1 in 3 Adults in Northern Ireland ‘Don’t Save Any Money Each Month’
September 19, 2018
Just over one third of all adults in Northern Ireland don’t set any amounts of money aside as savings on a regular basis.
That’s according to research conducted on behalf of the Progressive Building Society, which has helped to highlight why a great many people across Northern Ireland find it so difficult to improve their financial situations.
Perhaps unsurprisingly, 72 per cent of the people who told researchers that they don’t save any money each month said they don’t do so simply because they can’t afford to.
Among the people who said they do save regularly, the amounts being set aside were found to be on average between £50 and £100 per month.
A majority of respondents to Progressive’s recent survey indicated that they would save money if it weren’t to have so much of an impact on their monthly budgets.
“While 34 per cent 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,” said Darina Armstrong, the Progressive Building Society’s chief executive.
Research carried out previously by the debt help charity StepChange found that many thousands of people across all parts of the UK would be able to avoid falling into ‘problem debt’ if they had ready access to £1,000 or more in an emergency situation.
The charity has said that having £1,000 in savings effectively halves an individual’s risk of entering problem debt.
More than half of the people quizzed in Northern Ireland recently on behalf of Progressive said that they would like to see savings education introduced in schools.
“Educating the next generation is key to creating a change in Northern Ireland’s savings culture,” said Ms Armstrong from the building society.
“It is encouraging that over half of NI adults would welcome its promotion in schools which would help towards lifelong and healthy savings habits.”
If you live anywhere in Northern Ireland and you’re struggling to cope with your personal finance or debt situation then Northern Ireland Debt Solutions can help. Contact us directly to arrange a FREE and confidential consultation.