The Irish Banking Federation (IBF) has warned that consumers are paying "far too little attention" to financial planning.
A survey published today by the IBF found that about a third of consumers do not know how their current investments have performed over the past year.
The report, which surveyed 800 adults throughout Ireland during February-March, found 9 out of 10 consumers were savers or investors, with 66 per cent doing so regularly.
But the survey revealed 35 per cent do not regularly review the performance of their investment and 32 per cent did not know how their investments have performed in the past year.
The research found that 26 per cent of people have nothing in place as a potential source of retirement income, and that 54 per cent have not made a will and over two-thirds do not intend to make one in the next year.
IBF chief executive Pat Farrell said: "The good news is that the vast majority of people are saving and/or investing and this trend looks set to continue into the future."
"However, it is clear that consumers could maximise their position by regularly monitoring their savings/investments, by properly planning for their retirement and by making a will," he said.