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Friday 15 December 2017

People in their 50s and 60s have the most cash in banks

One in five say they have a nest egg of more than €50,000. Photo: Stock
One in five say they have a nest egg of more than €50,000. Photo: Stock
Charlie Weston

Charlie Weston

PEOPLE in their 50s and 60s have the largest deposits in banks.

And the money is being left in deposit accounts despite most people saying that interest rates are so low that this represents bad value.

The survey findings come as Bank of Ireland cut its demand deposit rate to 0pc, from 0.01pc.

The survey carried out for investment and pensions group Standard Life found those between the ages of 55 and 64 have the highest average deposits at an average of €90,000.

Read more: Charlie Weston: Mis-sold whole-of-life insurance policies can mean a nasty surprise as years go by

Two thirds of people say they have money saved, according to the survey of 1,000 people carried out by Research Plus Ltd.

The average amount saved is €45,500, according to the research.

Half of those who responded said they have a deposit of between €1 and €10,000.

A third have between €10,000 and €50,000 saved.

One in five say they have a nest egg of more than €50,000.

A majority feel deposits are poor value, but continue to keep money in banks.

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