Savings Culture for Big Ticket Items Taking Hold in Ireland

Savings culture for big-ticket items taking hold in Ireland

Half of Irish consumers in a survey booked a holiday this year, spending on average €927, with those traveling abroad spending more, according to the latest KBC Savings Barometer.

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Those holidaying outside of Ireland spend on average €1,016 compared to those who opt for a ‘staycation,’ who pay in the region of €785.

Unlike during the Celtic Tiger years, consumers are now saving for their holiday rather than borrowing or paying for it with their credit card, the barometer shows.

Just over two-thirds of those surveyed saved for their holiday so they would not have to borrow while only 3pc took out a holiday loan.  Some 29pc still favor plastic, using their credit card to pay for their holiday.

The barometer shows that commitment to savings remains strong, especially among the under 35s. Of those who have a savings account, 48pc said they intend to increase their savings in the next six to 12 months.

A savings culture has taken hold, with four in five Irish adults holding a savings account.

See the following video from the IrishTimes on how you can save money as a consumer. The Irish Times Top Consumer Affairs Correspondent known as Conor Pope presents the best ways in which you, as a consumer, can save money. Conor focuses on how you can save big on your insurance and grocery bills.