How one teacher invested his COVID savings

Throughout the pandemic, have you found yourself saving more money without trips abroad or nights out? You’re not alone. Primary school teacher Michael Fagan (27) said that before COVID, “The plan was to take a [short career] break and go travel the world for a bit. I’d a bit of money saved for it and when everything stopped it was just sitting there in my bank account.”

Deciding to keep money on deposit or invest it

Even with some savings on deposit in his bank, Michael started to realise that the cost of living was going up, particularly when he started considering saving for a deposit on a house. He had to make the decision to keep his savings in the bank or invest them. Of course, there are many considerations when deciding to save or invest, but ultimately Michael decided that investing was his preferred route with the money he had put aside.

“I was really aware that things are becoming more expensive, and I don’t think that’s going to change any time soon.” After seeing an Instagram ad for easy online investing with Smart Invest, he made the decision to invest his nest egg.

Matching to an investment risk profile

Ready to dive into Smart Invest, he found that signing up was no bother. “What I like about it is that you can access the money at any time if you need it, and the ease with which you can do a top up,’ Fagan says, adding, “I like the idea of putting money into it and not having to think about it.”

When getting matched to one of 3 risk profiles within the app, Fagan says, “I thought I’d be a big high roller. Turns out I was low risk. I was amazed, but the more I thought about it the more I realised that’s actually right.”

Easy investing apps can help beginner investors

“My first introduction to the idea that I could put money away, maybe €100 here and €100 there, was actually my Revolut account,” he reflects. Now Athlone teacher Fagan puts money into Smart Invest every pay day. He looks forward to buying a house and returning to travel in the future!

Am I eligible for Smart Invest?

Smart Invest makes investing in our FlexInvest product easy for beginners. Smart Invest is provided jointly by Irish Life Assurance, which provides the FlexInvest life insurance product, and Irish Life Financial Services, which provides the advice.

FlexInvest is a lump-sum unit-linked life insurance plan. There is an annual fund management fee of 1.25% and a 1% Government levy is taken from any payments into the FlexInvest plan, and a 41% exit tax on returns. There are no additional set up or withdrawal charges.

If you need some guidance before you’re ready to dive in, then it’s best to speak to a Financial Advisor who talk to you about your financial position and attitude to risk. They will then be able to recommend products suited to your needs.

For full information please read the FlexInvest Product Booklet, Terms and Conditions, and Key Information Documents.