08.05.07 - A major new survey looking into the future of Ireland’s personal wealth has found that 86% of women have no savings other than an SSIA. More worryingly only 18% say they are likely to save in the future, with over half (53%) saying they are unlikely to save.

These concerning facts arise from an independent survey carried out by Amárach Consulting on behalf of Halifax. ‘Women and Banking’ is the first part in a pioneering series of studies into the changing landscape of personal banking in Ireland (see editors notes).

Women not saving for their immediate future is not the only concern. In terms of saving for retirement, less than one in six (16%) women have a pension. Of those who do not have a pension, only 10% are likely to start one in the next five years.

Commenting on these main findings from the survey, Chrissy Quinn, Head of Retail at Halifax, said: “As a woman working in Ireland these are worrying findings. There is a particularly strong savings culture in Ireland and given the success of the SSIA scheme we would expect to see more women saving in the future. The pension issue has been well flagged but what’s most concerning is that only one in ten women intent to start one soon. We as a bank, and the financial industry as a whole, have to ensure that we appeal to women and operate in a way that meets their needs.”

The proportion of women in work has grown by a fifth over the last seven years to 48% (Source: CSO) and this will undoubtedly result in an increase in financial power for women. This is also supported by one finding from the survey that two-thirds of 35-44 year-olds consider themselves the joint financial decision maker. Women’s control of their finances is also reflected in the fact that more women than men bank online – women 36%, men 28%.

Jane Kearney, Research Director at Amárach Consulting, added: “It is interesting that these findings reflect the sense that women’s power and influence in terms of their working status and consequently their household status is growing. What is concerning is that some women are not preparing for their future either by saving or having a pension. To me this suggests that women are still potentially at risk in terms of their future finances. Women need to take the next step in terms of their societal advancement – invest their hard earned cash in a pension or savings plan and see it as an investment in themselves and their futures.”

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For further information please contact:

Ben Valdimarssen, Bracken Public Relations
Tel: 01 677 3277 Mob: 086 173 5123

Denise Farrell, Senior PR Executive, Bank of Scotland (Ireland)
Tel: 01 267 4083 Mob: 086 8244191

Jane Kearney, Amárach Consulting
Tel: 01 660 5506


Halifax commissioned this pioneering series of studies to look into the future of personal finance in Ireland. The studies are based on a major survey of 1,000 adults carried out in late 2006 by Amárach Consulting. The sample of women was 512.

Following this particular study of Women in Banking, there will be three further studies released later this year:

• Youth and Banking
• Impact of Inheritance
• Impact of Technology

This initial research in the benchmark phase which gathers consumer attitudes, perceptions and understanding of finance, along with a sense of consumers own foresights for their financial future. Going forward, these findings will be revisited to gauge future trends.

For more information on our clients contact Bracken PR