One in three Irish adults are unable to save because they have no spare cash.
And many of those who are saving feel they are not putting enough money aside, according to the Nationwide UK (Ireland) Savings Index.
Consumers, especially those over the age of 50, are unhappy with the amount they are saving. More than four out of 10 of those over the age of 50 are not saving at all – traditionally this age group tends to be the strongest savers.
The Nationwide UK (Ireland)/ESRI Savings Index, which measures overall sentiment towards saving, decreased to 112 in July, from 116 in June.
There was an increase in the number of people who currently feel they are saving nowhere near as much as they feel they should be.
However, the survey contains mixed results, with two out of three people putting money aside for a rainy day.
The proportion of those who do not save at all is now 32.3pc, down slightly from June.
This means the percentage of those who now save occasionally or regularly rose from 65pc in June to 68pc in July.
The survey found respondents over the age of 50 were feeling much more negative in July, with 21pc believing they save nowhere near what they should.
However, the share of respondents who believe now is a good time to save increased in July to the level recorded in May of 35pc. This is the highest recorded since June 2011.
The data suggests that those who in June felt the environment for saving was “quite bad” are now feeling slightly more positive.
Managing Director of Nationwide UK (Ireland) Brendan Synnott said the results suggest that respondents consider it a good time to save and are more inclined to save.
However, they continue to feel unhappy with the amount of money they are able to save.
He said the proportion of those over the age of 50 who are not saving at all continued to rise in July to 47.4pc.
“The proportion of consumers in this age group saving occasionally or regularly has also declined from 57.5pc to 52.6pc,” he said.
Interest rates are at all-time lows, with the tax rate on interest earned from savings 41pc.
Some 43pc of consumers expressed a preference for allocating any money over-and-above their everyday needs to paying off debts.
A further 12pc said they would spend it.
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