Table of Contents
Executive Summary
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- The market
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- Figure 1: Total deposits from private households, IoI, RoI and NI, 2015-19
- Forecast
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- 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
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- 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
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- 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
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- Figure 5: Ownership of savings and investments products, RoI and NI, November 2019
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- 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
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- 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
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- Figure 8: Agreement with statements relating to savings and retirement, NI and RoI, November 2019
The Market – What You Need to Know
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- 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
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- Irish consumers' savings total €150 billion in 2019
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- Figure 9: Total deposits from private households, IoI, RoI and NI, 2015-25
- Figure 10: Consumer Price Index, UK and RoI, 2012-19
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- 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
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- Figure 12: Indexed total deposits from private households, RoI and NI, 2015-25
Market Drivers
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- Employment levels continue to improve in both NI and RoI
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- Figure 13: Indexed employment rates, NI and RoI, Q1 2014-Q3 2019
- Brexit could disrupt employment growth and in turn savings value
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- Figure 14: What effect consumers think Brexit will have on unemployment, NI and RoI, June 2019
- Reduced household debts an opportunity for savings products
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- Figure 15: Debt to disposable income (%), RoI, Q1 2014-Q1 2019
- NI consumers less likely to be over-indebted in 2018
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- Figure 16: Proportion of the population who are over-indebted, by region, UK, 2015 and 2018
- Interest rates on savings remain low
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- 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
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- 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
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- 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
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- Making investing less daunting
- Sustainable savings
- Considering the whole budget when saving
Who’s Innovating?
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- Using noodles to encourage investors
- Sustainable savings could hold appeal
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- Figure 22: Environmental and ethical issues most important to consumers, NI and RoI, November 2018
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- Figure 23: Ethical practices that influence consumers to buy companies’ products, NI and RoI, November 2018
- A different approach to saving
Companies and Brands
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- 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
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- 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
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- Improvement in the level of consumers with savings
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- 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
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- 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
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- Figure 27: Consumers with low levels of savings, by age, NI and RoI, November 2019
Ownership of Savings and Investment Products
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- Standard accounts and pensions most owned savings products
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- Figure 28: Ownership of savings and investments products, RoI and NI, November 2019
- Savings accounts show higher ownership among NI men and mature consumers
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- 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
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- 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
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- Figure 31: Ownership of ISAs, NI, November 2019
- Three in 10 expect to arrange a standard savings account
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- Figure 32: Savings and investments products consumers are planning on arranging in the next 12 months, RoI and NI, November 2019
Reasons for Saving
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- Rainy days and holidays key saving priorities
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- Figure 33: Main reasons for saving by consumers, NI and RoI, November 2019
- Older consumer groups more likely to prepare for rainy days
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- 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
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- Figure 35: Consumers who are saving for a holiday, by age, NI and RoI, November 2019
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- 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
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- 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
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- Consumers prefer to save rather than borrow
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- 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
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- 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
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- 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
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- 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
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- Data sources
- Abbreviations
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