Waterfordians aged over 24 are preparing for the rainy day with greater saving zeal than ever, according to life assurance company Acorn Life.
Using recent EBS savings survey figures, Acorn Life has estimated that 86 per cent of adults in Waterford are currently saving an average of €4,000 per year.
And with 57,000 persons aged over 24 living in the city and county currently, Acorn Life has estimated that €190 million is being put away in Waterford alone.
“People in Waterford and right across the country are now increasingly conservative when it comes to their cash,” said Acorn Life Waterford manager Anne Tobin.
“In fact, they’re saving more than ever, if recent surveys including the EBS study offer any indication of the current public mood.”
Ms Tobin believes that “a significant portion of these funds will be switched into guaranteed pension funds in advance of the expected Budget cut in pension tax relief”.
Personal money management has greatly improved during this strained financial times, Anne Tobin added.
“A lot of people have, over the past two years, built up a reasonable cash nest egg and are now considering how best to use some of these funds to secure their long term future,” she said.
“Many people suffered considerable losses in their pension funds two years ago, with an average fall in values of 33 per cent for Irish pension funds – and for this reason, we anticipate that many pension savers will now seek capital guarantees to ensure they hang on to their money looking ahead.”
