'Silver savers' to keep up saving habit after SSIAs mature

More than six out of every 10 people over the age of 60 plan to maintain their regular savings habit once their SSIAs mature, a study by Bank of Ireland shows.

Of those spending some or all of their SSIA cash, 39% plan to spend it on home improvements, 26% plan to buy a new car, and 24% plan to use the money to go on holiday. Some 77% said it was better to save first for expensive items rather than buying on credit.