Deposit rate cuts mean just a third think now is a good time to save
ONLY a third of people believe that now is a good time to save, a new survey has found.
Savers have become more cautious about saving as banks continuously cut deposit rates.
The Nationwide UK (Ireland) savings index found that just 32pc of people believe that now is a good time to save. But there has been a slight rise in the numbers who save regularly, up to 43pc in March, the index shows.
Brendan Synnott, managing director of Nationwide UK (Ireland), a savings bank, said: "This month the index has followed the underlying trend observed over the last few months, with more people saving regularly, but there is evidence of some discontent as to whether the current period is a good time to save."
Meanwhile, 80pc of adults under 35 don't know the level of the State pension.
Half believe that they will have to work to at least 70, and over one third say they will need to work as long as they can.
The survey, commissioned by the Irish Association of Pension Funds (IAPF) and conducted by IReach, found older people have more awareness about pensions.
The function of the survey was to examine retirement planning in Ireland and whether people are being realistic as to their expectations for retirement age.
It estimates that those over 55 facing retirement appear to have greater awareness, with over 60pc knowing how much they will receive from the State when they retire.
The survey shows that pension participation is poor, with just 50pc of workers saving for retirement.
The chief executive of the Irish Association of Pension Funds, Jerry Moriarty, said: "It's not surprising that the general consensus varied depending on age - as we move through life's various stages, our priorities change and so too do our expectations for income."
He said the survey results show the lack of knowledge that exists around retirement and pensions.
"It is an issue that will affect us all, so people should be giving it some thought," he added.