Savings Index Half Year Review Charts
Growing Positivity Towards Saving
Nationwide UK (Ireland)/ESRI Savings Index 2011 H1 Review
A half year review of data captured by the Nationwide UK (Ireland)/ESRI Savings Index for the first six months of 2011 shows a steady increase in positive attitudes towards saving. The upward trend in the Index over this period is driven by two factors; personal attitudes towards saving and concerns about the economic environment.
The Savings Attitude sub-Index has increased four points to a six month average of 101 since January 2011. One of the contributing factors in the upward trajectory is that people are less negative about the amount they are saving each month, with 58% now believing that they are saving less than they think they should. This is five percentage points lower than the average level recorded from January to June 2010 and three percentage points below the January 2011 figure.
The Environment Index, the other key driver behind the rise in the Savings Index, has jumped 17 points since January 2011 to 113 in June. The six-month average of those who think that now is a good time to save stands at 31%, which is two percentage points higher than the average for Jan-Jun 2010. There has also been an increase in the percentage of people who think that government policy is actually encouraging saving, up one percentage point to the 12% average from January to June 2010.
Commenting on the Index, Brendan Synnott, Managing Director of Nationwide UK (Ireland) said: “In the first half of 2011, the overall Index is trending upwards and the main driver of this trend is concerns about the economic environment. This concern is encouraging positive attitudes towards saving in general even though we are seeing that some people appear to be unable to save.”
“In addition, while it is desirable from a government perspective to encourage consumer spending, there is no indication as yet of this becoming a reality.”
Highlights:
- Savings Index has steadily increased since January 2011
- Upward trajectory being driven by personal attitudes towards saving and concerns about the economic environment
Savings Index Six Month Moving Average
| Jan-10 | 106 | - |
| Feb-10 | 117 | - |
| Mar-10 | 121 | - |
| Apr-10 | 105 | - |
| May-10 | 97 | - |
| Jun-10 | 90 | 106 |
| Jul-10 | 97 | 105 |
| Aug-10 | 101 | 102 |
| Sep-10 | 82 | 95 |
| Oct-10 | 94 | 94 |
| Nov-10 | 100 | 94 |
| Dec-10 | 89 | 94 |
| Jan-11 | 108 | 96 |
| Feb-11 | 97 | 95 |
| Mar-11 | 108 | 99 |
| Apr-11 | 103 | 101 |
| May-11 | 128 | 106 |
| Jun-11 | 98 | 107 |
About the Savings Index
The Savings Index is constructed from monthly research on the attitudes of Irish consumers towards savings.
The Index measures peoples’ responses to questions on their attitudes and behaviour towards saving (The Savings Attitude Index) and conditions in the wider environment (Savings Environment Index).
The Nationwide UK (Ireland) Savings Index is produced from a minimum sample of 800 consumers over 15 years of age. The ESRI carries out the Savings Index research to ensure the indices represent a national sample.
Note: Prior to January 2011 the Nationwide (UK) Ireland Savings Index was constructed using quarter 1, 2010 as its base period. From January 2011, the Index has been rebased using the year 2010 as the base period.
For media queries or interview opportunities, please contact:
David O’Síocháin, Pembroke Communications
Tel: 01 649 6322 / 087 9362440
E: david@pembrokecomms.ie
Nikki Latchford, Pembroke Communications
Tel: 01 6496428 / 086 1026811
E: nikki@pembrokecomms.ie
View the full press release