SSIA account-holders will know what to do
They all seem to want to advise how they should be spent. Is it a form of jealousy, or just fear of those savers ‘setting the economy on fire’ in a spending spree? Those savers are ordinary people who were thrifty enough to make a sacrifice by saving ruthlessly over the past five years, and are well capable of using their hard-earned money wisely.
Most of the money will be spent or invested at home.
The €17,000 to €20,000 per head payout on maturity would not buy all that much at today’s values. It may not even pay legal fees and stamp duty on the purchase of an average home.
Compare those savers with the billionaires and thousands of new millionaires now in this country. They are more likely to shift much of their wealth into foreign investments and tax havens and live abroad for most of the time.
Who are best for the country? As John Paul Getty once said: “The meek shall inherit the earth, but not the mineral rights!”
Before joining the then EEC, advertising was geared towards encouraging savings and purchasing government bonds. Now millions are spent to entice everybody to ‘borrow, borrow, borrow’ for all their needs, while savings has become a nasty word.
James A Gleeson
‘The Grove’
Thurles
Co Tipperary
