Breaking up is hard to do – when it comes to love and practical matters

Ditching a relationship that’s just not working can be hard. New research from permanent tsb reveals that Irish men and women (45%) would rather delay breaking up with their partner compared with those who bite the bullet as quickly as possible (33%).

Women under the age of 35 are least likely to kick their partner to the kerb when things aren’t working out (53%), compared with men over the age of 35, who are the most proactive when it comes to ending a relationship.

Breaking up is hard to do when it comes to financial matters also, as the research shows that just one in ten Irish people switched current bank account provider in the last 12 months, despite 1 in 5 people saying that they are frustrated with their current bank.

The research, carried out by Amárach Research on behalf of permanent tsb as part of their Switching Index, shows that denial plays a big role with Irish adults as they continued to give their relationship a shot in the hope that things would change (45%), with 10% of Irish adults admitting they have delayed a break up for a number of years!

Research highlights also revealed that:

  • Reluctance to emotionally hurt the boyfriend or girlfriend was another popular reason cited (30%) for delaying a break up
  • One fifth (21%) of respondents felt it would be too much hassle or cause arguing if they were to break it off with their partner
  • Other reasons included; didn’t want to be alone (14%), it wasn’t a good time because of specific occasions (9%), family and friends really liked them (7%)

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

What’s interesting about the latest Switching Index research is that there are similar behavioural patterns when it comes to making any sort of ‘break up’ where one party is unhappy and wants to leave a relationship, be it an emotional one or practical one. The latest research shows that men are more likely to end a relationship they’re not happy with, which is consistent with previous Switching Index research which has shown that men are also more likely to ‘break up’ with service providers who are not offering the best service for example high fees for provision of services.;

Based on research conducted by Amárach Research on behalf of permanent tsb, the Switching Index is designed to compare and contrast consumer loyalty and satisfaction across a range of household necessities and to explore the reasons why consumers switch in each area, why they don’t, as well as their overall attitudes to money. The research was carried out amongst a nationally aligned sample in July 2014.

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.

72,000 customers have opened a personal current account with permanent tsb since 1st April 2013.

With effect from 19 September, permanent tsb will be the only Irish bank without a minimum balance requirement as Ulster Bank remove the lodgement criteria from their current account which will affect approximately 50,000 of their customers.

Find out if you are a ‘Power Switcher’ and how much you stand to save by taking the online test. Tweet us your switching stories at @askpermanenttsb or using #ptsbswitch.

About the permanent tsb Switching Index

The permanent tsb Switching Index is a new report designed to compare and contrast consumer loyalty across a range of household necessities and to explore the reasons why consumers switch in each area, as well as their overall attitudes to switching, spending and saving.

Amárach Research has worked with permanent tsb to design a measure of just how ready, willing and able Irish consumers are to switch suppliers across a range of household necessities. The sectors covered are electricity, broadband, car insurance, mobile phone providers and banking.

The permanent tsb Switching Index is based upon consumer responses to the following questions:

  • Level of customer satisfaction / frustration with their current provider
  • Range of choice available in each category
  • Positive / negative sentiment about a provider / sector
  • Whether bills / charges are rising or falling in that category
  • Likelihood of changing provider in the next 12 months

The answers to these questions are then combined to create the permanent tsb Switching Index for each category. The Index ranges from 0 to 100 - the closer the Index is to zero then the lower the probability that consumers will switch in a particular category, while the closer it is to 100 then the greater the likelihood they will switch.

Research was carried out by Amárach Research, through an online survey, conducted amongst 1001 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 April 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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