Helping people take small steps towards financial resilience

The Progressive Building Society is partnering with the Consumer Council and Action Mental Health to launch the fifth annual Northern Ireland Savings Week with the aim of supporting people in taking small steps towards long-term financial resilience.

Beginning 26th – 30th September, this year’s Savings Week will focus on the little savings that can be made every day, with the campaign providing people with savings tools and advice that can support their financial management in the months and years ahead.

Savings Week was launched for the first time in 2018 with the aim of instilling a positive savings culture across Northern Ireland and to highlight the close link between financial health and emotional wellbeing which is particularly relevant today with the financial burden many people face this winter.

The Consumer Council’s 2022 Consumer Insights Survey discovered that, of the 1,000 people surveyed, just over half (55%) say they always have money saved for a rainy day. The current challenges that people face were also borne out within the survey which highlighted that respondents are feeling less optimistic about their future financial situation, compared to any other year, citing living costs as their biggest worry.

Commenting on the shift in focus for Savings Week 2022, Declan Moore, operations director at Progressive Building Society, said: “This is a challenging time for people and families across Northern Ireland, and we understand the financial pressures and stress points they face. That is why we wanted to use this year’s Savings Week to support people with advice and savings tools to help them with their household budgets, both short and long term.

“Savings Week 2022 is an opportunity to focus on the small savings that people can make every day, which can help bring reassurance and financial peace of mind. At Progressive, we are passionate about saving, and want to instil the importance of investing in financial health and wellbeing both in people across Northern Ireland. Working closely with the Consumer Council and Action Mental Health, we are looking forward to helping people make small changes in their lives which can have a big impact.”

A key element of this year’s initiative is a bespoke Savings Guide which has been developed in partnership with the Consumer Council and Action Mental Health, with demonstrable examples of where people can cut back a little.

Jonathan Smyth, fundraising and communications manager at Action Mental Health, said of the partnership: “We are delighted to be working alongside Progressive and Consumer Council for Northern Ireland Savings Week as we know that financial anxiety and money worries can have serious impacts on people’s mental wellbeing. The current cost-of-living crisis means that is more important than ever that we support people to look after their mental health.”

Scott Kennerley, director of financial Services at the Consumer Council added: “We speak to consumers daily through our phone line and we hear first-hand how angry, worried, and upset people are about the rising cost of living in Northern Ireland. Consumers understand why price increases are happening, but it does not make it any easier for them to pay their bills. We have produced a number of resources for consumers to help them manage their household budget.”