Number of savers on the rise

Number of savers on the rise

The number of people saving regularly has risen, according to the Nationwide UK (Ireland)/ ESRI Savings Index.

The index rose by 23 points in January to 114, the highest level since October last year and six points higher than January 2011.

The number of people saving regularly rose to 48%, an eight point increase on December. This also represents an eight point increase on the figures for January 2011 and is the highest level recorded since the index began collating data in January 2010.

The percentage of people not saving at all fell two points to 31% in January, but this is six points higher than the level recorded in January 2011.

Savers have a more optimistic outlook towards the saving environment with 34% believing that now is a good time to save compared with just 27% in December and 28% in January 2011.

Brendan Synnott, Managing Director of Nationwide UK (Ireland) said the increase in the percentage of people not saving at all was a cause for concern if it reflects an inability to save amongst a large proportion of people.

23% of consumers who are able to save occasionally or regularly save between €26 and €50 euro a month; a further 23% are saving between €51 and €100 per month, and 22% are saving between €101 and €200 per month.

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