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New research into savings habits released today by Progressive Building Society reveals that 34% of Northern Ireland adults do not save regularly (at least once a month). The research highlights that the main reason for not saving is a lack of extra money with 72% of those who do not save, believing they have no spare funds to do so.
Conducted by YouGov, the research also highlighted that people want to save more, with over half (56%) of adults saying they would be more encouraged to save if it had a low impact on their monthly budget.
The new research comes at the beginning of the inaugural Northern Ireland Savings Week which is running from the 10thto the 15thSeptember. The initiative has been developed by Progressive Building Society to help instil a savings culture in Northern Ireland, encouraging people to think about and prioritise saving.
Commenting, Darina Armstrong, Chief Executive Progressive Building Society said, “While 34% of people do not save, this new research highlights that there is an appetite and a desire amongst 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% of people believing that savings education should be formally introduced in schools.
Darina Armstrong added, “Educating the next generation is key to creating a change in Northern Ireland’s savings culture. It is encouraging that over half of NI adults would welcome its promotion in schools which would help towards lifelong and healthy savings habits.
Progressive are working with a range of stakeholder and consumer organisations this week to encourage people of all ages to look at different ways to establish healthy savings habits and start to help change the savings culture.
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