Business

A third of adults 'don't save regularly'

Launching the report are (from left) economist Neil Gibson, Progressive chief executive Darina Armstrong, Sarah Travers and Consumer Council chief executive John French. Photo: Darren Kidd/PressEye

A THIRD of adults in Northern Ireland don't save regularly because they say they “don't have any extra money”, according to research from Progressive Building Society.

Yet more than half of those interview said they would be more encouraged to save if it had a lower impact on their monthly budget.

The study coincides with the inaugural Northern Ireland Savings Week, which has been developed by Progressive to help instil a savings culture and encourage people to think about and prioritise saving.

Darina Armstrong, chief executive of Progressive Building Society, said: “While 34 per cent of people do not save, there is clearly an appetite and a desire among people in Northern Ireland to save but many believe they are not in a position to do so.

"Throughout Savings Week we want to communicate that taking even the smallest steps towards saving can deliver significant benefits."

The research also looks at how the benefits of saving money could be better positioned across society, with 56 per cent of people believing that savings education should be formally introduced in schools.

Ms Armstrong added: “Educating the next generation is key to creating a change in savings culture. It is encouraging that over half of Northern Ireland adults would welcome its promotion in schools which would help towards lifelong and healthy savings habits.”

Progressive is working with a range of stakeholder and consumer organisations to encourage people of all ages to look at different ways to establish healthy savings habits and start to help change the savings culture.

John French, chief executive of The Consumer Council, said: “Our own research firmly supports these findings, so we welcome this initiative that promotes savings and helps people manage their money.”

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