Younger people saving less - survey

Only 36 per cent of people aged under 50 save regularly, according to the latest Nationwide UK (Ireland)/ESRI Savings Index.

This compares to 41 per cent of those aged over 50 and a national average of 38 per cent.

The survey indicates that 63 per cent of people in the under 50 age category believe they are saving less than before as against 52 per cent of those aged over 50 years.

While older people are more likely to store away money for a rainy day, they are critical of Government policies, with 64 per cent saying such policies discourage saving compared to 53 per cent of younger people.

“There is a clear pattern of behaviour emerging which shows that people still want to pay off debt or save in preference over spending. However, less and less people are happy with the levels they are currently able to save or think they may be able to save in the future," said Brendan Synnott, managing director of Nationwide UK (Ireland).

"It is also apparent that the over and under 50s are facing different pressures which are affecting their attitude towards saving. The under 50’s group must contend with the expense a younger family brings and larger mortgage debt and as a consequence regular saving, although desirable, is less achievable," he added.

Irish Times


Personally i believe the main reason people are saving less is simple.They have LESS MONEY,its that simple..if you have less money,then saving for a rainy day is not the foremost in your thoughts.I was that person myself not to long ago,i didnt save money,simply because i didnt have any to spare.

I found another way

During these difficult times for so many,saving just isnt a realistic option,that is not unless you can make extra money