Bank of Ireland research reveals 68% of Ireland's over 60's have more disposable income than ever before but health is their single biggest worry

- 65% state Ireland is better now than 20 years ago

Research revealed today (Monday 21st of August, 2006) by Bank of Ireland shows that 85% of Ireland's over 60's are happy with their standard of living and three-quarters of them are happy that they are adequately covered for their retirement. Nearly 30% of respondents said they had no worries at all, with Dubliners more likely to say so. Those researched cited financial prosperity, standard of living and high employment as the best aspects of Ireland today. However, crime, violence, drug and alcohol abuse and cost of living were the stated worst aspects and one in five said health was their single biggest worry for the future.

The research marks the launch of Bank of Ireland's new 'Golden Years' package for customers over sixty years of age that includes:-

Bank of Ireland, in partnership with the Retirement Planning Council of Ireland is also providing a Retirement Information Pack through its branches nationwide. This useful pack includes sections on money in retirement, social welfare and other entitlements, income tax, wills and inheritance matters. Commenting on the newly formed partnership, Eamon Donnelly, Consultant with the Retirement Planning Council said: "Retirement brings profound changes but also many opportunities. The transition period can be difficult and financial concerns come top of the issues list. We offer practical support and advice and this partnership with Bank of Ireland enables us to reach a wider audience and is an excellent fit with the quality financial advice that their branches nationwide can offer."

According to Nicola Brady, Personal Segments Manager at Bank of Ireland: "What the research ultimately tells us is that the pivotal time for our over 60's is when they retire. It is a dramatic life event and one that many have difficulty adjusting to. Managing income level changes and the new different sources of income, security for investments and protection for life's inevitabilities are just some of the issues that we at Bank of Ireland can provide qualified and accessible assistance for. It is not just about products, it's about providing the right advice at the right time . These customers have unique needs and a preference for quality relationship banking that offers a breadth of advice, products and services and Bank of Ireland is the best equipped in the marketplace to do this."

The research also revealed that car purchase was the biggest spend for Ireland over 60's in the last few years, followed by home improvements and holidays but interestingly those living in Dublin rated holidays as their top spend. Only one quarter borrowed to fund the activities with most of the spending funded by savings. Of those surveyed, one in five own homes other than their main residence and over half go on holidays abroad up to three times per year. Those living outside Dublin are less likely to travel abroad with nearly half of them staying in Ireland. The top three sources of income are the State pension, personal pension and salary with savings coming close behind.

Over one-third of those researched have acted as guarantor or assisted with a deposit for a house for their children in the last 10 years. Three in ten with grandchildren also mind grandchildren on a weekly basis while their parents are at work and 13% still have children in full-time education.

Finally, the person most admired in Irish society by those over 60 years of age is Mary McAleese but Bertie Ahern did come a close second!

ENDS

For information contact:
Anne-Marie Curran
Drury Communications
Tel:01 2605000 / 087 2864079

About the Retirement Planning Council:

The Retirement Planning Council is a charitable organisation that was founded 34 years ago. It enables people to consider the changes that are going to happen in their lives as a result of retirement. There are four things that are going to change; health, relationships, the use of time and above all money.

There's over a million people over 50 and this is increasing. It is vital that the financial aspects, banking aspects, investment aspects and all of the other aspects surrounding finance are looked at and people are assisted in considering what their options are.