Single this Valentines Day? Looks like you won’t be missing out!

Research reveals that more than half of Irish people in a relationship will spend less than €20 on Valentines Day

Is romantic Ireland dead and gone? New research from permanent tsb has revealed that more than half of Irish people (51%) who are in a relationship plan to spend less than €20 on Valentine’s Day this year. Of that 51%, half (25% of total) plan to spend nothing at all.

It’s not all bad news on the romance front however. If you are still looking for Romeo, research has revealed that he does exist and he is under 35 - 86% of males under 35 will go the extra mile this Valentine’s Day, planning to spend money on gifts and meals for their loved one.

The research, carried out by Amárach Research on behalf of permanent tsb as part of their Switching Index also shows that:

  • Meals out are the top choice for Valentine’s Day treats at 22%, closely followed by cards (19%) and meals at home (18%), with just 2% choosing to purchase jewellery.
  • Women under 35 are the most likely to expect their partner to pay for dinner on Valentine’s Day.
  • Just one in five of Irish people in a relationship (19%) will spend €50 or more on Valentine’s Day this year.
  • Over a quarter of consumers switched to doing their grocery shopping in a discount retailer last year, in order to save money.
  • One in four consumers say they plan to create a household budget next this year, in order to manage their finances.

Commenting on the findings, Gerard O’Neill, from Amárach Research said:

The research tells us that the Irish public are reducing and even eliminating spend on luxuries, like gifts and meals out for Valentine’s Day, as a main money saving tactic. The reality is that if consumers adopted a more proactive approach to shopping around for better value on their household bills, including their current bank account, they could afford to go the extra mile on Valentine’s Day with a luxury purchase for their loved one.

Research released by the National Consumer Agency this week has found that one third (34%) of current account customers said they no longer qualify for free banking.

permanent tsb research on bank charges shows that eight out of ten Irish people underestimate the amount they pay in retail bank charges by as much as 50%, while almost one in five Irish people feel that they have a poor choice of current bank account provider. Younger people – generally those of us who earn the least - are spending the most on bank charges, with 15-24 year olds visiting ATMs more frequently than any other age group. ATM fees are one of the main drivers of day-to-day banking charges.

Last year, permanent tsb bucked the trend of other Irish banks who have started pushing up current account fees, by introducing banking without senseless fees - no quarterly or day to day transaction fees and no minimum balance to be maintained when a customer lodges €1,500 per month. There is a €12 quarterly fee if you don’t lodge €1,500 a month. Other transaction charges may apply. More than 40,000 customers have opened a current account with permanent tsb in 2013 and more than 10,000 customers since the beginning of 2014.

The next wave of the permanent tsb Switching Index will be released in full next week.

Important information

About the permanent tsb Switching Index

Research was carried out by Amárach Research, through an online survey, conducted amongst 1,001 adults aged 15+. Quotas were set on gender, age, social class and region to achieve a sample aligned with the national population. Interviewing fieldwork was conducted in January 2014.

About permanent tsb

With permanent tsb’s current account, customers can avoid quarterly fees, direct debit fees and day-to-day transaction fees. Details as follows:

  • No quarterly fees or day-to-day transaction fees when you lodge €1,500 a month (if you don’t lodge €1,500 every month, you’ll have to pay €12 a quarter).
  • Other transaction charges may apply eg: unpaid items or ATM usage outside the EU. See our fees & charges booklet for more info.
  • You don't need to maintain a minimum balance on the account.
  • 1% Annual Equivalent rate (AER) (variable) Credit Interest on balances up to €1,500.
  • A Switch Buddy to make switching hassle-free.
  • eStatements only with this account.
  • Available to personal customers only.

Terms and conditions apply. Generally interest is subject to Deposit Interest Retention Tax (DIRT) at the prevailing rate but is subject to change.

For more information on how to avoid senseless current account fees – visit the Switch Centre, tweet us @askpermanenttsb or call 1890 500 188.

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