BoI: SSIA-holders saving on

THE notion that the maturation of SSIAs will result in a consumer spending splurge seems to be wide of the mark, according to new findings by Bank of Ireland released over the weekend.

The bank said that around 60% of its already-matured SSIA customers have opted to continue their savings habit rather than go on a spending spree. Around 58% of matured SSIA customers under the age of 55 have continued to save the same amount or more since the end of the scheme, according to the bank. In addition, BoI has reported the average monthly savings of matured SSIA customers increased to €270 — well above the SSIA maximum of €254.

“The long-term impact of the SSIA scheme is evident, with 58% intending to continue their regular savings indefinitely, while one third will keep it up for between two and four years,” according to a BoI spokesperson.