in the forthcoming Budget<\/a>\u00a0and it is set to come into effect next year.\u00a0<\/p>\nThe SIA is spearheaded by T\u00e1naiste and Finance Minister Simon Harris, who has said that he intends to offer savers another option for a high-yield savings account that sees a reduction in tax applied to gains.<\/p>\n
Deemed disposal has been identified as one of the main barriers to Irish investors. Affordability and risk aversion were flagged in the research today.<\/p>\n
Research published today by the Banking and Payments Federation Ireland (BPFI) said 79% of adults are interested in opening a SIA.<\/p>\n
Almost half of adults (48%) are aware of plans for the SIA, although this dropped to 25% in the survey of the younger cohort, aged between 18 and 34.<\/p>\n
Most respondents to the survey who expressed interest in an SIA said they intended to fund it either by way of existing savings (30%) or planned savings (30%). Another 17% said they would use money they do not currently save or invest.<\/p>\n
Unsurprisingly, the features rated as most important in determining whether respondents would open such an account were ease of opening, tax incentives, and flexible withdrawals.<\/p>\n
Investment ownership among Irish adults has increased year-on-year from 41% to 44% in 2026. Many investors state that their motivation behind investments is long-term financial security goals, like retirement, or shorter-term goals like a rainy day fund.\u00a0<\/p>\n
Funds, stocks and bonds are the most common choice for investments at present, the research found.\u00a0<\/p>\n
BPFI\u2019s chief executive Brian Hayes said the proposed introduction of an SIA in Ireland is not about replacing traditional savings accounts, but providing a simple and trusted route for consumers to invest part of their savings.<\/p>\n
\u201cThe projected scale of an Irish SIA is significant, with our analysis indicating that \u20ac2 billion to \u20ac7 billion could be invested in the first year alone,\u201d he said.<\/p>\n
Hayes emphasised the need for simple and clear information surrounding the scheme and appropriate flexibility for the SIA to achieve its full potential.<\/p>\n
\u201cWe look forward to working with the Minister for Finance, officials and all stakeholders to help deliver a practical, well-governed product that builds trust, supports better long-term outcomes for households and contributes to Ireland\u2019s economic resilience,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"ALMOST FOUR IN five adults have expressed interest in the new government savings and investment account (SIA), new…\n","protected":false},"author":2,"featured_media":647035,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[73],"tags":[57040,79,18,19,2003,17,143850,234,3888,44],"class_list":["post-647034","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bpfi","tag-business","tag-eire","tag-ie","tag-investment","tag-ireland","tag-new-research","tag-personal-finance","tag-savings","tag-simon-harris"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/117127266025163458","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/647034","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=647034"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/647034\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/647035"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=647034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=647034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=647034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}