Almost half of Irish adults claim to have a deposit account, with an average amount of €32,000 saved. Yet 46% of deposit account holders say their money is not working hard enough.
The investing behaviour and opinions of Irish consumers have been revealed in new research by Irish Life. The study was carried out to coincide with a new campaign for Irish Life MAPS, a multi asset portfolio fund available on Irish Life’s investment plans.
Half of deposit account holders have kept a lump sum with their bank for five years or longer, with a fifth claiming to have over €50,000 in their deposit account, and another 13% have over €75,000 saved.
Surprisingly, the research also revealed that a quarter of Irish adults have a nest-egg of savings for themselves that no one else knows about, to be used in the case of an emergency.
Gerry Hassett, Managing Director of Irish Life Retail, commenting on the research findings and the MAPS range, said 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.
“We now have 30,000 people in Irish Life MAPS, with a total of over €1.45 billion in investments. While the average investor in Irish Life MAPS nationally is 53 years of age, 40% of them are under 50.”
