More savers in Republic
Northern Ireland consumers have some way to go before their savings habits are on a par with people in the Republic a new survey shows.
A report by consumer research company Mintel Ireland which contrasts saving habits between consumers in Northern Ireland and the Republic of Ireland shows that in the province, only a small number of adults aged 15 and over are saving for the future.
It shows that a total of 38% of adults in the South save every month compared to only 22% of people locally.
The Republic also leads in terms of occasional savers with 50% more adults saving every two to three months than consumers locally.
Katherine James, general manager for private banking at Northern Bank said the research indicates local consumers could do a lot more to maximise their savings.
“There is no doubt that the current environment for savings and investments is challenging, with concerns about global economic growth. Northern Bank’s forecasts show that the likelihood of a significant rise in interest rates during 2010 is low,” she said.
Mintel’s research also indicated a difference in attitude towards long-term saving with only 9% of adults in Northern Ireland have a regular savings account compared to 20% in the Republic.
Ms James added: “These figures show that saving is not a priority among Northern Ireland consumers and they need to be encouraged to make better investment choices, even in this difficult financial climate.”