Bank of Ireland Survey Reveals Investment Knowledge Levels Remain Low Ahead of ‘Invested’ Webinar Series Launch

57% of people are saving for more than just their daily expenses

49% of people rate their investment knowledge negatively; 23% positively

36% of people are afraid of having their money tied up for years

2-part Bank of Ireland Invested webinar series commences on 3rd May

A recent Bank of Ireland survey shows that people prioritise saving for holidays (49%), home renovations (27%) and buying a new car (22%) ahead of other pursuits. However, the survey also uncovered that only 11% are saving with an eye on investing, and while 23% of respondents positively rated their know-how in the investments area 49% rated their investment knowledge as poor.

For this reason, Bank of Ireland is running the ‘Invested Webinar Series,’ designed to help people learn more about investing. Only 19% of those surveyed claimed to have an investment account, and aside from a lack of knowledge the survey also reveals that barriers to investing include:

People’s fear of losing some or all of their money by investing (67%)
Afraid of having their money tied up for years (36%)
Feeling they simply don’t have enough money to invest (34%)
Not aware of the wide range of suitable investment products (31%)

Notably men claim to have more investment knowledge (33%) versus only 13% of women. 28% of men currently hold an investment account (just 10% of women), as the survey uncovered an overall lack of financial literacy in the investments space. People are still more likely to consult a family member (38%) or a friend (24%) regarding investments, than they are to consult a professional financial adviser (22%), and 37% of those surveyed have never spoken to anyone at all about investing.

Commenting on the survey, Bernard Walsh, Head of Pensions & Investments at Bank of Ireland said: “I encourage those with money left over once daily expenses are factored in, and who already have a rainy-day fund in place, to consider investments. Investments are a smart way to achieve growth, and with patience and time can generate good returns.

“This is where good advice really plays its part in helping people make an informed choice, and why it is so important to talk with a qualified financial advisor. Investing is a long-term activity, but once people find the right balance between seeking the return they want and investing an amount they’re comfortable with, the result can often be well worth it.”

The first webinar begins on 3 May 2023 at 10am and for more information on the Invested webinar series and to register please see – Invested – Bank of Ireland

*Bank of Ireland conducted this nationally representative Investment study with Behaviours & Attitudes amongst 1,000 adults (30 – 65yrs) in Ireland as part of nationwide Omnibus research across consumer and business groups (February 7 – 14 2023). Behaviours & Attitudes polling delivers a high-level statistical accuracy, providing a sample size of over 1,000 interviews, achieving a confidence level of + or – 2.5% at a 95% confidence interval.