Survey finds over half of Irish adults continued to save despite Covid-19 crisis

Greg Mulhall

Reporter:

Greg Mulhall

Survey finds over half of Irish adults continued to save despite Covid-19 crisis

A new financial survey has found that over half of respondents continue to save, despite the challenges thrown up by the Covid-19 crisis. 

Even though people were more conscious of their spending, a large number of people still considered themselves “comfortable” with little or no change in their ability to save. 

The Blueprint Financial Planning Online Financial Fitness Index asked a series of questions about how people felt about their personal finances in recent weeks.  58% of respondents continued to save during the Covid-19 lockdown, while 22% of respondents said they only had enough income to live from month to month.

53% of those surveyed said that they are certainly more aware of their spending, but 33% said there was no change in their ability to save. 

30% reported there was a reduced ability to save, while 27% noting an increased ability to save/ invest later this year. When asked about the likelihood of being able to save/ invest more later in the year is, 44% said it was ‘Good’.

78% of participants were aged between 25-54 with over half (51%) providing for a family, with a further 75% earning between €30,000 - €75,000.                                          

“The COVID pandemic has affected investment markets which in turn may have a knock-on effect on most people in some shape or form. However, markets have rebounded and time helps eradicate dips in the markets as the saying goes it’s ‘time in the markets not timing the markets’," said John O’ Driscoll, managing director of Blueprint Financial Planning & Financial Fitness.

“It’s equally important to remain positive and plan forward. This is the time to think about pensions, illness protection, wealth management, financial planning and protection analysis, getting to the heart of planning and thinking for the future where our clients can comfortably deal with life’s inevitable ‘rainy days’. Equally so, a prospect that allows them to enjoy the things that matter to them in their lives.”

The new survey was commissioned as Blueprint Financial Planning launched a new online consultation platform www.financialfitness.ie, to meet changing consumer demand. Of those who responded, 70% said they perceived online/ video a convenient and modern approach to their financial planning. A clear majority of 76% would prefer a ‘Financial Fitness’ proposal of a one-off consultation with regular checkups.