SSIA savers plan to spend €2.3bn on home improvement

SSIA savers are planning to splash out billions of euro on home improvements, holidays, property and cars when their accounts start to mature from the end of this month.

The biggest amount of money — €2.3 billion — will be poured into home improvements, a far greater sum than the €550m savers plan to inject into their pensions despite incentives to do so announced by Finance Minister Brian Cowen.

A €1 billion splurge on holidays is predicted and investment in property at home and abroad is expected to soak up in the region of €1.2bn of SSIA funds.