Majority of SSIA holders will reinvest money or pay off debts, survey finds

THERE will be no spending spree when the Special Savings Incentive Account (SSIA) scheme comes to an end, according to a new survey by investment managers Eagle Star.

The life and pensions company said 70% of SSIA holders surveyed would use their lump sum to reinvest or pay off existing debts instead of splashing out on cars, exotic holidays or luxury goods.

Sales and marketing director Dermot Browne said the survey showed the SSIA had succeeded in creating a culture of saving among Irish consumers. “One of the objectives of the SSIA scheme was to re-establish a culture of saving,” he said. “From the findings of our survey, this objective looks set to be achieved. It also looks like a majority plan to re-invest at least part of the lump sum accumulated.”