Almost half of adults in Ireland rarely, if ever, review their savings goals, new research shows.
The survey carried out by the Teachers' Union of Ireland Credit Union (TUICU) reveals that one in ten never review their goals at all.
Just over a quarter of respondents assess their savings monthly or quarterly, while a similar number do an annual review.
The nationwide survey of over 1,500 people highlights rising concerns about debt, varying levels of confidence in savings strategies, and a likelihood of borrowing in the near future.
The research also shows that over half of respondents have had the same main savings account for more than a decade.
"It’s clear that while many people show dedication to maintaining their savings, there is significant room for improvement when it comes to regular financial reviews," said Paul Roche, CEO of TUICU.
"Accepting little or no interest on their savings might be ok over a few weeks or months, but most people save for years, and interest, particularly as it’s compound, can really add to the total savings pile, so it’s imperative that people seek out a rate of at least 2% or 3%," he said.
Mr Roche said this is an even more important task now, after a number of banks recently announced that they're cutting the interest paid on their savings accounts, with more likely to follow.
The TUICU survey also asked participants about their retirement planning.
53% said they feel confident their savings strategies will allow them to retire comfortably, while 26% expressed a lack of confidence, and 21% are unsure.
In terms of spending, the research shows that over 60% of respondents are more concerned than they were last year.
Meanwhile almost 80% said paying off debt as quickly as possible is their top financial priority.
