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Cash skills plan helps workers save €1,000

A MONEY programme launched by the National Consumer Agency helped over 1,000 workers save more than €1,000 each in its first three months.

The Money Skills For Life programme assisted more than 9,500 employees showing them how to manage their money and save in its first year.

The scheme, which provides free, independent personal finance education to employees in their workplace, is celebrating its first anniversary.

A recent survey of those taking part has shown that 11pc reported saving €1,000 or more within three months, while 12pc said they had saved between €500 and €1,000 and 42pc had saved between €100 and €500.

 

Practical

The remainder saved less than €100. The scheme involves a free one-hour talk designed to provide practical money education to employees with the support of their employer.

People who saved €1,000 or more used a variety of changes to save money like reviewing their insurance policies or keeping a weekly spending diary.

Others reduced their credit card limit, opened a savings account with a locked-in term, switched their current account and changed their shopping habits.

The ones who saved between €100-€500 did so by budgeting and using a NCA planner.

They stopped using credit cards to take out cash and cancelled standing orders they no longer needed. They increased the amount going into their regular savings and used online banking more often. They shopped around for best value on utility and phone bills and cut back on take-away coffees and prepared a list when going shopping.

In the first year, 9,545 people attended in workplaces across the country, with 99pc saying that the talk was useful and 97pc saying they would recommend it.

Siobhan Howe, assistant director of public awareness and financial education at the NCA, said the programme "shows people the simple and immediate things they can do to manage their money better".

csheehy@herald.ie


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