A new survey of 1,000 adults has revealed that as many as 60% are concerned about not getting a return on their savings.
The survey, commissioned by Aviva Life & Pensions Ireland DAC and conducted by iReach Insights, found that men are significantly more concerned about the impact of inflation on their savings than women – 65% as opposed to 56%.
The respondents also answered questions about the plans they had for their savings – financial security came top of the list, cited by 47%, this was followed by holidays and a rainy-day fund (each at 31%), home renovations (23%) and a new car (21%). Only 11% said that they didn’t have plans for their savings.
Eoin Kennedy, Head of Product, Marketing and Pricing, Aviva Ireland Life, said, “Our survey reveals that the ‘rate of return’ offered is the most important factor in choosing a savings option, followed by the fees charged. This is most evident amongst the youngest and oldest age groups – the groups with typically the least and most amount of savings being most worried in this regard.”
Considering becoming an employee of Contractor Umbrella?
Give us a call on 01206 591 000 or email jaime.thorpe@contractorumbrella.com.
Email JaimeEoin added, “The survey also shows how our saving priorities shift with our stage in life. For example, saving for a car is a priority for 4 in 10 young people, whereas slightly older cohorts i.e., those between the ages of 35 – 54, are much more likely to be saving for their children’s education.
“Young adults are probably saving more than previous generations, such is the pressure to build a deposit for a house purchase, save for a possible wedding or for other important milestones in life.
“Conversely, older people have generally amassed more savings sometimes as a result of inheritance and/or their life-long savings habit. They have been through this before and have experienced periods of high inflation in their lives, so it’s not surprising that so many are now worried about the impact of inflation on their savings.”
To find out more about contracting please contact Sophie on 01206 591 000 or email sophie.lewis@contractoumbrella.com.
Trusted by over 1,200 employees |