Ireland now a nation of savers/investors
A new body of research, the IBF Personal Asset Profile, undertaken by Amárach and published today by the Irish Banking Federation (IBF), shows that 9 out of 10 consumers are saving/investing – with two-thirds of them doing so on a regular basis. However, the research also shows that 1 in 3 consumers do not know how their current investments have performed over the past year; and far too little attention is given to financial planning for the future.
In-depth interviews with 800 adults throughout Ireland during February-March 2007 provide the definitive study of personal assets and consumer investment in the market place and give fresh insight into consumer attitudes to financial management and planning. The following are among the interesting findings to emerge from this first IBF Personal Asset Profile:
9 out of 10 consumers are savers/investors – 66% do so regularly, 13% do so regularly as well as by lump sum and 8% by lump sum only
Consumers clearly understand the difference between savings and investments – 68% plan regular saving over the next 3 years, while 32% plan investment
Consumers are not doing enough to promote their own financial interests – 35% do not regularly review the performance of their investment; 32% do not know how their investments have performed in the past year
Consumers are not planning properly for the future – 26% of consumers have nothing in place as a potential source of retirement income; and 80% have never made an AVC; 54% have not made a will and over two-thirds don’t intend to in the next year
IBF’s Chief Executive, Pat Farrell, stated: “The good news is that the vast majority of people are saving and/or investing and this trend looks set to continue into the future. The research also shows that consumers like to be personally involved in financial decision making, which is important as it enables them to fully benefit from a competitive market place. However, it is clear that consumers could maximise their position by regularly monitoring their savings/investments, by properly planning for their retirement and by making a will.”
The complete results of the IBF Personal Asset Profile can be viewed on the web on the IBF website under Banking Research. The research will be repeated on an annual basis in order to provide a benchmark going forward.
Note to Journalists: Irish Banking Federation (IBF) is the leading representative body for the banking and financial services sector in Ireland, representing over 60 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.