Research from Irish Life MAPS has revealed that more than a fifth of people living in Leinster have secret savings that no one else knows about.
To make the most of their savings, nearly 40 per cent of Irish people are now investing in order to maximise their nest egg. A quarter of investors surveyed say they put 6 per cent or more of their annual income into investments, with the most popular options being shares (43 per cent ).
Respondents also revealed the financial advice they would give to their younger selves. Some 68 per cent of Leinster residents would advise their younger selves to start saving earlier for the future. Over a quarter of adults in Ireland said they would recommend their younger selves not to leave all of their money sitting in the bank.
The research revealed increasing dissatisfaction with interest rates on deposit accounts, with two thirds of adults in Ireland reporting they are unhappy with the rate of returns they are receiving – up 10 per cent on figures from March 2016.
The Irish Life MAPS research also analysed the risk profile of investors nationally, with Dublin showing the biggest appetite for high risk investments in Leinster.
However, the report also revealed that almost a third of non-investors are not yet comfortable with the concept of investing, and 30 per cent wouldn’t know what type of investment could suit them.
Commenting on the findings, Teresa Carolan, investment marketing manager at Irish Life, said: “Our research shows that many people in Ireland are still not happy with returns on their deposit accounts. That’s why investing could be an excellent option for those looking to build their financial nest egg. We want to help people in three easy steps to get comfortable investing. And with a range of Irish Life MAPS funds to suit different types of investors, from the cautious to the more adventurous, we’re encouraging people to explore their options and get their money working harder for them.”
Irish Life MAPS was launched less than three years ago. Already, over 35,000 people have invested in the Irish Life MAPS funds, with a total value of almost €1.9 billion invested to date.