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New research reveals 65% of North Down and Ards adults do not save regularly
October 2018 - The North Down Advertiser
Pictured are Economist Neil Gibson, Darina Armstrong, Chief Executive Progressive Building Society, Sarah Travers and John French CEO of The Consumer Council
65% of people in North Down and Ards do not save on a regular basis. 64% of those who do not save claim they “don’t have extra money to save”. 47% believe that savings should be formally introduced in schools. Of the adults who do save regularly, the average amount saved is between £50 and £100 per month.
New research into savings habits released today by Progressive Building Society reveals that 65% of North Down and Ards adults do not save regularly (at least once a month). The research highlights that the main reason for not saving is a lack of extra money with 64% of those who do not save, believing they have no spare funds to do so.
Conducted by YouGov, the research also highlighted that people want to save more, with 56% of adults saying they would be more encouraged to save if it had a low impact on their monthly budget.
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 Building Society to help instil a savings culture in Northern Ireland, encouraging people to think about and prioritise saving.
Commenting, Darina Armstrong, Chief Executive Progressive Building Society said, “While 65% of people do not save, this new research highlights that there is an appetite and a desire amongst people in Northern Ireland to save but many believe they are not in a position to do so. 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 47% 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 47% of North Down and Ards adults would welcome its promotion in schools which would help towards lifelong and healthy savings habits.”
Progressive are 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.
John French CEO, Consumer Council commented, “The Consumer Council’s own research firmly supports these findings; therefore, we welcome this initiative that promotes savings and helps people manage their money. We look forward to attending workshops with Progressive Building Society during Northern Ireland Savings Week to promote the importance of saving.”