More than half of consumers save regularly, research finds

More than half of consumers now regularly save, suggests the latest savings and investments index by Bank of Ireland and the Economic and Social Research Institute. The proportion of regular savers increased from 49 per cent in the October index to 53 per cent last month, the research found.

Bank of Ireland said the rise most likely reflected the progress of the economic recovery, which it said was “providing more people with some financial capacity to save spare cash”. The proportion of people not saving declined from 33 per cent to 30 per cent.

“November’s findings from the Bank of Ireland/ESRI Savings and Investment Index clearly show that the improving economic environment is helping sentiment towards saving and investing,” said Tom McCabe, global investment strategist with Bank of Ireland’s investment markets division.

However, saving for retirement remains a “work in progress” for many Irish households, he noted.

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“While 55 per cent of people have some planning in place there is a question mark around whether this planning is sufficient. This is best illustrated by the finding that only 11 per cent of people feel they are fully financially prepared for retirement.”