Research in conjunction with Revolut, the global financial app with more than 45 million customers worldwide, and over 2.8 million in Ireland, has found that more than a third (36%) of consumers in Ireland would put off saving to buy a house in favour of medium to short-term satisfaction.
Asked what big spending projects they would consider putting off in favour of instant gratification, consumers across Ireland also claimed that both their own wedding (17%) and having children (14%) could also fall by the wayside in favour of more immediate satisfaction.
The survey, conducted by market research company Dynata, asked a random sample of 1,000 consumers across Ireland, with the findings representative of people from every county.
These revelations come as 11% of Irish savers also pointed to low interest rates as the main challenge facing them when trying to put aside money. Meanwhile, just short of one in five Irish consumers (19%) claim inflation is stifling their savings.
12% of respondents believe they will never be able to consistently save enough to fund these kinds of big life projects, and therefore prefer to enjoy medium to short-term satisfaction.
Revolut launched its Instant Access Savings accounts in Ireland at the end of May, offering customers competitive interest rates across all its different plans, with interest paid out daily.
Maurice Murphy, General Manager at Revolut Bank UAB – Ireland Branch, said: “Every bank’s mission should be to give its customers the opportunity to build their own financial wealth. With Revolut, consumers all across Ireland can get a good return on their deposits to ensure that they don’t need to miss out on or put off those big life moments such as buying a home, having children, or getting married. Revolut savers on all of our plans benefit from really competitive interest paid out to them daily, as well as immediate access to their money.”
Revolut Bank UAB (Irish Branch) was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’, while the company ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year.
For more information, visit: www.revolut.com/en-IE
