Almost half of people have no plans to draw up household budget

Almost half of people have no plans to draw up household budget

Almost half of Irish people have no plans to draw up a household budget to help them save and pay bills in the year ahead, a new study from EBS has revealed.

Despite that finding, Aidan Power, head of marketing at EBS, urged customers to use this month to work out their likely income and outgoings throughout the year so they can determine how much money they will have left over to save or spend.

“Effective planning can ensure that you are availing of the most favourable savings rates available and are able to access funds as and when you anticipate needing them,” he said.

The research, which involved 1,000 people, showed 18% of those polled will do a very thorough review of the finances for the year ahead, 36% will make a general savings plan and 45% have no plans to develop a household budget for 2012.

Of those planning to prepare a budget, more than half said it was something they have only started to do since the downturn.

The report also found:

  • 29% of those polled were saving for something specific this year, with women more likely to know what they are saving for (33%) than men (25%).
  • Holidays topped the poll for reasons to save, with almost one in four putting money aside for a break.
  • Around one in 10 were saving for a car, education fees, home improvements, a wedding, engagement or a new house.
  • 2% said they were putting money away for Euro 2012.

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