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Education on saving needed in Northern Ireland, survey

By Staff Reporter

Published 19/02/2016

Chief executive Darina Armstrong
Chief executive Darina Armstrong

Northern Ireland people need to be educated about the need to save their money, a building society has said.

Research by YouGov found that 56% of people in Northern Ireland save regularly, compared to 44% of people in Great Britain who took part in the survey.

The survey, carried out on 515 adults, found that less than 60% were putting money into a savings account on a monthly basis, with an average of £100 being squirrelled away.

Splashing out on treats was more of a habit than saving, the survey said.

Around 82% of people surveyed in Northern Ireland were regularly spending on a takeaway lunch, coffee or dinner.

The survey was commissioned by the Progressive Building Society, the only home-grown building society in the province.

Chief executive Darina Armstrong said: "The research into the savings habits of people in Northern Ireland is somewhat concerning.

"While many people recognise that saving regularly is a good idea for financial security, people are struggling to do so and more needs to be done to encourage and support regular saving. We need to create a savings culture in Northern Ireland and there needs to be a shift in education towards saving."

Belfast Telegraph

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