Savings Habits Ireland 2007

ONE in eight people have a secret savings account that their spouse or partner does not know about, a new survey reveals. The survey was conducted by Millward Brown IMS for EBS Building Society.

Women have emerged as having a slightly higher level of secret savings than men.

Personal finance experts have concluded that many women are keeping a cash pile to provide a “nest egg” for their own financial security.It appears that some women fear that their partners would spend the money if they found out. Anxiety over a possible break-up in the relationship may also be a factor.
Also likely to be behind the existence of secret savings is a desire for women and men to be financially independent of their spouse or partner.

The survey also found that working adults are squirreling away more money in savings than they are spending on clothes, socialising or holidays.

Security is the main motivation for saving with people putting an average of €299 aside each month, according to the survey. This amount of money closely matches the €300 spent each month on drinking and socialising.

Most people save for a “rainy day” with 31pc citing this as the reason for stockpiling cash in a savings institution.

Providing for the education of children was the motivation for 19pc of those surveyed, with holidays, buying a car and saving for a deposit on a house also featuring strongly.

Only one-third of regular savers know their interest rate and most still seek advice about savings, with many seeking advice from a variety of different sources.

Some 60pc of regular savers believe that they should save more money each month.

Already 1 in every 5 regular savers have cut back on their socialising to increase the amount that they save each month. However, nine in 10 savers say that the cost of living increases has impacted their ability to save.

Overall, the savings ratio in Ireland at over 9pc is higher than our European counterparts