More people are now using their savings on a regular basis to maintain their lifestyle standards, a new survey shows.
The latest EBS consumer savings sentiment research reveals that 33% of respondents said they typically dipped into their savings every two or three months. This is up from a figure of 25% in January when the last survey was carried out.
Over 40% of savers claim that they have had to start using their savings to compensate for lost income. These savers are more likely to be women, those in the 35-50 age group and those aged over 65.
The survey also says that a quarter of those who have dipped into their savings have used the funds for general living expenses. While previously holiday and travel were the lead reason, these now fall into second place at 21%.
Other key findings in the survey show that among the adult population, about one in five respondents do not save anything at all. 45% tend to save when they have a little extra left over while 36% claim to set aside a specific amount each month in a dedicated savings account.
The average amount saved among savers is €4,400 a year. This is about an 8% decline on the figure reported in January.
