Savers see cents in caution during time of turmoil

MORE people than ever are putting money aside for a rainy day but there has been a falloff in the number of those willing to risk investing their cash, a new survey has revealed.

- PAT FLANAGAN

The proportion of people saving has been reaching close to historic highs and this could be partly down to the uncertain times the world is facing, the Bank of Ireland Savings and Investment Index shows.

The study found that the cost of housing and rent as well as inflation remain the two biggest concerns and while the proportion of people saving is coming close to an all-time high, investors are expressing a cautious tone.

When asked to disclose what they were most concerned about, 23% indicated the cost of housing and rent was paramount, an increase of seven percent since the last survey carried out in the final three months of last year.

This figure rose to 39% for those aged between 16 and 29 reflecting the distress experienced among young people who fear they will never be able to afford a home of their own.

The survey also found that 21% of respondents said that they are most concerned about inflation and the cost of living, a rise of three percent since the previous study late last year.