M
Max Hopper
Guest
Or they might just win the Lotto.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Yet another snippet from today's Indo -<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Irish are 'deluded' about their finances<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->THE number of credit card holders almost doubled in the past two years, to 48pc of the population, up from 27pc, according to a survey published yesterday.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->The survey also found that one in five are now spending beyond their comfort level.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Strikingly, 23pc of the 1,000 respondents to the Royal Liver Assurance survey said that they had a portable pension (PRSA), although just 1pc of the general population does.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Royal Liver echoes other recent surveys in finding inadequate pension provision - one for Standard Life, disclosed exclusively to the Irish Independent early this week, and another last month by EBS.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->So deluded are Irish people about their finances, Royal Liver suggests, that has it coined the acronym 'Feathers' for what it identifies as an emerging market segment: Financially Empowered Adults Trying Hard to Evade Responsibility.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Most (73pc) of the 1,000 respondents to Royal Liver prefer spending their money on immediate gratification rather than investment, Royal Liver discovered. This also echoed a Deloitte survey in recent days which found that Irish people will spend more than other Europeans this Christmas.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Over half of Royal Liver's respondents are saving no more now than they did five years ago, when they earned less. "People in Ireland definitely think they are more secure financially than they are. There are huge contradictions," said Patricia Hyland, director of distribution in Ireland for Royal Liver.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Among the contradictions: 90pc of respondents expect at least one child to attend university, but 31pc have made no financial provision for third-level education, and most estimate its cost at about half of the likely cost of €60,000.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Another contradiction: 81pc rated serious illness cover as "necessary" but just 1.8pc have it.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Perhaps particularly 'Irish' - many see property investment as an alternative to a pension, with 33pc of respondents rating property investment as the best use of a disposable €20,000, versus just 7pc who would put such a lump sum in a pension fund.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Royal Liver, which is best known as a door-to-door seller of protection policies, said it aims to broaden into other products and cross-sell to the middle market, ie, those with €20,000 to €75,000 in annual household income.<!--EZCODE BR START--><!--EZCODE BR END--><!--EZCODE BR START--><!--EZCODE BR END-->Orla O'Sullivan<!--EZCODE BR START--><!--EZCODE BR END-->