Research recently conducted by Irish Life has revealed the financial advice that people in Ireland would give to their younger selves, including saving more (64%), and investing either generally or in property (12%) – more than one quarter of adults in Ireland would recommend, in the event of meeting with their younger selves, not leaving all of their money sitting in the bank. Half of those surveyed noted that they would particularly advise saving or investing at least part of any bonus or pay rise received.
The survey also noted that almost 40% of people in Ireland are now investing in some form to secure their financial future. The most popular investment types among those surveyed were shares (43%) and investment funds (29%). A total of 6% invest in gold. For those who haven’t invested, being uncomfortable with the concept, unaware of the most suitable options or expected returns are key issues that prevent them from taking the plunge.
However, two-thirds of those with deposit accounts are unhappy with the returns they’re receiving. A lack of awareness regarding interest rates is also an issue – a quarter of those who surveyed believe they are getting returns of more than 2%, while the best annual rate for one year is in fact 0.6%, rising to 0.98% over five years.
“Our research shows that many people in Ireland are still not happy with returns on their deposit accounts. That’s why investing could be an excellent option for those looking to build their financial nest egg,” said Teresa Carolan, Fund Manager at Irish Life. “We want to help people with three easy steps and a range of Irish Life MAPS funds to suit different types of investors, from the cautions to the more adventurous, we’re encouraging people to explore their options and get their money working harder for them.”
Interested in saving more, or finding ways to invest your money? The Competition and Consumer Protection Commission offers a handy guide to help you make the most of your money.
Or, if you’d like to instil good financial habits in the next generation, see our tips on introducing children to the concept of saving.