Third of adults ‘not saving regularly’

Economist Neil Gibson, left, with Progressive CEO Darina Armstrong, Sarah Travers, BBC and John French CEO of The Consumer Council

Research into savings habits released by Progressive Building Society reveals that 34% of Northern Ireland adults do not save regularly with more than two thirds (72%) claiming they have nothing left at the end of the month.

The new research comes at the beginning of the inaugural Northern Ireland Savings Week which is running from the 10th to the 15th September.

The initiative has been developed by Progressive to help instil a savings culture in Northern Ireland, encouraging people to think about and prioritise saving.

“While 34% of people do not save, this new research highlights that there is an appetite and a desire amongst people to save but many believe they are not in a position to do so,” said Progressive CEO Darina Armstrong.

“Throughout Savings Week we want to communicate that taking even the smallest steps towards saving can deliver significant benefits.”

The research also looks at how the benefits of saving money could be better positioned across society, with 56% of people believing that savings education should be formally introduced in schools.

Darina Armstrong added, “Educating the next generation is key to creating a change in Northern Ireland’s savings culture. It is encouraging that over half of NI adults would welcome its promotion in schools which would help towards lifelong and healthy savings habits.”

Progressive is working with a range of stakeholder and consumer organisations this week to encourage people of all ages to look at different ways to establish healthy savings habits and start to help change the savings culture.

“We welcome this initiative that promotes savings and helps people manage their money,” said Consuner Council CEO John French.

“We look forward to attending workshops with Progressive Building Society during Northern Ireland Savings Week to promote the importance of saving.”

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