2 January 2015: Bank of Ireland’s New Year Savings Survey shows that 73% of customers plan to save the same (42%) or more (31%) in 2015 than they saved in 2014. Customers aged 18 – 34 are the most optimistic about how much they will save, and 52% believe they will be able to save more compared with 23% of 35-49 year olds. Of those surveyed the majority are regular savers with 71% saving on a monthly basis. 32% of respondents save less than €100 per month, 35% save between €100 and €300 and 14% save between €300 and €500 per month.
A high proportion of regular savers (75%) manage to stick to their savings plan. 66% of customers aged 35-49 manage to stick to their savings plans, compared with 77% of customers aged 18-34 and 82% of customers aged 50+ years old. 46% of savers use automated/online transactions to transfer money to their savings accounts with 40% having a standing order set up and 6% transferring their money online. A further 40% of those surveyed stated they lodge cash to their savings accounts.
The vast majority of customers surveyed (89%) believe that the Irish economic situation will either improve (52%) or remain unchanged (37%) and a promising 84% of customers believe their own personal spending power will either improve (30%) or remain unchanged (54%) in 2015. The main reasons given by customers who believe their own personal circumstances will improve include starting a new/ better job (22%), better work opportunities (19%), managing their money better (11%) and expecting salary increase (10%).
Speaking about the findings Brian Vaughan, Head of Savings & Investments, Bank of Ireland said: “The New Year is a good time to think about saving regularly. Establishing a discipline of saving regularly is the best way to achieve a savings goal. It is very encouraging to see that 31% of customers believe they will be able to save more in 2015. Bank of Ireland’s 365 Monthly Saver is now available to open via 365 mobile or tablet, so it’s never been easier to kick-start the savings habit. Getting into the habit of putting something away each month is a New Years’ resolution worth sticking to.”