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Thursday 29 September 2016

Almost half of savers have €32k tucked away for a rainy day

A third of Irish people don't know what type of investment would suit their needs and 27pc are anxious to know more about the return they can expect to get (Stock picture)
A third of Irish people don't know what type of investment would suit their needs and 27pc are anxious to know more about the return they can expect to get (Stock picture)

Almost half of Irish savers have €32,000 on deposit and most say their money isn't working hard enough for them.

A study for Irish Life shows half of deposit holders don't know what interest rate they get on their accounts. Somewhat surprisingly, the survey claims one-in-four Irish adults has a saved a nest egg that no one else knows about.

The nest egg is for use in the case of an emergency. Half of deposit holders keep a lump sum with their bank for five years or more. One-in-five has more than €50,000 on deposit and another 13pc have €75,000 saved. However, 56pc of savers aren't happy with the returns and almost as many don't believe their money works hard enough for them to have sufficient funds in the future.

While four-in-10 Irish investors are cautious, 16pc are confident and experienced. One-in-five investors is risk averse and would never be happy investing money.

A third of Irish people don't know what type of investment would suit their needs and 27pc are anxious to know more about the return they can expect to get. A quarter of people admitted they wouldn't have a clue as to who they should ask for advice to consider their investment choices.

Study

The study, conducted by Coyne Research, coincides with the launch of Irish Life's Maps. Irish Life retail CEO Gerry Hassett says the programme comprises 30,000 investors with more than €1.4bn in funds. While the average Maps investor is aged 53, 40pc of the pool are under 50. Irish Life advertising is handled by DDFH&B and Mediaworks.

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