Table of Contents
Executive Summary
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- The market
- All-Ireland savings market valued at €141.6 billion in 2015
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- Figure 1: Total deposits from private households, IoI, RoI and NI, 2011-21
- Growth in coming years to be primarily centred around RoI market
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- 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
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- 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
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- Figure 4: Ownership of selected savings and investment products, NI and RoI, November 2015
- Broadly positive expectations for savings over coming months
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- Figure 5: Consumer expectations for savings and investments in the next six months, NI and RoI, November 2015
- What it means
Issues and Insights
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- 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
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- 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
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- Total value of Irish savings almost €142 billion in 2015
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- Figure 6: Total deposits from private households, IoI, RoI and NI, 2011-21
- Majority of savings held in easy access savings accounts in RoI
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- Figure 7: Composition of deposits, €bn, RoI, 2015
- Strong rise in popularity of easy access accounts over last 5 years
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- Figure 8: Composition of deposits, %, RoI, 2005, 2010 & 2015
- Value of all-Ireland savings market to reach €165 billion by 2021
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- Figure 9: Index of total deposits from private households, RoI and NI, 2011-21
Market Drivers
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- Unemployment coming under control in NI and RoI
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- Figure 10: Unemployment rate, %, NI, 2012-15
- Figure 11: Number in employment, 000s, NI, September 2012-November 2015
- Steady decline in RoI unemployment
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- 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
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- 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
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- Figure 15: How consumers rate the outlook for their own financial position in one year’s time, RoI, December 2015
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- 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
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- Figure 17: Consumers’ intentions for any surplus money, RoI, December 2015
- RoI consumers unsure as to whether now is a good time to save
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- Figure 18: Index of consumers’ assessment of savings environment, RoI, January-December 2015
- Future intent exceeds past behaviour when it comes to saving
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- Figure 19: Ways that consumers have spent their money in the last three months, NI and RoI, November 2015
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- 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
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- 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’
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- 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’ ...
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- 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
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- 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
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- Figure 25: Retail interest rates, deposits, instant access, UK (including NI) and RoI, December 2010-December 2015
Competitive Strategies
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- 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
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- 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
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- 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
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- Only a minority of consumers have no savings whatsoever
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- 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
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- 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
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- Figure 28: Consumers who currently have ‘no savings or investments’, by age, NI and RoI, November 2015
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- 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
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- Figure 30: Consumers who currently have ‘no savings or investments’, by social class, NI and RoI, November 2015
The Consumer – Ownership of Savings Products
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- Straightforward savings account the preferred savings product
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- Figure 31: Ownership of selected savings and investment products, NI and RoI, November 2015
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- Figure 32: Ownership of selected savings and investment products, NI and RoI, November 2015
- Standard savings accounts command universal appeal
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- 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
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- 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
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- 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
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- Figure 36: Ownership of personal pensions, by age, gender and social class, NI and RoI, November 2015
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- 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
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- 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
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- Figure 39: Ownership of individual company shares, by age, gender and social class, NI and RoI, November 2015
The Consumer – Expectations for Savings
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- Most expect savings to increase or remain constant in coming 6 months
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- 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
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- 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
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- 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
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- 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
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- 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
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- Data sources
- Abbreviations
Appendix – The Consumer
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- NI Toluna data
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- Figure 45: Amount that consumers currently have in their savings and investments (excluding pensions and second homes), by demographics, NI, November 2015
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- Figure 46: Amount that consumers currently have in their savings and investments (excluding pensions and second homes), by demographics, NI, November 2015 (continued)
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- Figure 47: Ownership of savings account (excluding Post Office accounts), by demographics, NI, November 2015
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- Figure 48: Ownership of Cash ISA, by demographics, NI, November 2015
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- Figure 49: Ownership of Stocks and Shares ISA, by demographics, NI, November 2015
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- Figure 50: Ownership of company pension, by demographics, NI, November 2015
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- Figure 51: Ownership of NS&I (National Savings and Investments) products (eg Premium Bonds, Index-linked Savings Certificates), by demographics, NI, November 2015
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- Figure 52: Ownership of a personal pension, by demographics, NI, November 2015
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- Figure 53: Ownership of individual company shares, by demographics, NI, November 2015
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- Figure 54: Ownership of notice account, by demographics, NI, November 2015
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- Figure 55: Ownership of with profits, unit-linked, money market, distribution or guaranteed investment bond, by demographics, NI, November 2015
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- Figure 56: Ownership of Post Office/An Post Saving Account, by demographics, NI, November 2015
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- Figure 57: Ownership of an investment trust, by demographics, NI, November 2015
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- Figure 58: Ownership of other savings or investments, by demographics, NI, November 2015
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- Figure 59: Consumer expectations for savings and investments in the next six months, by demographics, NI, November 2015
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- Figure 60: Ways that consumers have spent their money in the last three months, by demographics, NI, November 2015
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- Figure 61: Ways that consumers have spent their money in the last three months, by demographics, NI, November 2015 (continued)
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- Figure 62: Ways that consumers have spent their money in the last three months, by demographics, NI, November 2015 (continued)
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- Figure 63: Ways that consumers intend to spend their money in the next three months, by demographics, NI, November 2015
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- Figure 64: Ways that consumers intend to spend their money in the next three months, by demographics, NI, November 2015 (continued)
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- Figure 65: Ways that consumers intend to spend their money in the next three months, by demographics, NI, November 2015 (continued)
- RoI Toluna data
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- Figure 66: Amount that consumers currently have in their savings and investments (excluding pensions and second homes), by demographics, RoI, November 2015
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- Figure 67: Amount that consumers currently have in their savings and investments (excluding pensions and second homes), by demographics, RoI, November 2015 (continued)
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- Figure 68: Ownership of savings account (excluding Post Office accounts), by demographics, RoI, November 2015
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- Figure 69: Ownership of company pension, by demographics, RoI, November 2015
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- Figure 70: Ownership of a personal pension, by demographics, RoI, November 2015
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- Figure 71: Ownership of individual company shares, by demographics, RoI, November 2015
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- Figure 72: Ownership of notice account, by demographics, RoI, November 2015
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- Figure 73: Ownership of with profits, unit-linked, money market, distribution or guaranteed investment bond, by demographics, RoI, November 2015
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- Figure 74: Ownership of Post Office/An Post Saving Account, by demographics, RoI, November 2015
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- Figure 75: Ownership of state savings products (Savings Bonds, Savings Certificates, Instalment Savings and Prize Bonds), by demographics, RoI, November 2015
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- Figure 76: Ownership of an investment trust, by demographics, RoI, November 2015
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- Figure 77: Ownership of Other savings or investments, by demographics, RoI, November 2015
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- Figure 78: Consumer expectations for savings and investments in the next six months, by demographics, RoI, November 2015
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- Figure 79: Ways that consumers have spent their money in the last three months, by demographics, RoI, November 2015
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- Figure 80: Ways that consumers have spent their money in the last three months, by demographics, RoI, November 2015 (continued)
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- Figure 81: Ways that consumers have spent their money in the last three months, by demographics, RoI, November 2015 (continued)
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- Figure 82: Ways that consumers intend to spend their money in the next three months, by demographics, RoI, November 2015
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- Figure 83: Ways that consumers intend to spend their money in the next three months, by demographics, RoI, November 2015 (continued)
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- Figure 84: Ways that consumers intend to spend their money in the next three months, by demographics, RoI, November 2015 (continued)
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