Election 2024: Fine Gael’s SSIA-style plan ‘would enshrine inequality’

Campaigners and other political parties have said the measure will exacerbate inequality as setting money aside is not an option for tens of thousands of families

Taoiseach Simon Harris admitted that those who are wealthy enough to put money aside are already saving, but hopes the new scheme will 'foster a culture of savings and preparing for the future'. Picture: Andy Gibson

Fine Gael's proposals for an SSIA-style scheme for parents have been strongly criticised as “enshrining inequality” by only benefitting children in well-off families.

The Acorn Savings Account would see the Government lodge €1,000 into a managed scheme when a child is born. Children from families receiving child support payments would receive €1,500.