Survey finds 91% of people worried about savings amid rising cost of living

A survey has found 91 per cent of respondents worried about their financial health due to the rising cost of living and inflationary pressures eroding the value of their savings.
Survey finds 91% of people worried about savings amid rising cost of living

James Cox

A survey has found 91 per cent of respondents worried about their financial health due to the rising cost of living and inflationary pressures eroding the value of their savings.

The Bank of Ireland survey has revealed that 77 per cent of people are more interested in their finances since the onset of the pandemic, with women (80 per cent) scoring higher in this area than men (73 per cent) for the first time.

However, people’s financial concerns continue to be a pressing issue. The survey also revealed that concern levels are higher amongst women (63 per cent) than men (50 per cent).

Eighty-two per cent of people said they had savings put aside, but only 16 per cent of those had an investment account with the potential to grow their money in the current low interest rate environment.

Fifty-seven per cent of people held their money in a savings account, 47 per cent in a current account and 12 per cent in cash, but all these options are earning no interest and are losing value with the rising cost of living.

Eighteen per cent of those surveyed had no savings at all, while 78 per cent of people claimed to be concerned about earning little or no interest on their savings. Bank of Ireland is now launching the ‘Invested Webinar Series,’ designed to help people learn more about investing and show them how to achieve growth on the portion of their savings they can afford to put away for the longer term.

The recent survey indicates people want to make their money ‘work harder’, with tried and tested savings methods proving ineffective as the cost of living rises ever higher and interest rates remain low. A fear of losing money (66 per cent) is still the biggest investment barrier, with other obstacles including;

  • Lack of investment knowledge (38 per cent)
  • Feelings of not having enough money to invest (38 per cent)
  • Afraid of having money tied up for a long time (35 per cent)
  • Not knowing where to get investment advice (19 per cent)

The latest research shows a spike this year (47 per cent up from 42 per cent in 2021) amongst people who are keen on investing their savings.

Men (56 per cent) are more comfortable than women (37) in the investment area, with people in the 30 – 39 year old age cohort (58 per cent) more eager to invest than any other age group. The vast majority of those already comfortable with investing (81 per cent), say they’re planning to invest more of their savings.

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