61% of working adults currently have a rainy-day savings fund, according to a survey commissioned by CWM Wealth Management.

It comes as the rising cost of living, interest rate hikes, and potential job losses linked to global recession have put savings and future financial provision in the spotlight.

However, the findings show just over half of parents with younger children have rainy-day savings.

The top reason, for 47%, for not having a contingency fund, is not being able to afford to save.

A potential emergency is the top motivation for longer-term savings for 54% of those surveyed, while 39% are saving for a special event or occasion.

For parents, their kids' education is the second most significant savings motivation, at 44%.

In the general working population, ability to pay for heating, fuel, and other energy needs is the top financial worry, with 64% saying they have an average to high level of worry about this.

"We know Ireland is one of the most expensive European countries for housing and transport," said Carol Brick, Managing Director of CWM Wealth Management.

"But when food and heating is a worry for so many working families, additional Government supports should be targeted at those who need them most.

"A VAT reduction would help with household expenses, and concessions for lower earners, including supplementing the minimum wage, would relieve the short-term stress", the personal finance advisor said.

Ms Brick said putting a little money away every month is a cornerstone of good financial planning.

"Income protection and life insurance policies provide a safety blanket, especially for those with children, as do savings," she said.

The research was carried out by iReach Insights among 1,001 people in Ireland, currently in employment.