survey: Irish people saving less

Four in 10 people do not put any money aside for emergencies and unforeseen circumstances, a new survey has found.

The Nationwide UK (Ireland) ESRI Savings Index found 42 per cent of Irish people do not put any money away in banks or building societies – significantly ahead of the 36 per cent level recorded a year ago.

The proportion of people saving regularly has decreased during 2012 and now stands at 34 per cent. This compares to an average for 2011 of 39 per cent and 40 per cent in 2010.

The index found that conflicting attitudes among consumers regarding the economic environment will likely lead to increased anxiety and a continued reluctance to spend.

“There is a disconnect between what many people believe they should do or want to do and their ability to fulfil that saving need. We suspect this may be due to their financial circumstances and inability to save,” Brendan Synnott, managing director of Nationwide UK (Ireland) said.