Bank of Ireland Asset Management has issued a guide for investors on the best options for protecting the value of their money in a low-interest rate environment. Among the issues it examines is how to manage investments at various stages of your life.

The younger you are, the more aggressive you can afford to be with your longer-term investments, it states. In your 20s and 30s there's lots of time to ride out the ups and downs that your investments may go through. And because many people in this age bracket don't have lump sums to invest, regular investment plans such as PIPs and PEPs may be a way to get started, it suggests. As you grow older or gain family responsibilities, it is generally advisable to cut back on the more risky investments and increase the proportion devoted to more stable options. By the time you reach your mid-50s you should be thinking about the transition to retirement. For those in the 30-50 age bracket, BIAM suggests the bulk of your available funds should be invested in stock market-quoted investments and property. When in your late 50s to early 60s, it advocates a marginal shift in this position, holding 65 per cent in equities and property, and 30 per cent in Government-backed bonds.

For the over-60s the riskier element should be scaled down to account for less than half your investment funds, switching towards greater security and putting up to 50 per cent in Government bonds.

Regardless of age, BIAM insists that in the current low-interest rate environment, no one should keep more than 5 per cent of available investment funds on deposit.