IRISH CONSUMERS are saving more than ever and are increasingly debt adverse, according to a new survey. The EBS quarterly consumer savings sentiment research shows 86 per cent of Irish people claimed to be saving money in August, compared to 79 per cent for the same month last year and 77 per cent for August 2008.
The number of people saving has also increased year-on-year by 250,000 to three million, the study of 1,000 adults found.
Irish people are also more debt adverse than in previous years, with four in every five respondents stating that they are more likely to save for a large purchase rather than use credit.
A third of respondents said they save on a regular basis, with €3,999 the average amount put away each year, a 9 per cent rise.
As many as 66 per cent of respondents claim they now manage their money better than they did in the past.
The research reveals that although men and women both put an equal level of importance on saving, men save almost twice as much as women each year. Men save on average €5,132 per annum, while women save €2,737.
Levels of consumer confidence remain at levels similar to those seen in the last quarter, with almost half of those surveyed stating they are more confident about their own economic health compared to this time last year.
“The continued stabilising in consumer sentiment is positive, and certainly people appear to be more confident about how they are managing this money. We continue to see that people are saving for large-ticket items, with holidays and car purchase among the main reasons why people have accessed their savings,” said EBS head of marketing Aidan Power.
The findings would seem to contradict data published this week which suggests the recent trend of saving over spending coming to an end. New Central Bank figures published this week show deposits declined by 0.2 per cent on an annual basis in July – the first time since October 2009.
