Published on : Dec 29, 2017
Albany, New York, December 29, 2017: A new research report highlighting the attitudes towards retirement and savings planning in Ireland has been added to the comprehensive repository of Market Research Hub (MRH). The report titled “Savings & Retirement Planning - Ireland - November 2017” offers insights on the motivations and influencing factors that are driving and impeding the savings and retirement planning landscape in the Ireland. According to the report, a high level of awareness on precautionary spending has not really translated into effective measures for retirement planning.
The report offers holistic perspective on the total number of deposits from private households in Ireland for the assessment period 2012-2022. Analysis on the economic growth, and its relation to employment opportunities in Northern Ireland and Republic of Ireland. According to the report, 29% of consumers in Northern Ireland are in the right position to save and invest, whereas 22% of consumers in Republic of Ireland were in a feasible position for investment and saving for retirements. The referendum that Britain will not be a part of the European Union (EU) has taken its toll on the consumer confidence, and due to low interest rates, the return on investment is marginal.
The report puts the total saving on by Irish consumers at 143 billion, which is further expected to reach nearly 163 billion by the end of 2022. The steady gains in economic growth, combined with low unemployment levels have given a boost to retirement savings and pension planning in Ireland.
The report also offers holistic assessment on the key players that are banking on innovation to consolidate their position. Some of the players profiled for innovation include Allied Irish Bank, Bank of Ireland, Danske Bank, Halifax, HSBC, KBC, and Nationwide. To give key players an unbiased assessment on the savings and retirement planning landscape in Ireland, the report also offers insights on key factors influencing consumer behavior. According to the report, nearly 20% of consumers in Northern Ireland, and over 17% of consumers in RoI have no savings at all. Although nearly 2/3rd consumers have a savings account, the high level of awareness about the necessity of saving and retirement has not translated into concrete action on part of consumers. The key influencing factors for investing in pension plans is precaution and uncertainty about the future. The rainy day fund is a priority for consumer in Ireland, and it is anticipated that this sentiment will drive further investments in the future.
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