Young people are saving more (but still overspending on clothes and eating out)
YOUNG people in Northern Ireland are saving more for a rainy day - yet still feel they spend too much on eating out and buying clothes, according to the new research from Ulster Bank.
A poll of 1,000 people carried out for the bank by Cognisense about attitudes to budgeting and saving found that 63 per cent of people in the north see saving money than pre-pandemic.
And this is particularly true in the 18–24 and 25–34 age groups, with 79 per cent and 78 per cent respectively seeing it as more vital now than before Covid-19.
Historically, people in Northern Ireland haven't been saving enough (NISRA found in 2018 that 46 per cent had no savings at all, while the Money Advice Service found that more than half of the adult population had less than £100 in savings).
Nearly half (49 per cent) of 18–24-year-olds and 40 per cent of 25-34-year-olds admitted to spending too much on eating out compared to just 24 per cent of the total population.
A third and 38 per cent of those respective age groups do say that they are now using apps or tools to help them budget and/or keep track of their spending, and most feel they could significantly improve their finances if they had better help in keeping track of their largesse.
Terry Robb, head of personal banking at Ulster Bank, said: “We know that with a bit of assistance, people can really make a huge difference to their personal finances, just through better budgeting, keeping track of their spending, making small adjustments and by setting savings goals.
To help communicate messages on budgeting and saving, Ulster Bank is working with comedians Shane Todd and Dave Elliott.
In a short film being launched this week on Shane’s social media channels, the duo track down Henri Hippo in a bid to enlist his help to improve their finances (and get into a bit of hot water in the process).