EBS Releases its Quarterly Consumer Savings Sentiment Research
80% of people are actively saving
Majority agree that women are better at saving than men
Friday 2nd September 2011:
EBS today issued the findings from its quarterly Consumer Savings Sentiment Research to coincide with the launch of National Savings Week 2011, taking place from the 5th to 10th September. The research finds that the savings ethos remains strong in this country with 4 in every 5 people polled stating that they save The average amount currently being saved per annum is slightly over €3,500 (€3,582).
Half of those polled said that while they do save, they do not have a regular savings product or plan. However, those that do have a regular saving plan save on average 50% more than those without a dedicated saving product. Regular savers save, on average, € 4,500 per year; ad hoc savers save €3,000 per year, and this is falling year-on-year by about 15%.
As well as considering how people save, the EBS Savings Sentiment Research also considers who is saving, and found that there are slightly more women saving than men (1.47million women, versus 1.43million men). When asked if men or women were better at saving, the majority, 41%, said that women were better at saving. 38% said that men and women were equally good at saving, and only 17% of those polled stated that men are better than women at saving. Despite the view that women are better at saving than men, the research finds that men actually save more money than women, at € 4,283 versus € 3,015 per annum.
Other key findings from the EBS Savings Sentiment Research include:
· When asked what they are saving for, the majority (18%) stated that they were saving for education fees, closely followed by holidays (17%)
· 80% said that they are more inclined to save for a large purchase rather than borrow or purchase it on their credit card
· 7 in 10 said that they are better at managing their money now, compared to this time last year
· Over 95% of those polled said that it is important that parents encourage children to start savings from an early age, and with 90% of those aged 18 – 24 year saying that they are active savers, it seems that this message is being heard
According to Aidan Power, Head of Marketing,: “While 80% of people are saving, fewer than 3 in every 10 people are using a regular savings account, we would encourage individuals to review their savings activity this National Savings Week. The research shows that those that use a dedicated savings account save almost €1,500 more per annum than those that save on a more ad-hoc basis. There are a wide variety of savings products to choose from and individuals can select a product that best suits their needs. A dedicated savings plan can give savers better control over their finances.
“EBS is committed to helping people get on in life which is why we are delighted to support National Savings Week for the fourth consecutive year. It is critically important that people develop a good savings habit to ensure that they can plan effectively for their own and their family’s futures. EBS has launched a suite of market-leading bespoke financial products, especially for National Savings Week for of all of your family’s saving needs, and is the place for your savings.
“I would encourage members of the public to drop into one of our EBS offices to avail of a free financial review. In addition to our regular weekday openings, some EBS offices will also open on Saturday 10th September to facilitate those who can’t get in during the week, plus a number of offices are hosting family fun days, with entertainment for the children to keep them busy while you get some sound financial advice. Alternatively, by logging on to www.ebs.ie consumers will be able to get information on regular savings, fixed savings, savings for teens and children and pensions as well as to get helpful advice and tips on saving.”
National Savings Week is supported by EBS and runs from Monday 5th – Saturday 10thSeptember.
Find out what Irish people are currently saving for click here