50% of Non-SSIA holders now saving regularly

Research issued today by Bank of Ireland Life reveals that non-SSIA holders will not be outdone by their SSIA friends.

Over 50% of those who missed out on the SSIA scheme have actually started their own regular savings habit in the last five years with 59% wishing that they had taken advantage of the SSIA scheme from the outset.

The research also revealed that of those non-SSIA holders who are now saving regularly, 70% are saving up to €200 per month, while 25% are saving up to €500 monthly. Interestingly, 48% believe that since the launch of the SSIA scheme, they are actually better informed about the power of regular savings with 41% more likely to save regularly than they were five years ago. This is evident in their long-term attitude to regular savings, with almost seven in ten of these savers planning to save indefinitely.

Commenting on the launch of the new research, Kevin Manning, Head of Marketing, Bank of Ireland Life said: "The SSIA scheme has been a huge success, not to mention the ripple effect it has had on the savings habits of those who missed the boat. It is certainly uplifting to hear that those who didn't have the money at the time, or missed the SSIA deadline, are now saving regularly. With an environment of rising interest rates and a booming economy, now is certainly the best time for those without a savings habit to put their plans into action."

Of those who had neither started an SSIA nor another regular savings account in the last five years, over half say that they could afford to save, with 64% saying they could afford to save up to €100 a month. Encouragingly though, the intention of over half of all people surveyed was that they plan to save more over the next six months.

When asked about their view on a good savings or investment product for someone to save a lump sum of money, a significant number, 45%, said that a guaranteed investment fund where the capital sum is guaranteed was a good option. A further 22% suggested a deposit savings account. Not surprisingly, half of all respondents are already tired of hearing about the cash lump sum that most SSIA holders will receive in the coming months.

"It is not surprising that guaranteed investment funds seem to be a popular choice for those wishing to save a lump sum similar to those being realised by SSIA savers. A guaranteed fund is certainly a good alternative for those who are looking for an investment that can provide good growth potential, but who also need the comfort of a capital guarantee," comments Kevin Manning.