Younger adults pulling back from saving - ESRI
YOUNGER adults have pulled back from saving, a report out today shows.
The Nationwide UK (Ireland)/ESRI Savings Index fell two points in May due primarily to a decline in the numbers of under 50s saving regularly.
The proportion of people saving regularly decreased in May to 28pc from 31pc last month.
The decline is most apparent among those in the under 50 age bracket with just 28pc of this group saving regularly in May compared with 41pc a year ago.
There has also been an increase in negativity towards the ability to save in the future.
In May, 14pc of people said they expect to be able to save less in six months time.
This is an increase from 12pc last month and 10pc a year ago.