Just under two thirds of Irish people are actively saving and have some savings, and in contrast, a third of people claim not to have any savings at all and say they cannot afford to save.
This is according to new research into Ireland's savings habits carried out by Irish Life. The research was conducted by iReach on behalf of Irish Life in March 2017. The total sample of 1,001 adults surveyed is representative of the national population in Ireland.
The research highlighted that saving levels were higher among women (67%) than men (59%), and people over 55 years were saving the most. Of those that are saving, 43% of people are saving over €100 a month. People living in Dublin were found to be saving more overall. Eighteen per cent of people claimed to be saving between €20 and €50 a month, with another 18% saving between €51 and €100 a month.
The research also found that a third of Irish employees have a company pension fund set up for when they retire, and a quarter of Irish employees have their own private pension in place.
Of those people who intend to start saving, and haven’t started yet, the majority of these people (42%) said they could afford to save between €80 and €100 per month. A quarter of consumers said they could afford to save between €20 and €80 a month, and 14% said they could put away over €100 a month if they started saving.
Commenting on the research findings, Managing Director at Irish Life Corporate Business, Tony Lawless said, "It’s positive to see that people are saving. However, we are helping people to understand that they can significantly enhance their financial position in retirement by starting to save into a pension, or by even increasing the amount they save in addition to any employer pension contributions they may receive."