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Irish savers feeling at their most positive in five years

Written by Robert McHugh, on 7th Oct 2015. Posted in Financial

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The latest Nationwide UK (Ireland)/ESRI Savings Index, which measures overall sentiment towards saving has been released today.

The index increased to 129 in September from 114 in August, a record since the index began in January 2010.

Nationwide claim that the overall increase in positive sentiment is largely due to the rise in those who feel now is a good time to save, which stood at 129 points in September compared to 114 in August.

Those in the under-50 age bracket who felt now was a very bad time to save fell to 6% in September from 12% in August. Overall the number of people who feel now is a very bad time to save fell to 7.7% in September from almost 12% in August. 

Furthermore, some 49.2% of those surveyed in September claimed to be regular savers, the highest level since January 2010, when the survey began. The proportion of people who said they would use surplus money to pay off debts, including their mortgage, fell to 40% from 44% on a monthly basis.

Overall, the level of people choosing to save surplus money in September was 33.5%, little changed from August’s figure of 34%.

Managing Director of Nationwide UK (Ireland), Brendan Synnott said, "It is clear that savers in September felt much more positive regarding the current saving environment. This is no doubt part of a growing confidence as the economy continues its strong growth. Having been through a prolonged recession it is clear the Irish consumer is aware of the importance of saving. 

"Significantly, those in the under 50 age group, often with ongoing costs such as childcare and mortgages, were more positive in terms of the current savings environment. It is also interesting to note that, according to the latest Central Bank of Ireland figures, household deposits have increased by two billion euro in the twelve months to the end of July 2015. Therefore it appears that the improved sentiment we are seeing in the Savings Index may be translating into actual saving."

Source: www.businessworld.ie

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