PRESS RELEASE - For Immediate Release DESK FINANCE _ BUSINESS

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					PRESS RELEASE - For Immediate Release
DESK SUBJECT CONTACT FINANCE / BUSINESS Are We A Nation Of Sensible Savers? Jim Hegarty, Hegarty Financial Management Mobile – 087 2438647 / 01 - 4972544

A survey carried out by Hegarty Financial Management has found that our attitude to Personal Financial Planning has been maturing in tandem with our SSIAs. Far from mad spending sprees on fast cars and plastic surgery this survey confirms that in general we have taken to saving in our droves and have a far more mature attitude to our future financial security than we had five years ago. If this was Charlie McCreevey’s objective it would seem to be an undeniable success.

Jim Hegarty of HFM who has carried out this in depth survey of his client’s attitudes to SSIA maturities found that the majority – almost 100% - hold the view that ‘what you haven’t had for 5 years you don’t miss’ and have decided to continue saving at a similar level in insurance products, pensions, deposit accounts or a combination of these.

To date 80% of his clients have re-invested some or all of their lump sums in either their existing Pension plans by way of AVCs (Additional Voluntary Contributions) or other medium to long term investment products. Interestingly, few are availing of the €7,500 Government option but perhaps this is not so surprising as not all insurers are offering the appropriate products to facilitate this.

It seems that the lump sum at maturity is, for most, a highly significant sum of money but not so large that people feel they can waste any of it – they are prioritising and utilising it sensibly with many deciding to rid themselves of the expensive debts associated with Credit Cards and Overdrafts in the first instance and only then considering holidays, new cars and home improvements. A very interesting aspect of this survey is that the allure of the SSIA has grown steadily over the years. It seems to have dawned on us all that the SSIA is quite simply a fantastic opportunity and should be maximised. This is clear in that 97% of those who started to save at or near the minimum level consistently increased their monthly contribution and were contributing the maximum €254 allowable at maturity. – this is a continuing trend with many making a last ‘push’ to maximise their return.

The bottom line is that this scheme has proven to all of us that we can save and we can benefit from saving. Our attitude to managing our finances is more positive and pro-active and hopefully the effect of this sea change is that the next generation of savers will be predisposed to this savings bug resulting in the creation of sustained wealth and security.

For further information please contact: Jim Hegarty, Managing Director, Hegarty Financial Management – 087 2438647. Email; jim@hegarty.ie Nov ‘06


				
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