Regulator warns consumers to spend SSIA windfalls carefully

The Financial Regulator has warned consumers to make sure they are well informed before making decisions about their SSIA money.

Research carried out by the watchdog shows that one in three consumers plan to reinvest their money but the Financial Regulator is concerned that some people may commit to investments that they do not fully understand.

To help consumers think about what they want to do with their money, the Financial Regulator has published 'Your Little Black Book of SSIAs', which gives free, independent, practical information for SSIA account-holders on what they need to do to get their SSIA money.

It also sets out some options people could consider and it provides useful questions to ask before investing any money.

Speaking at the launch of the booklet, Consumer Director Mary O'Dea commented: "Accounts mature from the end of May and people will start to get their SSIA money.

"The most important thing to remember is to take your time and weigh up all your options. If you don't actively consider all of your options you are effectively letting someone else make the decision for you.

"Be cautious about any offers of high returns. When you are offered a very high return, this usually means you are taking a very high risk, so make sure you inform yourself beforehand so that you make the right decision for you and your money."

Only one in 10 people surveyed by the Financial Regulator planned to pay off their debts using their SSIA.

Almost exactly half - 49.8% - of all SSIAs will mature in April next year.

Copies of the Financial Regulator's 'Little Black Book of SSIAs' are available by phoning the consumer help-line on lo-call 1890 77 77 77, by visiting www.itsyourmoney.ie or by calling into the Consumer Information Centre at College Green, Dublin 2.