• 34% of people in Northern Ireland do not save on a regular basis

• 72% of those who do not save claim they “don’t have extra money to save”

• Over half of NI adults (56%) 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 34% of Northern Ireland 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 72% 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 over half (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 34% 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 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 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 of The 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.”

ENDS

For Further Information contact Caroline Murphy or Shane Finnegan at AIKEN on 02890663000 or caroline@aikenpr.com

Notes to Editors

Research statistics:

·         34% of NI adults do not save on a regular basis

·         72% of NI adults have no spare funds to save regularly

·         53% of all NI adults said they thought savings could be better promoted if it was added to the school curriculum

·         27% of NI adults were not taught about saving money as a child

·         Over half (56%) of NI adults said they would be more encouraged to save if it had a low impact on their monthly budget

·         Of the 61% of adults in Northern Ireland surveyed who do save regularly, the average amount saved is between £50 and £100 per month

·         50% of NI adults started saving regularly before they were 24

·         The most popular reason why people in Northern Ireland save money is in preparation for a ‘rainy day’ (53%) followed by saving to go on holiday (38%).

About Progressive Building Society:

Progressive Building Society is Northern Ireland’s largest locally owned financial institution. Employing 176 people across its 12 branches, Progressive has a strong presence in towns and cities across Northern Ireland and is an integral part of the economy enabling local savings Members to fund home ownership for local people.

Further information on research:

All figures are from YouGov Plc.  Total sample size was 500 adults from Northern Ireland. Fieldwork was undertaken between 2nd and 8th August 2018.  The figures have been weighted and are representative of all NI adults (aged 18+).