Many people have become "accidental" savers during the Covid-19 crisis and plan to continue saving once Covid-19 restrictions are lifted, according to research carried out by Bank of Ireland.
Despite rising levels of savings and the current low interest rate environment, the research reveals that knowledge of investments is low.
Just 23% of respondents said they have enough know-how in this space to make the right decisions, while 86% said they would fear losing their money.
Almost two-thirds of those surveyed said they have never received any investment advice, and 41% claimed that despite the rise in savings they still didn't feel they had enough money to start investing.
Bernard Walsh, Head of Investments and Pensions at Bank of Ireland said that investments are becoming more appealing for many, which is why they have produced an eBook to help people learn about the basics of investing.
"Our forthcoming "Invested" webinar series starting on 6 May is also designed to educate potential investors of all knowledge levels and provide them with expert advice, insights and tips.
"Whilst the pandemic has cut people’s spending opportunities, it has opened up investment possibilities, and these webinars will appeal to both those looking to make an initial investment as well as experienced investors," he said.
The research shows that many are keen to use their Covid savings to take a holiday, or are looking to make a big-ticket purchase when shops re-open.
With Central Bank data showing savings skyrocketing across sections of society, it is not surprising that only 4% of respondents said they plan on blowing all their savings in one go.