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Savings Accounts - Ireland - August 2004
Finance: Ireland Price: £718 / $1089 / €825
Report sections
click here to read 'about this report' »
Contents
Introduction and Abbreviations
Executive Summary
Market Drivers
Market Size
Market Segmentation
The Supply Structure
Distribution
Alternatives to Savings Accounts
The Consumer
The Future
Forecast
Latest news updates to this report
(click here for all news updates »)
7-10-2008  Irish building societies required to publish interim results
1-10-2008  Irish banks to guarantee all deposits
9-09-2008  EBS owes €2bn to Central Bank
23-05-2008  Court disqualifies retired NIB official from management
30-04-2008  NIB reports Q1 success
...more »
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About this report

This report analyses savings accounts in Ireland and highlights concerns over the shortage in savings for retirement, particularly as the population is growing at a slower rate but is living longer, creating a top heavy demographic model.

Mintel looks into the impact of the National Pensions Policy Initiative (NPPI) that was set up by the RoI government, as well as studying the success of government efforts to promote saving to the young in order to foster a saving ethos.

The report identifies all the main players in the financial sector in both RoI and NI that offer a wide variety of savings accounts and products, savers must investigate into this variety in order to secure an account with a preferential interest rate.

Mintel believes savers can expect to benefit from an improving economy, with many contributory factors, including higher rates of employment, increasing GDP, lower inflation and higher interest rates, all creating a more hospitable environment for savers in 2004.

Alternatives and complements to savings accounts are also considered, including the growing popularity of investment in stocks and shares, spurred on by the recent scandal and uncertainty surrounding pensions.

If you want more details about this particular report, please contact the Mintel information team on  +1 312-932-0400 in the U.S.,  +44 028-90-241-849 in Northern Ireland,  +353 048-90-241-849 in the Republic of Ireland or  +44 (0)20-7606-6000 in the UK and the rest of the world, or email info@mintel.com.
Contents

Introduction and Abbreviations

Definition

Geographical, national and regional definitions

Conversion factors

BMRB Target Group Index sample sizes

Abbreviations

Executive Summary

Combating the ‘savings gap’ in terms of retirement

Saving for a growing population

An improving economy

Higher new accounts growth in RoI

Alternatives to savings accounts

Consumer trends

The role of the SSIA

Market Drivers

Introduction

Macroeconomic factors

Figure 1: Economic outlook, NI, 2002-04
Figure 2: Bank of Ireland economic outlook, 2003 and 2004

Inflation/deflation

Employment/unemployment

Figure 3: Males and females, by ILO economic status (000s), NI and RoI, 1998-2003
Figure 4: Percentage employed, by gender, NI and RoI, 1998-2003

Population trends

Figure 5: Population, NI, by gender, 1996 and 2002
Figure 6: Population, RoI, by gender, 1996 and 2002

Socio-economic breakdown

Figure 7: Socio-economic breakdown, RoI, 1998-2003
Figure 8: Socio-economic breakdown, NI, 1998-2003

The age factor

Figure 9: Population, by age and gender, RoI (000), 2003-08
Figure 10: Population, by age and gender, NI (000), 2003-08

Confidence in the economy

Government incentives

Interest rates

Confidence in the banking sector

Alternatives to savings

Performance of the financial markets

Figure 11: FTSE 100, 1999-2004

Market Size

RoI personal savings market worth some €7,659 million

Figure 12: Value of the personal savings market, RoI, 1998-2003

Total average savings market in NI over £160 million

Figure 13: Average household savings, NI, 1998/99-2002/03
Figure 14: Percentage of adults with any deposit savings account, by gender, NI and RoI, 2001 and 2003
Figure 15: After-tax profits, worldwide, clearing bank groups, 1995-2002
Figure 16: Total assets, worldwide, clearing bank groups, 1995-2002

Market Segmentation

Different types of savings accounts

Figure 17: Different types of savings plans, RoI, 2004

Deposit accounts

Figure 18: Penetration of savings/deposit accounts, RoI and NI, 2003

ISAs and SSIAs

Other types of account

Figure 19: Penetration of postal/National Savings products, RoI and NI, 2003

The Supply Structure

Key players

Banks

Abbey

Alliance & Leicester

Allied Irish Bank

Anglo Irish Bank

Bank of Ireland

First Trust

Halifax

National Irish Bank

Northern Bank

Ulster Bank

Building societies

EBS

Nationwide

Credit Union

Supermarket banking

Marketing

Distribution

Figure 20: New bank and building society savings accounts opened, by gender, RoI, 2001 and 2003
Figure 21: New bank and building society savings accounts opened, NI, by gender, 2001 and 2003

Banks

Figure 22: Branches of clearing bank groups in RoI, 1995-2003

Building societies

Credit Union

Post Office

Financial advisers

Internet and telephone banking

ATMs

Figure 23: ATMs of clearing bank groups in RoI, 1995-2003
Figure 24: Cards with an ATM function, issued by clearing bank groups in RoI only, 1995-2003
Figure 25: Number of laser cards, RoI and NI, 1996-2002

Alternatives to Savings Accounts

Housing market

Stocks and shares

Pensions

Endowments

Government bonds

The Consumer

Various accounts operated in NI and RoI

Figure 26: Have any account, by gender, age and socio-economic group, NI and RoI, 2001 and 2003
Figure 27: Any deposit savings account, by gender, age and socio-economic group, NI and RoI, 2001 and 2003
Figure 28: Instant access (self or joint), by gender, age and socio-economic group, NI and RoI, 2001 and 2003
Figure 29: Notice/term (joint or self), by gender, age and socio-economic group, NI and RoI, 2001 and 2003
Figure 30: TESSA/SSIA, by gender, age and socio-economic group, NI and RoI, 2001 and 2003
Figure 31: Current account – high interest, by gender, age and socio-economic group, NI and RoI, 2001 and 2003
Figure 32: Instant access – high interest, by gender, age and socio-economic group, NI and RoI, 2001 and 2003
Figure 33: TESSA/SSIA – high interest, by gender and socio-economic group, NI and RoI, 2001 and 2003
Figure 34: Opened new savings account with existing bank, by gender, age and socio-economic group, NI and RoI, 2001 and 2003
Figure 35: Opened new savings account with different bank, by gender, age and socio-economic group, NI and RoI, 2001 and 2003
Figure 36: Opened new savings account with existing building society, by gender and socio-economic group, NI and RoI, 2001 and 2003
Figure 37: Opened new savings account with different building society, by gender, age and socio-economic group, NI and RoI, 2001 and 2003
Figure 38: Increased savings in existing bank account, by gender, age and socio-economic group, NI and RoI, 2001 and 2003
Figure 39: Increased savings in existing building society, by gender, age and socio-economic group, NI and RoI, 2001 and 2003
Figure 40: Postal savings opened, NI, 2001 and 2003
Figure 41: Postal savings opened, RoI, 2001 and 2003
Figure 42: Have ISA, by gender, age and socio-economic group, NI, 2001 and 2003
Figure 43: Have maxi ISA, by gender, age and socio-economic group, NI, 2001 and 2003
Figure 44: Have mini ISA, by gender, age and socio-economic group, NI, 2001 and 2003
Figure 45: ISA held in various financial institutions and products, NI, 2001 and 2003

Consumer statements

Figure 46: ‘I am not good at saving money’, by gender, age and socio-economic group, NI and RoI, 2001 and 2003
Figure 47: ‘I am very good at managing money’, by gender, age and socio-economic group, NI and RoI, 2001 and 2003
Figure 48: ‘I usually consult a professional financial adviser before deciding on financial matters’, by gender, age and socio-economic group, NI and RoI, 2001 and 2003

The Future

The benefit of the equity-based SSIA

Using mature SSIAs for the future

Changes to the ISA

New pensions initiatives

Introducing Child Trust Funds

Demographic implications

Ageing population

Socio-economic factors

Higher employment levels

Economic factors

Forecast

Figure 49: Forecast of the personal savings market, RoI, 2003-08
Figure 50: Forecast of average household savings, NI, 2003-07
Mintel Group ©