Research commissioned by Bank of Ireland has shown that 65% of those surveyed are now placing more emphasis on planning for their financial futures than before the Covid-19 outbreak hit. 

More than half of people are not confident about their existing financial arrangements and only 47% say they are confident their existing pension plan will provide them with a comfortable retirement.

The pandemic has brought about a surge in savings, with Central Bank data indicating that money on deposit soared by €4.5 billion in April-May this year compared to a year earlier, as spending opportunities reduced due to lockdown restrictions.

Despite persistent low interest rates, the evidence is that Irish people are still increasingly more likely to save over the next 12 months. So while respondents were most concerned about the here and now, the data clearly shows that a growing share of the general population continues to save more.

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Head of pensions and investments Bernard Walsh (pictured) commented: “The people we spoke to told us that lockdown gave them more time to think, and may also have offered a glimpse for some people of what retirement might look like. Our research shows that nearly six in ten people have never sought professional financial help when it comes to pensions. 

“But conversations like these can offer vital insights in knowing how to take the right steps towards ensuring you have the means to live the kind of life you want when your working days come to an end. Our clear message is to take time to invest in you.”

The research indicated that people are thinking about the future with family, travel and freedom in mind, but that more than 60% have not taken advice on how to plan for retirement.

On foot of the research, the bank is introducing a Financial Wellbeing campaign that asks people to follow three  guidelines to improve their financial outcomes:

• Know what you have — review existing savings and any existing pension policies
• Know what you want — consider what kind of lifestyle you’d like in the future
• Know how to get there — talk to an expert to get advice tailored to your needs.

And of course Bank of Ireland would like you to see what it can offer here.