As the economic downturn continues to bite, a new quarterly survey reveals that consumers are saving more.
The survey from Standard Life shows that the average Irish saver saves €336 a month, up €50 from the previous three month period.
The survey also reveals that men save more than women, with the average male saver putting aside €367 a month compared to an average of €282 from women.
Three out of four men save regularly compared with 68% of women. The research also shows that deposit accounts remain the most popular savings vehicle.
Today's survey also shows a low level of confidence in the Irish property market. 53% of respondents think it is a bad idea to invest in Irish buy-to-let property, while 40% think their home will be less than its current value in a year's time.
'Overall the appetite for property and other investments such as managed and equity funds are down quarter on quarter, as you might expect,' commented Brendan Barr, head of marketing with Standard Life.
'The exceptions are deposit accounts, capital guaranteed products, AVCs (pension top-ups), and perhaps most surprisingly shares,' he said.
The number of people who think it is a good time to buy shares has increased 5% from 21% to 26% quarter on quarter, despite the huge drop in the value of shares worldwide in recent months.
