NI adults have over £11k in savings and put away £230 a month

A new report from the Building Societies Association (BSA) has found that adults in Northern Ireland save, on average, £230 each month and have £11,010.70 in total savings. 

The research also revealed that our savings pots contain over £5,000 less than those belonging to our UK counterparts, who set aside £237 a month and have, on average, £16,232 stashed away.

Those living in Wales have saved the second smallest amount in total, with £13,757, followed by those living in the North East of England, who have £13,762.80 put away for a rainy day. Topping the table are those in the East of England, where average savings pots sit at £18,458.60.

Among the key findings, published as part of UK Savings Week, it emerged that 29% of adults in Northern Ireland have less than £1,000 in savings compared with almost a quarter (24%) of those in the UK. Although 7% of local people have no savings at all, the UK figure is higher, at 10%.

People in Northern Ireland put money into savings 16.5 times a year compared to a UK average of 15.5. Only people in the North West of England, at 18.3 times, save more often than us.

Local consumers are more prepared to meet an unexpected expense of £300 if they suddenly had to, with 89% saying they could manage compared to 69% of UK adults.

A third (33%) of UK adults wouldn’t have enough savings to live off for more than a month if they lost their income, according to the report. That figure falls to 32% in Northern Ireland but rises to 42% in London.

Almost half (48%) of UK adults are saving less than they did before the cost of living crisis compared to 38% in Northern Ireland.

The report found that consumers here are clued in when it comes to interest rates, with 88% comparing the return on their savings accounts with other available.  That compares with a UK average of 69%.

Local people are least likely to remain loyal to their childhood providers when compared with elsewhere in the UK. Just 32% of NI adults are still with the same savings provider as when they opened their first account as a child compared to a UK figure of 41%.

People in Northern Ireland are also more savings account savvy than any of our UK counterparts, with only 8% of us keeping our nest egg in a current account compared to a UK figure of 28%.