More than half of Irish savers are considering security when choosing where to save their money, a new survey has found.
The Postbank Quarterly Savings Index found 54 per cent of savers now rate security as their prime consideration, compared to 11 per cent in December last year. Easy access and higher interest rates were in second and third place.
However, people are also less confident about the security of their savings, the survey found, with 11 per cent of respondents in March saying they were not confident at all, compared to 8 per cent in December 2008. Only 69 per cent said they were very or fairly confident.
Despite this, however, three quarters of Irish adults plan to continue to save, with 38 per cent saving regularly, 22 per cent opting to save lump sums occasionally and 18 per cent combining the two.
“The general concern about the economy may be affecting how people feel about the security of their money,” said John Donegan, Head of Marketing at Postbank.
“Nonetheless, it is very positive that three in four adults plan to increase or maintain their level of saving in the next three months.”
Women are more likely to save regularly than men, at 41 per cent to 35 per cent. Meanwhile, 28 per cent of men under 35 aren't saving at all.
With 37 per cent of people saying they are saving for a rainy day, more than half of those surveyed said they did not think they would have to dip into their savings. Forty-four per cent said they expect to use some of their money between April and June 2009.
There was a difference in outlook between genders, with 50 per cent of women saying they thought they would have to dip into savings, compared to just 38 per cent of men.
“The picture emerging is by and large a positive one,” said Mr Donegan.
“The survey indicates that savings remain very important to people and that security and easy access are highly valued in the current climate. Most people are confident in the security of their money, however it is important for all financial institutions to communicate with and reassure their customers on this subject.”
The survey questioned almost 1,000 adults through Ireland between March 4th and 18th.
