Over one in four adults saving more than a tenth of their income

Michael Bolton

A survey has revealed 27 per cent of Irish adults currently save more than a tenth of their income, with 11 per cent saving as much as a fifth or more of their income.

A new survey from the Teachers’ Union of Ireland Credit Union also revealed 26 per cent of adults allocate between seven per cent and 10 per cent of their income to savings.

The nationwide survey of over 1,500 people shows 54 per cent planning to increase their savings in the next two years.

Only four per cent of people are planning to decrease the amount of money they are saving, with 32 per cent of people to continue saving at their current rate.

Paul Roche, CEO of TUICU, said on the findings,"It’s encouraging to see so many people prioritising their savings, even in today’s challenging financial environment. These habits are not just about securing short-term goals but also about building a foundation for long-term financial resilience.

"It’s also crucial that people do their utmost to secure the best interest rate possible on their savings – the recent moves by some banks to cut the interest rates on some saving accounts makes it all the more important for people to do so.

“While last Thursday’s[2] ECB rate cut will be good news for mortgage holders, the downside is that those with savings in banks could start to lose out as some bank deposit rates will likely fall - indeed, there are already signs that this is happening.

"With this in mind, it would be well worth savers’ while to lock into good deposit rates now – while they still can."