55% of SSIA holders continue saving

MORE than half of SSIA holders whose accounts have matured have continued saving.

Standard Life’s latest SSIA survey reveals that 55% of policy holders choose to continue saving.

Standard Life head of marketing Brendan Barr said: “Of those who are continuing the saving habit, 77% are choosing to save the same or more than previously. It’s clear that a saving culture has taken root in Ireland.”

The 77% are broken into 53% who are saving the same amount, while 24% said they are saving more.

The survey revealed that women were more likely to continue saving, with 60% of those with matured accounts continuing to save compared to 51% of men.

For those continuing to save, nearly 30% have reinvested part or all of their lump sum in an investment or pension contract.

Home improvements are the second most popular choice for those with matured SSIAs, according to the survey. Last year when those with un-matured SSIAs were asked what they would do with their money home improvements topped the list. Reinvesting the money was listed second.

About 15% of those with matured SSIAs have used the money to reduce mortgage, credit card or loan debts, while nearly 10% have chosen a pension plan as their continued savings of choice.

The survey showed a new home deposit was the most popular preference for 6%.

Buying a new car was the most popular choice for 6% as was buying a second property or a holiday home.