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Two thirds of Irish consumers can't save regularly

While there have been gains over the last year, most Irish people still can’t save every month.

ONLY ONE THIRD of Irish consumers can save regularly, with many citing Government policy as a main disincentive to save.

The Nationwide UK (Ireland)/ESRI savings index shows that while overall sentiment towards saving increased slightly during May, a large majority of Irish people still can’t put anything aside on a monthly basis.

This is, however, a slight increase on last year, with all age groups now better able to save than during 2013.

33 per cent of under 50s say they can save regularly compared to 28 per cent a year ago, with 31 per cent of over 50s now putting something aside every month.

The over 50s in particular are hostile to Government policy on savings, with only five per cent saying that policy encourages saving.

Nationwide managing director Brendan Synnott said that the recent stability in the economy was behind the steady returns from the savings sentiment index, but warned that there are “diverging influences” in the overall trend.

“We are seeing an increase in the proportion of people who are saving regularly and an increasing level of agreement that now is a good time to save despite the unfavourable market conditions for saving.”

There is, however, a recurring negative theme around government policy towards saving; this is unlikely to change in the short term and the reduction in the ECB base rate announced last week will be a further blow to savers.

A large minority of those surveyed use their savings to pay off debt, with 36 per cent saying that they save the money as a nest-egg.

Read: Here’s what the Irish are saving money for>

Read: 54 per cent of people still believe now is a bad time to save>

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19 Comments
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    Mute John
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    Nov 25th 2018, 5:42 PM

    Why don’t the Gardaí have this capability rather than a volunteer organisation?

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    Mute Kinsaleable
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    Nov 25th 2018, 5:46 PM

    @John: they tried but someone mentioned GDPR and data protection.

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    Mute Link
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    Nov 25th 2018, 8:51 PM

    @John: During a missing person search, you’d be surprised how much is outsourced to voluntary organisations. Mainly due to the fact that they’re very labour intensive and it keeps Gardai free for their frontline roles, also the infrastructure that CD in particular have is top notch and allows for seamless intra-organisation communication.

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    Mute Roger Camp
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    Nov 27th 2018, 7:48 PM

    @John: cos theyre too dim to pilot somoethig. Like these high powered things

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    Mute Liam Carlin
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    Nov 25th 2018, 6:19 PM

    You need a drone license?

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    Mute Vocal Outrage
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    Nov 25th 2018, 6:50 PM

    @Liam Carlin: yes, unless you are operating a drone of less than 1kg in Uncontrolled Airspace, below 400ft, in visual flight rules, line of sight, but not further than 300m away, and not over or within 30m of people or vehicles and within a flight area you can control, nor over urban areas. For everything else you need a license, its actualkt quite strict but many flout the rules.
    check out https://www.iaa.ie/general-aviation/drones/drone-regulations-guidance

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    Mute John P
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    Nov 26th 2018, 11:21 AM

    @Vocal Outrage: where’s a good place to do training?

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    Mute Alan Conroy
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    Nov 25th 2018, 11:51 PM

    Paul Kehoe isn’t the defence minister, Leo is. Paul is a junior minister, very very junior.

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    Mute Chief
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    Nov 25th 2018, 6:12 PM

    Couple of questions for ye folks.

    1. What’s the flight time on that type of drone?

    2. Anyone know the make & model of the car/jeep in the background?

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    Mute Shane Halpin
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    Nov 25th 2018, 6:17 PM

    @Chief: the 4×4 is a land rover discovery, the drones we use are DJI inspire, Yuneec typhoon and DJI matrice drones, so all spec can be found on their websites

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    Mute Chief
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    Nov 25th 2018, 6:54 PM

    @Shane Halpin: thanks Shane. Reason I asked about the land rover was I did a reverse image search on the drone picture and Google came back with ford escape hybrid as the result. Though it was impressive seen as the image only shows a vehicle wheel. On the drones,, I had a phantom 1, 3 and 4 myself for a while max flight time about 24 minutes, looks like that one in the image after I looked it up does around 37.

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    Mute John Carolan
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    Nov 25th 2018, 7:14 PM

    @Chief: I’m guessing google picked up the outline of the landrover badge, it’s the same shape as the ford badge…

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    Mute Daniel Donovan
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    Nov 26th 2018, 6:47 PM

    Another way to spy on us stupid sheep.

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