Did you know?
In 2021, 40% of parents with a third level student got into debt trying to cover the cost of their child’s education*
Savings Plus is a simple and straightforward way for you to make the most of your savings through a broad range of investments.
To reach your saving goals, you may need to consider options other than the banks and credit unions. Over the long term, the returns on deposit accounts are unlikely to match the returns you may enjoy from investing in the funds available through Savings Plus.
Savings Plus will make your money work for you and achieve its potential.
The first step should always be setting your savings goal, what are you saving for?
Once you have decided what you are saving for, you then need to review the timeframe.
Savings timeframes can be broken up into short, medium, and long-term. Generally, you should satisfy your short term needs first followed by your medium-term and so on.
The following are guidelines on the various terms used to plan your savings strategy.
It is important to remember that a typical saver should have an Emergency Fund, of approximately 6 months’ pay, put aside before planning for any medium or long-term savings goals.
Savings Plus should not be used for a short-term goal.
Are your savings beating inflation?
Inflation is the rise in the price of goods and services. We all know that things seem to cost more every day, but how many fully realise just how much that thief called ‘inflation’ steals? Even with relatively low inflation, you steadily lose buying power of any money you just hold on to!
To stay even, you must invest at rates of return that at least match inflation rates. Your real rate of return, in terms of the buying power of your money, is your savings’ or investments’ rate of return less the inflation rate.
For example, if inflation is 4% per year and your return is 5% per year after taxes, you have managed only a 1% gain in real buying power. If your return is only 3%, you lose 1% in buying power.
Key to a long-term savings plan – you must invest at rates of return that at least match inflation rates!
At the heart of the Savings Plus Investment Strategies are three investment funds. Depending upon your investment philosophy, your savings contributions will be invested in one or more of these funds.
You can choose to invest your Savings Plus plan using one of our three unique Investment Strategies or by selecting your own individual funds.
In 2021, 40% of parents with a third level student got into debt trying to cover the cost of their child’s education*
We've helped public sector employees with their finances for 50 years. We understand your needs. We use our close relationships with both unions and employers to find the financial products to secure your future.
This booklet is intended as a general guide only on the benefits of Savings Plus, how it works and your options and more!
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Read moreWarning: The value of your investment may go down as well as up.
Warning: This product may be affected by changes in currency exchange rates.
Warning: If you invest in this product you may lose some or all of the money you invest.
*Source: Zurich Life, October 2022. Zurich Cost of Education Survey 2022.
Cornmarket Savings Plus is underwritten by Zurich Life Assurance plc.
Zurich Life Assurance plc is regulated by the Central Bank of Ireland.