The research reveals that while roughly half of Irish adults have a deposit account, about 56% of those account holders are unhappy with the rate of interest they’re earning on those funds. The average savings amount is €32,000 – 20% claim to have over €50,000 in their deposit account, with a further 13% saying they have savings of €75,000 or more.
The research also revealed that the number of Irish people with experience of investing has risen, increasing to 46%. There’s still an element of vigilance however, and almost half are cautious when it comes to investing – a mere 16% are confident in their ability to choose the right investment.
One of the main barriers people experience is a lack of knowledge as to what to invest in, or how much, and a third responded that they wouldn’t know what investment type would best suit their needs. To counter this, Irish Life has launched a campaign to increase awareness of investing and to make people more comfortable and knowledgeable on the topic. Part of this campaign has seen the launch of a new three step tool designed to help people identify what type of investor they might be.
Though the tool will, unsurprisingly, link you with suitable products from Irish Life’s Multi Asset Portfolio range, it could give you an idea of where you might start, though consulting with a qualified financial adviser is always the recommended route.
“The research has highlighted some interesting insights into how Irish people feel about the topic of investing and how they want to make their money work harder for them,” said Gerry Hassett, Managing Director, Irish Life Retail. “We would encourage people visit irishlife.ie and to try our three steps to comfortable investing, find out what type of investor they are and what type of investment could suit them.”