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Description

Description

“Preparing for a rainy day continues to be a key motivator to save among Irish consumers – and this has helped to propel growth of total deposits by Irish consumers between 2015 and 2019. Moving forward, as employment levels continue to increase and debt levels fall among the population it may help to push consumers to save more."
– Brian O’Connor, Senior Consumer Analyst

This report looks at the following areas:

  • Employment rates improve between 2014 and 2019
  • Less debt means greater disposable income
  • Low interest yields on savings
  • Majority of consumers set savings goals

What's included

What's included

Table of contents

Table of contents

  1. Overview

    • What you need to know
      • Issues covered in this Report
        • Definitions
        • Executive Summary

            • The market
              • Figure 1: Total deposits from private households, IoI, RoI and NI, 2015-19
            • Forecast
              • Figure 2: Indexed total deposits from private households, RoI and NI, 2015-25
            • Market Factors
              • Employment rates improve between 2014 and 2019
                • Less debt means greater disposable income
                  • Low interest yields on savings
                    • Majority of consumers set savings goals
                      • Figure 3: If consumers were successful in their savings goal, NI and RoI, November 2019
                    • The Consumer
                      • Majority of savers have less that £5,000/€6,000 in their savings
                        • Figure 4: Amount that consumers currently have in savings and investments (excluding the value of main home and any pension savings), NI and RoI, November 2019
                      • Standard accounts most prevalent among Irish consumers
                        • Figure 5: Ownership of savings and investments products, RoI and NI, November 2019
                        • Figure 6: Savings and investments products consumers are planning on arranging in the next 12 months, RoI and NI, November 2019
                      • Rainy days key saving priority
                        • Figure 7: Main reasons for saving by consumers, NI and RoI, November 2019
                      • Four in five prefer to save than borrow for what they need
                        • Figure 8: Agreement with statements relating to savings and retirement, NI and RoI, November 2019
                    • The Market – What You Need to Know

                      • Value of savings deposits increasing
                        • Greater level of consumers in employment
                          • Irish consumers have less debt
                            • Low interest yields on savings
                              • Majority of consumers set savings goals
                              • Market Size and Forecast

                                  • Irish consumers' savings total €150 billion in 2019
                                    • Figure 9: Total deposits from private households, IoI, RoI and NI, 2015-25
                                    • Figure 10: Consumer Price Index, UK and RoI, 2012-19
                                    • Figure 11: How consumers expect their personal financial situation to change in the next 12 months, NI and RoI, October 2016 and November 2019
                                  • Savings value expected to continue to grow despite Brexit
                                    • Figure 12: Indexed total deposits from private households, RoI and NI, 2015-25
                                • Market Drivers

                                  • Employment levels continue to improve in both NI and RoI
                                    • Figure 13: Indexed employment rates, NI and RoI, Q1 2014-Q3 2019
                                  • Brexit could disrupt employment growth and in turn savings value
                                    • Figure 14: What effect consumers think Brexit will have on unemployment, NI and RoI, June 2019
                                  • Reduced household debts an opportunity for savings products
                                    • Figure 15: Debt to disposable income (%), RoI, Q1 2014-Q1 2019
                                  • NI consumers less likely to be over-indebted in 2018
                                    • Figure 16: Proportion of the population who are over-indebted, by region, UK, 2015 and 2018
                                  • Interest rates on savings remain low
                                    • Figure 17: Retail interest rates (%) for deposits, outstanding amounts, RoI, January 2014-July 2019
                                    • Figure 18: Average quoted household interest rates, UK, December 2017-November 2019
                                  • Credit unions in RoI impose new saving limits
                                    • Figure 19: Consumers who have their main or other current account with a credit union, NI and RoI, June 2019
                                  • Two thirds of consumers claim to set savings goals
                                    • Figure 20: If consumers aimed to save/invest a certain amount of money over the last 12 months, NI and RoI, November 2019
                                    • Figure 21: If consumers were successful in their savings goal, NI and RoI, November 2019
                                • Companies and Brands – What You Need to Know

                                  • Making investing less daunting
                                    • Sustainable savings
                                      • Considering the whole budget when saving
                                      • Who’s Innovating?

                                          • Using noodles to encourage investors
                                            • Sustainable savings could hold appeal
                                              • Figure 22: Environmental and ethical issues most important to consumers, NI and RoI, November 2018
                                              • Figure 23: Ethical practices that influence consumers to buy companies’ products, NI and RoI, November 2018
                                            • A different approach to saving
                                            • Companies and Brands

                                                • Allied Irish Bank (RoI)/First Trust Bank (NI)
                                                  • Key facts
                                                    • Savings products
                                                      • Recent developments
                                                        • An Post (RoI Only)
                                                          • Key facts
                                                            • Savings products
                                                              • Recent developments
                                                                • Bank of Ireland
                                                                  • Key facts
                                                                    • Savings products
                                                                      • Recent developments
                                                                        • Danske Bank
                                                                          • Key facts
                                                                            • Savings products
                                                                              • Recent developments
                                                                                • Halifax (NI Only)
                                                                                  • Key facts
                                                                                    • Savings products
                                                                                      • Recent developments
                                                                                        • KBC (RoI Only)
                                                                                          • Key facts
                                                                                            • Savings products
                                                                                              • Recent developments
                                                                                                • Nationwide (NI Only)
                                                                                                  • Key facts
                                                                                                    • Savings products
                                                                                                      • Permanent TSB (RoI Only)
                                                                                                        • Key facts
                                                                                                          • Savings products
                                                                                                            • Recent developments
                                                                                                              • Post Office (NI Only)
                                                                                                                • Key facts
                                                                                                                  • Savings products
                                                                                                                    • Santander (NI Only)
                                                                                                                      • Key facts
                                                                                                                        • Savings products
                                                                                                                          • Recent developments
                                                                                                                            • Ulster Bank
                                                                                                                              • Key facts
                                                                                                                                • Savings products
                                                                                                                                  • Recent developments
                                                                                                                                  • The Consumer – What You Need to Know

                                                                                                                                    • Irish consumers have low-value savings
                                                                                                                                      • Basic savings accounts most owned
                                                                                                                                        • Preparing for the future a key reason to save
                                                                                                                                          • Four in five prefer to save than borrow for what they need
                                                                                                                                          • Value of Savings

                                                                                                                                              • Improvement in the level of consumers with savings
                                                                                                                                                • Figure 24: Amount that consumers currently have in savings and investments (excluding the value of main home and any pension savings), NI and RoI, November 2019
                                                                                                                                              • Greater proportion of the population have savings
                                                                                                                                                • Figure 25: Consumers who currently have no savings or investments, NI and RoI, October 2017 and November 2019
                                                                                                                                                • Figure 26: Consumers who currently have no savings or investments, by age, NI and RoI, November 2019
                                                                                                                                              • Younger consumers more likely to have low-value savings
                                                                                                                                                • Figure 27: Consumers with low levels of savings, by age, NI and RoI, November 2019
                                                                                                                                            • Ownership of Savings and Investment Products

                                                                                                                                                • Standard accounts and pensions most owned savings products
                                                                                                                                                  • Figure 28: Ownership of savings and investments products, RoI and NI, November 2019
                                                                                                                                                • Savings accounts show higher ownership among NI men and mature consumers
                                                                                                                                                  • Figure 29: Ownership of savings account (excluding Post Office accounts), by gender and age, RoI and NI, November 2019
                                                                                                                                                • A third of consumers have a pension, with women less likely to have one
                                                                                                                                                  • Figure 30: Ownership of pensions, by gender and age, RoI and NI, November 2019
                                                                                                                                                • NI consumers still likely to prefer cash ISA to stocks and shares ISA
                                                                                                                                                  • Figure 31: Ownership of ISAs, NI, November 2019
                                                                                                                                                • Three in 10 expect to arrange a standard savings account
                                                                                                                                                  • Figure 32: Savings and investments products consumers are planning on arranging in the next 12 months, RoI and NI, November 2019
                                                                                                                                              • Reasons for Saving

                                                                                                                                                  • Rainy days and holidays key saving priorities
                                                                                                                                                    • Figure 33: Main reasons for saving by consumers, NI and RoI, November 2019
                                                                                                                                                  • Older consumer groups more likely to prepare for rainy days
                                                                                                                                                    • Figure 34: Consumers who are saving for a rainy day, by age, NI and RoI, November 2019
                                                                                                                                                  • Middle-aged consumers more likely to save for holidays
                                                                                                                                                    • Figure 35: Consumers who are saving for a holiday, by age, NI and RoI, November 2019
                                                                                                                                                    • Figure 36: Consumers’ spending intentions for holidays in the next six months and in the last six months, NI and RoI, June 2019
                                                                                                                                                  • One in five saving for a new car
                                                                                                                                                    • Figure 37: Consumers who are saving for a car/vehicle, by location, NI and RoI, November 2019
                                                                                                                                                    • Figure 37: Desired fuel type for future car purchase, NI and RoI, December 2018
                                                                                                                                                • Attitudes towards Savings

                                                                                                                                                    • Consumers prefer to save rather than borrow
                                                                                                                                                      • Figure 38: Agreement with statements relating to savings and retirement, NI and RoI, November 2019
                                                                                                                                                    • Mature consumers more inclined to prefer to save for what they need
                                                                                                                                                      • Figure 39: Agreement with the statement ‘I prefer to save for the things I want (eg car) rather than use credit products’, by age, NI and RoI, November 2019
                                                                                                                                                    • Brexit driving younger consumers to save more
                                                                                                                                                      • Figure 40: Agreement with the statement ‘Brexit has encouraged me to save more in the last 12 months’, by age, NI and RoI, November 2019
                                                                                                                                                    • RoI consumers more likely to play it safe
                                                                                                                                                      • Figure 41: Agreement with the statement ‘I like to take a cautious approach to savings and investments’, NI and RoI, November 2019
                                                                                                                                                  • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                                                                    • Data sources
                                                                                                                                                      • Abbreviations

                                                                                                                                                      This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

                                                                                                                                                      • Market

                                                                                                                                                        Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

                                                                                                                                                      • Consumer

                                                                                                                                                        Mintel's proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

                                                                                                                                                      • Brand/Company

                                                                                                                                                        Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

                                                                                                                                                      • Data

                                                                                                                                                        Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

                                                                                                                                                      Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted.

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