Two thirds of adults in Ireland have reported they are unhappy with the rate of returns they are receiving according to new research from Irish Life. This is up 10% on figures from March 2016.
Furthermore, the research also found that close to 40% are now investing their money in order to secure their financial future, with a quarter of adults who invest stating that they put 6% or more of their annual income into investments.
Of those that do invest currently, the most popular investment types are shares (43%) and investment funds (29%), with gold (6%) a less popular option.
The survey also revealed the financial advice people in Ireland would give to their younger selves, including saving more (64%). Almost half (47%) of those surveyed said they would specifically advise their younger selves to save or invest some of any bonus or pay rise, rising to 59% of over 55’s who would give this financial advice.
Over a quarter of adults in Ireland said they would recommend their younger selves not to leave all of their money sitting in the bank, with more men encouraging their younger selves to do this (33%) compared to only 21% of women.
However, the report also revealed that of those surveyed who have not previously invested, close to a third 32% are not yet comfortable with the concept of investing in general or wouldn’t know what type of investment could suit them (31%). One in four also say that not having any ideas as to what types of returns they could expect is a key reason they haven’t yet invested.
Fund Manager at Irish Life, Teresa Carolan says, "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."
Source: www.businessworld.ie
