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Savings - Ireland - January 2015

“Despite consumers still feeling the squeeze on their finances, there is still some appetite for precautionary saving: the two most common reasons for saving are for security and to cover unexpected events.”
– Brian O’Connor, Production Manager

This report answers the following key questions:

  • What level of savings do Irish consumers have?
  • What savings and investment products do Irish consumers own?
  • Why do Irish consumers save?

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Table of contents

  1. Introduction

      • Key themes in the report
        • Definition
          • Data sources
            • Abbreviations
            • Executive Summary

                • The market
                  • Figure 1: Total deposits from private households, NI and RoI, 2010-14
                • Forecast
                  • Figure 2: Index of total deposits from private households, RoI and NI, 2010-20
                • Market factors
                  • Both Irish economies back to growth, with RoI’s prospects particularly positive
                    • Consumer confidence remains high and on upward trajectory
                      • 2015 savings ratio down on recession years – but still higher than pre-recession years
                        • Confidence among consumers in their ability to at least maintain savings behaviour…
                          • …but household incomes remain squeezed for many, inhibiting saving
                            • The consumer
                              • Dominance of standard savings accounts indicates aversion to risk
                                • Figure 3: Ownership of savings and investment products, NI and RoI, October 2014
                              • Only a minority of consumers have no savings at all
                                • Figure 4: Amounts that consumers currently have in their savings and investments (excluding pensions and second homes), NI and RoI, October 2014
                              • Emergencies, unexpected events and security are the primary motivations for saving
                                • Figure 5: Intended purpose of savings and investments, NI and RoI, October 2014
                              • What we think
                              • Issues and Insights

                                • What level of savings do Irish consumers have?
                                  • The facts
                                    • The implications
                                      • What savings and investment products do Irish consumers own?
                                        • The facts
                                          • The implications
                                            • Why do Irish consumers save?
                                              • The facts
                                                • The implications
                                                • Trend Application

                                                    • Trend: Prepare for the Worst
                                                      • Trend: Help Me Help Myself
                                                        • Trend: Generation Next
                                                        • Market Overview

                                                          • Key points
                                                            • Both Irish economies back on road to growth
                                                              • Figure 6: GDP growth, annual %, UK, NI and RoI, actual and projected, 2012-15
                                                            • Positive consumer outlook could encourage spending over saving
                                                              • Figure 7: Consumer Confidence Index, NI, September 2011-September 2014
                                                              • Figure 8: Consumer Sentiment Index, RoI, December 2011-December 2014
                                                            • Savings ratio forecast to be 3.3% in NI, 5.2% in RoI in 2015
                                                              • Figure 9: Household savings ratio as proportion of household income, UK (including NI) and RoI, actual and forecast, 2008-15
                                                            • Most NI consumers expect to maintain savings at their current level
                                                              • Figure 10: Savings intentions for next 12 months, NI, April 2014
                                                            • RoI consumers broadly positive about savings environment
                                                              • Figure 11: Savings environment index, RoI, December 2013-December 2014
                                                              • Figure 12: Agreement with selected statements relating to saving environment, RoI, December 2014
                                                            • RoI consumers’ attitudes towards own saving habits generally positive
                                                              • Figure 13: Savings Attitude Index, RoI, December 2013-December 2014
                                                            • Possible shift from prioritising debt reduction to saving underway in RoI…
                                                              • Figure 14: Consumers’ intentions for surplus money, RoI, December 2013 and December 2014
                                                            • …but only a minority of Irish consumers can afford to save every month
                                                              • Figure 15: How consumers rate their current financial situation, NI and RoI, December 2014
                                                          • Market Size and Forecast

                                                            • Key points
                                                              • Slight increase in value of deposits in 2014
                                                                • Figure 16: Total deposits from private households, Ireland, RoI and NI, 2010-20
                                                              • 2013-14 growth in value largely came from NI consumers
                                                                • Recovery to build (slow) momentum from 2015 onwards
                                                                  • Figure 17: Index of total deposits from private households, RoI and NI, 2010-20
                                                                • Interest rates to strongly influence consumers’ savings behaviour
                                                                • Strengths and Weaknesses

                                                                  • Strengths
                                                                    • Weaknesses
                                                                    • Companies and Innovations

                                                                      • Key points
                                                                        • Examples of innovation
                                                                          • Sweden-based Ikano Bank is taking the phrase ‘playing around with your finances’ to a new level
                                                                            • Fee-free branchless bank interacts with its customers through a mobile app
                                                                              • Social Money launches SmartyPig, making it easier and more social to save money
                                                                                • Companies and products
                                                                                  • Allied Irish Bank
                                                                                    • Key facts
                                                                                      • Savings products
                                                                                        • Recent developments
                                                                                          • An Post
                                                                                            • Key facts
                                                                                              • Savings products
                                                                                                • Recent developments
                                                                                                  • Bank of Ireland
                                                                                                    • Key facts
                                                                                                      • Savings products
                                                                                                        • Recent developments
                                                                                                          • The Co-operative Bank
                                                                                                            • Key facts
                                                                                                              • Savings products
                                                                                                                • Recent developments
                                                                                                                  • Danske Bank
                                                                                                                    • Key facts
                                                                                                                      • Savings products
                                                                                                                        • Recent developments
                                                                                                                          • EBS Limited
                                                                                                                            • Key facts
                                                                                                                              • Savings products
                                                                                                                                • Recent developments
                                                                                                                                  • First Trust Bank
                                                                                                                                    • Key facts
                                                                                                                                      • Savings products
                                                                                                                                        • Recent developments
                                                                                                                                          • HSBC
                                                                                                                                            • Key facts
                                                                                                                                              • Savings products
                                                                                                                                                • Recent developments
                                                                                                                                                  • KBC Group
                                                                                                                                                    • Key facts
                                                                                                                                                      • Savings products
                                                                                                                                                        • Recent developments
                                                                                                                                                          • Nationwide
                                                                                                                                                            • Key facts
                                                                                                                                                              • Savings products
                                                                                                                                                                • Recent developments
                                                                                                                                                                  • Permanent TSB
                                                                                                                                                                    • Key facts
                                                                                                                                                                      • Savings products
                                                                                                                                                                        • Recent developments
                                                                                                                                                                          • Post Office
                                                                                                                                                                            • Key facts
                                                                                                                                                                              • Savings products
                                                                                                                                                                                • Recent developments
                                                                                                                                                                                  • RaboDirect
                                                                                                                                                                                    • Key facts
                                                                                                                                                                                      • Savings products
                                                                                                                                                                                        • Santander
                                                                                                                                                                                          • Key facts
                                                                                                                                                                                            • Savings products
                                                                                                                                                                                              • Recent developments
                                                                                                                                                                                                • Ulster Bank
                                                                                                                                                                                                  • Key facts
                                                                                                                                                                                                    • Savings products
                                                                                                                                                                                                      • Recent developments
                                                                                                                                                                                                      • The Consumer – Ownership of Savings Products

                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                          • Simple, risk-free products most popular among Irish consumers
                                                                                                                                                                                                            • Figure 18: Ownership of savings and investment products, NI and RoI, October 2014
                                                                                                                                                                                                          • Standard savings accounts popular among all ages and means
                                                                                                                                                                                                            • Figure 19: Ownership of savings accounts, by age and social class, NI and RoI, October 2014
                                                                                                                                                                                                          • Ownership of notice accounts highest among men and ABC1s
                                                                                                                                                                                                            • NI consumers opting for cash ISAs over stocks and shares ISAs
                                                                                                                                                                                                              • Figure 20: Ownership of cash ISAs and stocks and shares ISAs, by working status, NI, October 2014
                                                                                                                                                                                                            • High level intent to purchase stocks and shares ISAs in future
                                                                                                                                                                                                              • Figure 21: Consumers who do not own stocks and shares ISAs but plan on buying within the next year, by gender and age, NI, October 2014
                                                                                                                                                                                                            • Pension gap between men and women still going strong
                                                                                                                                                                                                                • Figure 22: Ownership of personal pensions, by gender, age and social class, NI and RoI, October 2014
                                                                                                                                                                                                                • Figure 23: Ownership of company pensions, by gender, age and social class, NI and RoI, October 2014
                                                                                                                                                                                                            • The Consumer – Value of Savings

                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                • Most consumers have some savings – but generally quite modest
                                                                                                                                                                                                                  • Figure 24: Amounts that consumers currently have in their savings and investments (excluding pensions and second homes), NI and RoI, October 2014
                                                                                                                                                                                                                • ABC1s most likely to have high level of savings/investments
                                                                                                                                                                                                                    • Figure 25: Consumers who claim to have no savings or investments, by social class, NI and RoI, October 2014
                                                                                                                                                                                                                  • Younger consumers less likely to save
                                                                                                                                                                                                                      • Figure 26: Consumers who claim to have no savings or investments, by age, NI and RoI, October 2014
                                                                                                                                                                                                                    • Women lagging men in the savings/investment stakes
                                                                                                                                                                                                                        • Figure 27: Consumers who claim to have no savings or investments, by gender, NI and RoI, October 2014
                                                                                                                                                                                                                    • The Consumer – Reasons for Saving

                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                        • Emergencies, surprises and security the main reasons for saving
                                                                                                                                                                                                                          • Figure 28: Intended purpose of savings and investments, RoI and NI, October 2014
                                                                                                                                                                                                                        • Women focused on precautionary saving, men on retirement
                                                                                                                                                                                                                            • Figure 29: Consumers who are saving ‘for the security of knowing the money is there’, by gender and social class, NI and RoI, October 2014
                                                                                                                                                                                                                          • Holidays and house deposits also on women’s saving agenda
                                                                                                                                                                                                                            • Social class a definite factor in why consumers save
                                                                                                                                                                                                                              • Age is a major factor in consumers’ motivation for saving
                                                                                                                                                                                                                              • Appendix

                                                                                                                                                                                                                                • NI Toluna tables
                                                                                                                                                                                                                                  • Figure 30: Amount that consumers currently have in their savings and investments (excluding pensions and second homes), by demographics, NI, October 2014
                                                                                                                                                                                                                                  • Figure 31: Amount that consumers currently have in their savings and investments (excluding pensions and second homes), by demographics, NI, October 2014 (continued)
                                                                                                                                                                                                                                  • Figure 32: Ownership of savings account (excluding Post Office accounts), by demographics, NI, October 2014
                                                                                                                                                                                                                                  • Figure 33: Ownership of cash ISA, by demographics, NI, October 2014
                                                                                                                                                                                                                                  • Figure 34: Ownership of stocks and shares ISA, by demographics, NI, October 2014
                                                                                                                                                                                                                                  • Figure 35: Ownership of company pension, by demographics, NI, October 2014
                                                                                                                                                                                                                                  • Figure 36: Ownership of NS&I (National Savings and Investments) products (eg premium bonds, index-linked savings certificates), by demographics, NI, October 2014
                                                                                                                                                                                                                                  • Figure 37: Ownership of personal pension, by demographics, NI, October 2014
                                                                                                                                                                                                                                  • Figure 38: Ownership of individual company shares, by demographics, NI, October 2014
                                                                                                                                                                                                                                  • Figure 39: Ownership of notice account, by demographics, NI, October 2014
                                                                                                                                                                                                                                  • Figure 40: Ownership of with-profits, unit-linked, money market, distribution or guaranteed investment bond, by demographics, NI, October 2014
                                                                                                                                                                                                                                  • Figure 41: Ownership of Post Office/An Post Saving Account, by demographics, NI, October 2014
                                                                                                                                                                                                                                  • Figure 42: Ownership of investment trust, by demographics, NI, October 2014
                                                                                                                                                                                                                                  • Figure 43: Ownership of other savings or investments, by demographics, NI, October 2014
                                                                                                                                                                                                                                  • Figure 44: Intended purpose of savings and investments, by demographics, NI, October 2014
                                                                                                                                                                                                                                  • Figure 45: Intended purpose of savings and investments, by demographics, NI, October 2014 (continued)
                                                                                                                                                                                                                                  • Figure 46: Intended purpose of savings and investments, by demographics, NI, October 2014 (continued)
                                                                                                                                                                                                                                • RoI Toluna tables
                                                                                                                                                                                                                                  • Figure 47: Amount that consumers currently have in their savings and investments (excluding pensions and second homes), by demographics, RoI, October 2014
                                                                                                                                                                                                                                  • Figure 48: Amount that consumers currently have in their savings and investments (excluding pensions and second homes), by demographics, RoI, October 2014 (continued)
                                                                                                                                                                                                                                  • Figure 49: Ownership of savings account (excluding Post Office accounts), by demographics, RoI, October 2014
                                                                                                                                                                                                                                  • Figure 50: Ownership of company pension, by demographics, RoI, October 2014
                                                                                                                                                                                                                                  • Figure 51: Ownership of personal pension, by demographics, RoI, October 2014
                                                                                                                                                                                                                                  • Figure 52: Ownership of individual company shares, by demographics, RoI, October 2014
                                                                                                                                                                                                                                  • Figure 53: Ownership of notice account, by demographics, RoI, October 2014
                                                                                                                                                                                                                                  • Figure 54: Ownership of with-profits, unit-linked, money market, distribution or guaranteed investment bond, by demographics, RoI, October 2014
                                                                                                                                                                                                                                  • Figure 55: Ownership of Post Office/An Post saving account, by demographics, RoI, October 2014
                                                                                                                                                                                                                                  • Figure 56: Ownership of state savings products (savings bonds, savings certificates, instalment savings and prize bonds), by demographics, RoI, October 2014
                                                                                                                                                                                                                                  • Figure 57: Ownership of investment trust, by demographics, RoI, October 2014
                                                                                                                                                                                                                                  • Figure 58: Ownership of other savings or investments, by demographics, RoI, October 2014
                                                                                                                                                                                                                                  • Figure 59: Intended purpose of savings and investments, by demographics, RoI, October 2014
                                                                                                                                                                                                                                  • Figure 60: Intended purpose of savings and investments, by demographics, RoI, October 2014 (cont)
                                                                                                                                                                                                                                  • Figure 61: Intended purpose of savings and investments, by demographics, RoI, October 2014 (cont)

                                                                                                                                                                                                                              Companies Covered

                                                                                                                                                                                                                              To learn more about the companies covered in this report please contact us.

                                                                                                                                                                                                                              Savings - Ireland - January 2015

                                                                                                                                                                                                                              £1,095.00 (Excl.Tax)