Nationwide UK (Ireland) Savings Index settles at 131 points in March.
- Savings Index at 131 points in March.
- Attitudes towards saving sees improvement.
- Perception of government policies on saving improves.
Media Release, Dublin 11 April 2017:
The Nationwide UK (Ireland) Savings Index, which measures overall consumer sentiment towards savings, reached 131 in March with consumers reporting improved ability to save.
The index level coincided with employment growth as numbers on the live register continued to decrease last month. This, combined with a greater awareness of potential economic threats in the future, means consumers have a sharper focus on how they will use their earnings and their propensity to consider saving.
Consumer attitudes to saving improved, rising to 137 points with the number of savers under 50 increasing by more than eighteen points. The Savings Environment Index, which asks consumers if they feel it is a good time to save and whether government policy encourages saving, increased slightly by eight percentage points.
Savers' perceptions of current government policy regarding saving improved by 2.7% but this view was mostly driven by those over 50. Householders are still highly debt conscious with 44% of respondents citing debt payments as their number one priority for surplus funds. Nearly half of consumers (48%) are saving for unexpected events.
Commenting on the Savings Index, Brendan Synnott, Managing Director of Nationwide UK (Ireland), said:
"Savers are becoming more confident but there is definitely a note of caution. They have more money in their pocket but are wary of future economic threats and want to insulate themselves. A significant number of savers (44%) have earmarked paying down debt as a priority so the overhang of the economic crash is still a factor in people’s spending decisions. It demonstrates that businesses must continue to fight hard to give consumers a reason to purchase their products in an ever-increasing competitive environment."
Savings Index data
About the Savings Index
The Savings Index is constructed from monthly research on the attitudes of Irish consumers towards saving.
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 monthly 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 one, 2010 as its base period. From January 2011, The Index has been rebased using the year 2010 as the base period. The method for calculating the savings attitudes sub-index has been altered to reduce short-term volatility as the impact of small changes in the number of responses was being overstated when the number of respondents in a category was low.
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