New national research commissioned by Bank of Ireland reveals that 65% of Irish people are now placing more emphasis on planning for their financial futures than prior to the Covid-19 outbreak.
However, with only 47% of those surveyed stating that they are confident their current pension plan will provide them with a comfortable retirement, savers nationwide are being encouraged to invest more in their future financial wellbeing.
The survey was carried out by Red C on behalf of Bank of Ireland during 24th to 28th of July 2020. A total of 1,007 completed the survey. It was a nationally representative survey of Irish adults aged over 18.
Recent Central Bank data revealed that Irish deposit rates soared during the summer months (up €4.5bn in April & May 2020, compared to the same period in 2019) as spending opportunities reduced due to lockdown restrictions. Despite the persistent low interest rate environment mounting evidence suggests that Irish people are still increasingly more likely to save over the next 12 months.
So while survey respondents were most concerned about the here and now, the data clearly shows that a growing share of the general population continues to save more. Irish people are thinking about the future with family, travel and freedom in mind, but yet Bank of Ireland research reveals that the majority (over 60%) has not taken advice on how to plan for retirement.
Commenting on the research, Head of Pensions & Investments for Bank of Ireland, Bernard Walsh said, "The people we spoke to in this survey told us that lockdown gave them more time to think and may also have offered a glimpse for some people of what retirement might look like. And our research also shows that nearly 6 in 10 people have never sought professional financial help when it comes to pensions. But we know that conversations like these can offer vital insights in knowing how to take the right steps towards ensuring you have the means to live the kind of life you want when your working days come to an end."
He added, "Putting off these decisions today can have consequences into the future but availing of the right expertise can spark you into taking a journey that will lead to a better outcome for yourself and your family. Our clear message is to take time to invest in you."