Sir, - According to your report (“How to invest: What are the risks of leaving your money on deposit?," Your Money, March 10th), there are numerous reasons why Irish savers remain tethered to low-return bank accounts. These range from the lingering trauma of the Eircom flotation in 1999 to our needlessly labyrinthine taxation regime.
However, one factor is glaringly obvious by its absence: trust. The investment industry seems determined to shroud its craft in a fog of jargon and complexity. By making the process appear impenetrable, they ensure that the average person remains disconnected from, and inherently suspicious of, the advice offered.
Perhaps if those advising us to invest could use less “prospectus-speak”, they might bridge this gap. Until the industry prioritises clarity over complexity, many Irish savers will continue to view the safety of a low-interest deposit account not as a missed opportunity, but as a necessary defence. - Yours, etc,
SEAN KEAVNEY,
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Castleknock,
Dublin 15.
Sir, - After reading the plethora of articles in the paper about the reluctance of Irish people to do anything other than stash their cash in low-interest bank accounts, I think I might have some ideas why this is.
It may be that a financial organisation being “regulated by the Central Bank” or under the auspices of the Financial Regulator is no guarantee that some charlatan won’t still make off like a bandit with your money.
If you don’t believe me, I have an investment in Custom House Capital I can sell you. - Yours, etc,
MARGARET MOORE,
Saval Park Road,
Dalkey,
Co Dublin.
