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PEOPLE ARE PUTTING their pennies cents aside, according to the most recent savings index released today.
The Nationwide UK (Ireland)/ESRI Savings Index shows that 37 per cent of people are now saving regularly.
The Savings Index is constructed from monthly research on the attitudes of Irish consumers towards spending.
The above diagram shows that the savings Index has increased in the past year. There’s been an increase in January to 97, from 88 in December.
Savings Attitude sub-index
Meanwhile, the savings attitude sub-index asks people how they feel about the amount they are saving.
This month, the sub-index increased to 111, a 10-point jump on last month and 17 points ahead of January 2013.
In January, 37 per cent of people are saving regularly, an increase from 34 per cent last month and 29 per cent a year ago.
Savings Environment sub-index
The savings environment sub-index asks if people think now is a good time to save. It showed an increase in the number of people who think it is.
Twenty nine per cent of people think now’s the time to squirrel away some cash, compared to 24 per cent in December and 23 per cent last year.
And the numbers of those who believe saving isn’t a good idea are going down.
Fifty four per cent per of people thought it was a bad idea last year in January 2013, that decreased to 50 per cent last month but it now stands at just 36 per cent .
This sub-index increased to 82, an 8 point increase compared to last month.
So while saving seems increasingly popular, nearly two thirds of people believe that government policy discourages saving.
Only six per cent of respondents feel that government policy encourages saving.
This is the second lowest share recorded since the index began in 2010.
Good intentions?
When asked how about allocating money above everyday needs:
The Nationwide Savings Index is produced monthly from a minimum of 800 consumers.
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We should highlight to FG and Labour when they come around at the local elections about the huge increases in DIRT blocking people trying to save any chance of earning any interest
“tax on savings”
By their massive on savings, the Government has made sure Hyatt it is not worthwhile putting any money on deposit. Inflation would mean that you lose out by saving.
This is not a very enlightened policy.
I’m saving for a jetski and a breakfast roll. Maybe a fill of petrol as well
Taxed on income. DIRT tax on my savings. Current deposit accounts earn about 1% after tax. What’s the point in tying money up for that little?
The ssia paid off my mortgage and it was great, but the decrease of the post office deposit rates as lobbied by our, yeah really our beloved banks have reduced the incentive to save, deffo use tax allowance on AVC’s tho.
What I find amusing is the medja talking heads and most politicians seem to hate people saving. Then the gov taxes the life out of it, the ECB and banks rip off savers with phantom interest rates and that french commie Lagrade wont be happy until everyone’s savings are confiscated.
The economic climate reflects the weather it rains everyday for people in this country
Ogochukwu is really laughing and having lols at the Journals comedy ..lo Yes Ogochukwu tries to put away something every two years ..lol maybe €50 lol
I can’t red thumb your comments enough!. You’re an idiot !
Lol
Verbal diarrhea
lol thank you for you lovely comment lol
does it worry me that you can red thumb lol next time I’ll red thumb myself lol
You’re an idiot too ! lol
But today is a rainy day??
If the rain keeps up & we are saving for a rainy day. We would all be rich people.
have your say