Proportion of Irish regular savers holds steady at 53%

The proportion of regular savers in Ireland held steady at 53 per cent in December, according to the latest savings and investments index by Bank of Ireland and the Economic and Social Research Institute.

But the overall index, based on a survey of at least 800 people, dipped slightly last month as a result of lower investment levels and an easing in sentiment towards the future savings and investment environment. Investors expect lower returns in 2018 after a strong 2017, the bank said.

A lower proportion reported that they were investing what they felt was the right amount, with a fifth answering that they were investing nowhere near enough. Bank of Ireland said Christmas was probably a factor in the responses.

“Looking at the levels of investment, it is likely that Christmas was a considerable factor in the December dip as over one-fifth of respondents felt they invested nowhere near enough in December,” said Tom McCabe, global investment strategist for Bank of Ireland’s investment markets division.

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“With consumers choosing to spend their cash on what was previously earmarked for investment, it could be the case that the mind was willing but the wallet was weak.”