Saving today for tomorrow

Zurich research reveals savings habits for Irish adults and their outlook for the year ahead.

The findings of Zurich’s savings and investments survey* highlights what people are saving for, their understanding of savings and investment products and their outlook for the coming year in terms of investment performance.

When it comes to saving, 6 in 10 adults save regularly, with an average of €576.50 saved each month. That is according to research Zurich conducted in order to better understand people’s savings habits.

Of those that don’t save regularly, they stated that their sporadic savings range from less than €2,500 (more than half of them) up to €10,000 (just 1 in 8).  In combination, the two groups save about €5,751 annually.

When asked what their purpose for saving and investing is, just under half of regular savers said they have a specific objective in mind. While many are saving for a rainy day, they are also thinking about retirement, children’s education, a new home and holidays. Those with savings with an insurance or investment company tend to save substantially more. And those who have saved more money to date tend to be making much higher annual savings.

Motivations

Of those who don’t save regularly, the majority say they can’t afford it, whereas 1 in 5 feel the rate of return is too low. Easy set up and access without penalty are the key factors that non-savers feel might encourage them to be more active or frequent savers. 

Of those who save regularly, the majority will increase their savings in the year ahead and there is a strong correlation with both the country’s economic prospects, and even more strongly, one’s personal financial optimism.

Key criteria for saving and investing

Research participants were asked when deciding where to place their savings, what sources of information did they mainly use? Many indicate that they use their own research, although family and friends are also important for younger adults and advisors or brokers are also cited as helping to make informed savings and investments decisions.

Just 1 in 5 indicate that financial advisers or brokers are critically important, although this rises with age and indeed is much more common amongst those with regular insurance-based savings or indeed lump sum investments. 

The top criteria of importance in savings and investments include the brands reputation or financial strength with its investment performance track record at a similar level. Other features that are important when deciding on where to place their savings include charges and having an attractive rate of return on investment.

When asked what, if any, impact the pandemic had on their savings and investments, over a third said they were able to save more, and for those whose savings habits had been negatively impacted, the economic setback was cited as being key.

*Source: Savings and Investments research survey, May 2021 conducted by Behaviour & Attitudes (B&A).

About: Savings

Whether you're planning for your new home, your dream wedding, college fees or simply for a rainy day, a sensible savings plan can make all the difference. With a wide range of options, control and flexibility, you can use our handy tools to help you on your savings journey. Talk to Zurich or find a local financial advisor near you with the Zurich Advisor finder.

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