Savings - Ireland - February 2012
Since Mintel last examined the savings market in Ireland (March 2010), the challenges facing both consumers and providers have increased. Disposable incomes have fallen significantly, making it more difficult for consumers to save on a regular basis. Many consumers have been forced to dip into existing savings to cover shortfalls in income. Although institutions are under intense pressure to attract retail deposits, low base rates make it difficult to offer a truly appealing return to consumers. For NI consumers, there is the additional factor of high inflation, which makes it extremely difficult for NI consumers to get any real return on savings. The one positive from the current economic climate is that the extremely low level of consumer confidence and general anxiety as to what the future holds – among both NI and RoI consumers – has strengthened consumer commitment towards precautionary saving. This report examines the current state of the savings market in Ireland and assesses the likely direction of the financial savings industry in the years to come.
Some questions answered in the report include:
- How has the recent 'recession experience' affected consumers' attitudes towards debt, spending and saving?
- What effect is the current economic situation – particularly with regards to interest rates and inflation – having on consumers' ability and eagerness to save?
- How appealing are the main alternatives to traditional saving – specifically, property, pensions and equities – to consumers in the current environment?
- How has savings account ownership been affected by the recent economic downturn?
- What are the main factors taken into consideration by consumers when choosing a savings account provider?
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