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Savings - Ireland - January 2016

“After a prolonged period of time in which consumers’ motivation to save far exceeded their financial capacity to save, consumers now finally have far greater capacity to start saving or add to existing savings. This is particularly true of RoI consumers, who felt the effects of the recession far more severely than their NI counterparts, but, equally, are feeling the effects of the recovery to a far greater degree, too."
– Brian O’Connor, Senior Consumer Analyst

This report discusses the following key topics:

  • Investments yet to catch the eye of Irish consumers
  • Future growth to come from occasional rather than regular savers
  • Consumers to stick with easy access accounts until returns improve

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Table of contents

  1. Overview

    • What you need to know
      • Products covered in this report
      • Executive Summary

          • The market
            • All-Ireland savings market valued at €141.6 billion in 2015
              • Figure 1: Total deposits from private households, IoI, RoI and NI, 2011-21
            • Growth in coming years to be primarily centred around RoI market
              • Figure 2: Index of total deposits from private households, RoI and NI, 2011-21
            • Unemployment rates falling as a result of new job creation
              • Consumer confidence on the up across Ireland
                • Only 26% in NI, 18% in RoI can afford to save on regular basis
                  • Return earned by consumers on savings is negligible at best
                    • The consumer
                      • Most Irish consumers have at least some savings
                        • Figure 3: Amount that consumers currently have in their savings and investments (excluding pensions and second homes), NI and RoI, November 2015
                      • Standard savings accounts are the most popular savings product
                        • Figure 4: Ownership of selected savings and investment products, NI and RoI, November 2015
                      • Broadly positive expectations for savings over coming months
                        • Figure 5: Consumer expectations for savings and investments in the next six months, NI and RoI, November 2015
                      • What it means
                      • Issues and Insights

                        • Investments yet to catch the eye of Irish consumers
                          • The facts
                            • The implications
                              • Future growth to come from occasional rather than regular savers
                                • The facts
                                  • The implications
                                    • Consumers to stick with easy access accounts until returns improve
                                      • The facts
                                        • The implications
                                        • The Market – What You Need to Know

                                          • Unemployment rates falling as a result of new job creation
                                            • Consumer confidence on the up across Ireland
                                              • Only 26% in NI and 18% in RoI can afford to save on regular basis
                                                • Return earned by consumers on savings is negligible at best
                                                • Market Size and Forecast

                                                    • Total value of Irish savings almost €142 billion in 2015
                                                      • Figure 6: Total deposits from private households, IoI, RoI and NI, 2011-21
                                                    • Majority of savings held in easy access savings accounts in RoI
                                                      • Figure 7: Composition of deposits, €bn, RoI, 2015
                                                    • Strong rise in popularity of easy access accounts over last 5 years
                                                      • Figure 8: Composition of deposits, %, RoI, 2005, 2010 & 2015
                                                    • Value of all-Ireland savings market to reach €165 billion by 2021
                                                      • Figure 9: Index of total deposits from private households, RoI and NI, 2011-21
                                                  • Market Drivers

                                                    • Unemployment coming under control in NI and RoI
                                                      • Figure 10: Unemployment rate, %, NI, 2012-15
                                                      • Figure 11: Number in employment, 000s, NI, September 2012-November 2015
                                                    • Steady decline in RoI unemployment
                                                      • Figure 12: Unemployment rate, %, RoI, December 2013-December 2015
                                                      • Figure 13: Number employed, part-time and full-time, 000s, Q3 2013-Q3 2015
                                                    • Consumers feeling confident and optimistic – and inclined to spend
                                                      • NI consumer confidence at highest point since 2008
                                                        • Figure 14: How consumers rate own current financial position compared to one year ago, NI, October 2015
                                                      • RoI consumer confidence at highest point since January 2006
                                                        • Figure 15: How consumers rate the outlook for their own financial position in one year’s time, RoI, December 2015
                                                        • Figure 16: How consumers rate the current buying environment for large household purchases, RoI, December 2014 and December 2015
                                                      • A third of RoI consumers would save any surplus cash they had
                                                        • Figure 17: Consumers’ intentions for any surplus money, RoI, December 2015
                                                      • RoI consumers unsure as to whether now is a good time to save
                                                        • Figure 18: Index of consumers’ assessment of savings environment, RoI, January-December 2015
                                                      • Future intent exceeds past behaviour when it comes to saving
                                                        • Figure 19: Ways that consumers have spent their money in the last three months, NI and RoI, November 2015
                                                        • Figure 20: Ways that consumers intend to spend their money in the next three months, NI and RoI, November 2015
                                                      • Only a minority of consumers in a position to save regularly
                                                        • Figure 21: How consumers rate current financial situation, RoI and NI, November 2015
                                                      • No real change of late in proportion of consumers who are ‘financially healthy’
                                                        • Figure 22: Consumers who rate their current financial situation as being ‘Healthy’, NI and RoI, July 2013-November 2015
                                                      • Increase among RoI consumers in number of consumers who are ‘financially OK’ ...
                                                        • Figure 23: Consumers who rate their current financial situation as being ‘OK’, NI and RoI, July 2013-November 2015
                                                      • ...which likely explains change in proportion of consumers with no savings
                                                        • Figure 24: Consumers who currently have no savings or investments, NI and RoI, October 2014 & November 2015
                                                      • Interest rates doing little to entice consumers to save more
                                                        • Figure 25: Retail interest rates, deposits, instant access, UK (including NI) and RoI, December 2010-December 2015
                                                    • Competitive Strategies

                                                        • HSBC, Halifax and Nationwide launch Help to Buy ISAs
                                                          • Post Office offers innovative online ISA
                                                            • HSBC rewards loyalty
                                                              • Nationwide offers customers greater flexibility
                                                                • ISAs under threat from Personal Savings Allowance
                                                                  • Santander continues to lead despite rising fees
                                                                  • Companies and Brands

                                                                      • Allied Irish Bank/First Trust Bank
                                                                        • Savings products
                                                                          • An Post
                                                                            • Savings products
                                                                              • Bank of Ireland
                                                                                • Savings products
                                                                                  • Co-operative Bank
                                                                                    • Savings products
                                                                                      • Danske Bank
                                                                                        • Savings products
                                                                                          • First Trust
                                                                                            • Savings products
                                                                                              • Halifax
                                                                                                • Savings products
                                                                                                  • HSBC
                                                                                                    • Savings products
                                                                                                      • HSBC rewards loyalty
                                                                                                        • HSBC launch Help to Buy ISA
                                                                                                          • KBC Group
                                                                                                            • Savings products
                                                                                                              • Nationwide
                                                                                                                • Savings products
                                                                                                                  • Help to Buy ISA
                                                                                                                    • Flexclusive Regular Saver
                                                                                                                      • Permanent TSB
                                                                                                                        • Savings products
                                                                                                                          • Post Office
                                                                                                                            • Savings products
                                                                                                                              • Competitive strategy
                                                                                                                                • Santander
                                                                                                                                  • Savings products
                                                                                                                                    • Competitive strategy
                                                                                                                                      • Ulster Bank
                                                                                                                                        • Savings products
                                                                                                                                        • The Consumer – What You Need to Know

                                                                                                                                          • Most Irish consumers have at least some savings
                                                                                                                                            • Standard savings accounts are the most popular savings product
                                                                                                                                              • Broadly positive expectations for savings over coming months
                                                                                                                                              • The Consumer – Value of Savings

                                                                                                                                                • Only a minority of consumers have no savings whatsoever
                                                                                                                                                    • Figure 26: Amount that consumers currently have in their savings and investments (excluding pensions and second homes), NI and RoI, November 2015
                                                                                                                                                  • Women more inclined than men to have no savings
                                                                                                                                                    • Figure 27: Consumers who currently have ‘no savings or investments’, by gender, NI and RoI, November 2015
                                                                                                                                                  • Consumers aged 55+ least likely to have no savings or investments
                                                                                                                                                    • Figure 28: Consumers who currently have ‘no savings or investments’, by age, NI and RoI, November 2015
                                                                                                                                                    • Figure 29: Consumers who currently have ‘no savings or investments’, by presence of children in the household, NI and RoI, November 2015
                                                                                                                                                  • C2DEFs twice as likely as ABC1s to have no savings or investments
                                                                                                                                                    • Figure 30: Consumers who currently have ‘no savings or investments’, by social class, NI and RoI, November 2015
                                                                                                                                                • The Consumer – Ownership of Savings Products

                                                                                                                                                  • Straightforward savings account the preferred savings product
                                                                                                                                                      • Figure 31: Ownership of selected savings and investment products, NI and RoI, November 2015
                                                                                                                                                      • Figure 32: Ownership of selected savings and investment products, NI and RoI, November 2015
                                                                                                                                                    • Standard savings accounts command universal appeal
                                                                                                                                                      • Figure 33: Ownership of savings account (excluding Post Office accounts), by gender, age and social class, NI and RoI, November 2015
                                                                                                                                                    • NI consumers playing it safe when purchasing ISAs
                                                                                                                                                      • Figure 34: Ownership of cash ISAs and stock and shares ISAs, by gender, age and social class, NI, November 2015
                                                                                                                                                    • No room for complacency when it comes to pensions
                                                                                                                                                      • Figure 35: Ownership of personal pensions and company pensions, NI and RoI, November 2015
                                                                                                                                                    • Huge gender gap in pension ownership among NI and RoI consumers
                                                                                                                                                        • Figure 36: Ownership of personal pensions, by age, gender and social class, NI and RoI, November 2015
                                                                                                                                                        • Figure 37: Ownership of company pensions, by age, gender and social class, NI and RoI, November 2015
                                                                                                                                                      • Neither NI nor RoI consumers too keen on equity investments
                                                                                                                                                          • Figure 38: Ownership of individual company shares, NI and RoI, October 2014 & November 2015
                                                                                                                                                        • Men, ABC1s and consumers aged 55+ most inclined to own equity investments
                                                                                                                                                          • Figure 39: Ownership of individual company shares, by age, gender and social class, NI and RoI, November 2015
                                                                                                                                                      • The Consumer – Expectations for Savings

                                                                                                                                                        • Most expect savings to increase or remain constant in coming 6 months
                                                                                                                                                          • Figure 40: Consumer expectations for savings and investments in the next six months, NI and RoI, November 2015
                                                                                                                                                        • Younger consumers and ABC1s most optimistic about future
                                                                                                                                                          • Figure 41: Consumers who expect their savings and/or investments to increase in the next six months, by age, gender and social class, NI and RoI, November 2015
                                                                                                                                                        • Work status a major factor in expectations for the near future
                                                                                                                                                          • Figure 42: Consumers who expect their savings and/or investments to increase in the next six months, by work status, NI and RoI, November 2015
                                                                                                                                                        • No major concerns about savings being depleted in months ahead
                                                                                                                                                          • Figure 43: Consumers who expect their savings and/or investments to stay the same over the next six months, by age, gender and social class, NI and RoI, November 2015
                                                                                                                                                          • Figure 44: Consumers who expect their savings and/or investments to stay the same over the next six months, by work status, NI and RoI, November 2015
                                                                                                                                                      • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                                                                        • Data sources
                                                                                                                                                          • Abbreviations
                                                                                                                                                          • Appendix – The Consumer

                                                                                                                                                            • NI Toluna data
                                                                                                                                                              • Figure 45: Amount that consumers currently have in their savings and investments (excluding pensions and second homes), by demographics, NI, November 2015
                                                                                                                                                              • Figure 46: Amount that consumers currently have in their savings and investments (excluding pensions and second homes), by demographics, NI, November 2015 (continued)
                                                                                                                                                              • Figure 47: Ownership of savings account (excluding Post Office accounts), by demographics, NI, November 2015
                                                                                                                                                              • Figure 48: Ownership of Cash ISA, by demographics, NI, November 2015
                                                                                                                                                              • Figure 49: Ownership of Stocks and Shares ISA, by demographics, NI, November 2015
                                                                                                                                                              • Figure 50: Ownership of company pension, by demographics, NI, November 2015
                                                                                                                                                              • Figure 51: Ownership of NS&I (National Savings and Investments) products (eg Premium Bonds, Index-linked Savings Certificates), by demographics, NI, November 2015
                                                                                                                                                              • Figure 52: Ownership of a personal pension, by demographics, NI, November 2015
                                                                                                                                                              • Figure 53: Ownership of individual company shares, by demographics, NI, November 2015
                                                                                                                                                              • Figure 54: Ownership of notice account, by demographics, NI, November 2015
                                                                                                                                                              • Figure 55: Ownership of with profits, unit-linked, money market, distribution or guaranteed investment bond, by demographics, NI, November 2015
                                                                                                                                                              • Figure 56: Ownership of Post Office/An Post Saving Account, by demographics, NI, November 2015
                                                                                                                                                              • Figure 57: Ownership of an investment trust, by demographics, NI, November 2015
                                                                                                                                                              • Figure 58: Ownership of other savings or investments, by demographics, NI, November 2015
                                                                                                                                                              • Figure 59: Consumer expectations for savings and investments in the next six months, by demographics, NI, November 2015
                                                                                                                                                              • Figure 60: Ways that consumers have spent their money in the last three months, by demographics, NI, November 2015
                                                                                                                                                              • Figure 61: Ways that consumers have spent their money in the last three months, by demographics, NI, November 2015 (continued)
                                                                                                                                                              • Figure 62: Ways that consumers have spent their money in the last three months, by demographics, NI, November 2015 (continued)
                                                                                                                                                              • Figure 63: Ways that consumers intend to spend their money in the next three months, by demographics, NI, November 2015
                                                                                                                                                              • Figure 64: Ways that consumers intend to spend their money in the next three months, by demographics, NI, November 2015 (continued)
                                                                                                                                                              • Figure 65: Ways that consumers intend to spend their money in the next three months, by demographics, NI, November 2015 (continued)
                                                                                                                                                            • RoI Toluna data
                                                                                                                                                              • Figure 66: Amount that consumers currently have in their savings and investments (excluding pensions and second homes), by demographics, RoI, November 2015
                                                                                                                                                              • Figure 67: Amount that consumers currently have in their savings and investments (excluding pensions and second homes), by demographics, RoI, November 2015 (continued)
                                                                                                                                                              • Figure 68: Ownership of savings account (excluding Post Office accounts), by demographics, RoI, November 2015
                                                                                                                                                              • Figure 69: Ownership of company pension, by demographics, RoI, November 2015
                                                                                                                                                              • Figure 70: Ownership of a personal pension, by demographics, RoI, November 2015
                                                                                                                                                              • Figure 71: Ownership of individual company shares, by demographics, RoI, November 2015
                                                                                                                                                              • Figure 72: Ownership of notice account, by demographics, RoI, November 2015
                                                                                                                                                              • Figure 73: Ownership of with profits, unit-linked, money market, distribution or guaranteed investment bond, by demographics, RoI, November 2015
                                                                                                                                                              • Figure 74: Ownership of Post Office/An Post Saving Account, by demographics, RoI, November 2015
                                                                                                                                                              • Figure 75: Ownership of state savings products (Savings Bonds, Savings Certificates, Instalment Savings and Prize Bonds), by demographics, RoI, November 2015
                                                                                                                                                              • Figure 76: Ownership of an investment trust, by demographics, RoI, November 2015
                                                                                                                                                              • Figure 77: Ownership of Other savings or investments, by demographics, RoI, November 2015
                                                                                                                                                              • Figure 78: Consumer expectations for savings and investments in the next six months, by demographics, RoI, November 2015
                                                                                                                                                              • Figure 79: Ways that consumers have spent their money in the last three months, by demographics, RoI, November 2015
                                                                                                                                                              • Figure 80: Ways that consumers have spent their money in the last three months, by demographics, RoI, November 2015 (continued)
                                                                                                                                                              • Figure 81: Ways that consumers have spent their money in the last three months, by demographics, RoI, November 2015 (continued)
                                                                                                                                                              • Figure 82: Ways that consumers intend to spend their money in the next three months, by demographics, RoI, November 2015
                                                                                                                                                              • Figure 83: Ways that consumers intend to spend their money in the next three months, by demographics, RoI, November 2015 (continued)
                                                                                                                                                              • Figure 84: Ways that consumers intend to spend their money in the next three months, by demographics, RoI, November 2015 (continued)

                                                                                                                                                          Companies Covered

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

                                                                                                                                                          Savings - Ireland - January 2016

                                                                                                                                                          £1,095.00 (Excl.Tax)