42pc can't afford to put money aside for rainy day
FALLING wages, rampant inflation in some parts of the economy and higher taxes mean that four out of 10 people can no longer save anything, a new survey has shown.
The huge collapse in the number of people who can set aside money was highlighted in the latest Nationwide UK (Ireland)/ESRI Savings Index, which shows that 42pc cannot save any money at all compared with 28pc this time last year.
Less than one-third of people now save regularly compared with 41pc this time last year.
The collapse in savings demonstrated a growing inability of Irish citizens to save rather than an unwillingness to do so, Nationwide UK said.
Compared with other nationalities, the Irish are noted as diligent savers with most surveyed saying they wanted to save money.
"What we are seeing here is that the man in the street increasingly has no spare money left after the bills have been paid.
"Increases in the cost of living, of heating a home, of education and in taxes have played a role in this," said Brendan Synnott, managing director of Nationwide UK.