Almost four in five adults interested in new Government Savings and Investment Account, with simplicity, tax incentives and flexible access rated most important by consumers – new BPFI research
- The SIA concept has broad appeal with almost four in five adults (79%) interested in opening an SIA
- Almost half of adults (48%) are aware of the planned Government Savings and Investment Account (SIA), set to be introduced next year, although this drops to 25% of younger cohorts aged 18-34
- Most respondents who expressed interest in an SIA expect to fund it from existing (30%) and planned savings (30%)
- Ease of opening (83%), tax incentives (78%) and flexible withdrawals (77%) are the features that were rated most important
- Wider research shows Irish investors are driven by a mix of long-term financial security goals such as retirement (42%), as well as shorter-term objectives such as rainy-day funds (34%)
Thursday 20th August 2026 – New consumer research shows that almost four in five adults in Ireland would be interested in opening a Government Savings and Investment Account (SIA), according to survey findings published today by Banking & Payments Federation Ireland (BPFI), while almost half (48%) are aware of the planned scheme. While ease of opening, flexible withdrawals and tax incentives are the features most likely to encourage engagement, more broadly the research found that key barriers to investment include affordability, risk aversion and lack of knowledge.
Key survey findings include:
- 79% of adults expressed some level of interest in opening an SIA, including 41% who say they are very or extremely interested.
- 48% of adults say they are aware of the planned SIA, although this varies across demographic groups with almost three in four people aged 55 and over aware of the scheme, compared to just one in four of 18-34 year olds.
- Being easy to open and understand (83%), tax incentives (78%) and flexible withdrawals (77%) arethe features most likely to encourage engagement.
- Most respondents who expressed interest in an SIA expect to fund it from existing (30%) and planned savings (30%), while 17% would invest money they would otherwise not save or invest.
Looking beyond the proposed SIA, the survey also examined current investment habits, motivations and barriers among Irish consumers:
- Investment ownership among Irish adults has increased year-on-year from 41% to 44% in 2026.
- Irish consumers are driven by a mix of long-term financial security goals such as retirement (42%), as well as shorter-term objectives such as rainy-day funds (34%).
- Traditional investment vehicles such as funds (18%), stocks (17%) and bonds (9%) are the most common choices.
- Most respondents describe their approach to making financial and investment decisions as conservative or very conservative and were willing to accept little or no risk.
- Among non-investors, the main barriers to investing are not having enough money or affordability (61%), fear of losing money (49%) and lack of knowledge (48%).
Commenting on the findings, Brian Hayes, Chief Executive, BPFI said: “Today’s findings show strong interest in the proposed Government Savings and Investment Account (SIA), with almost four in five adults saying they would be interested in opening one. While 41% report that they are very or extremely interested, a further 38% say they are somewhat interested, representing a sizeable group that could be encouraged to participate if the scheme is simple, well-communicated and supported by clear incentives. For an SIA to work, it must be simple to open, easy to understand and flexible enough to meet people’s needs. Tax incentives will also be important, with stronger support for simple tax-free incentives over deferred taxation. Encouragingly, almost half of adults are already aware of the proposed scheme. This provides a strong foundation for building further public awareness, supported by financial education and clear consumer information to help people make informed decisions about saving and investing.”
Long-term security goals drive investment decisions, but concerns about risk remain high
Looking more broadly at current investment habits in Ireland, Mr Hayes added: “The wider findings show that Irish consumers are focused on long-term financial security, particularly retirement planning, while many also want to keep money available for rainy days. The majority of respondents are cautious, preferring low or no-risk options when making financial and investment decisions. While we see a modest increase in investment ownership from 41% to 44% year on year in 2026, more than half of respondents do not currently hold any investments and among this group, affordability, risk aversion and lack of knowledge remain significant barriers.”
Building public understanding and confidence ahead of introduction
“The proposed introduction of an SIA in Ireland is part of a wider EU focus on helping households build financial resilience and participate more easily in economic growth. This is not about replacing traditional savings accounts, but about providing a simple, trusted route for consumers to invest part of their savings while keeping emergency funds on deposit. The projected scale of an Irish SIA is significant, with our analysis indicating that €2 billion to €7 billion could be invested in the first year alone. However, if the SIA is to achieve its full potential, it must be built around the needs of ordinary savers and first-time investors, with clear information, appropriate flexibility and strong consumer safeguards, supported by a coordinated financial education and public awareness programme. We 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’s economic resilience.”
ENDS/
The BPFI Savings and Investments Survey was conducted by Amárach Research in June 2026 amongst a nationally representative sample of 1,000 people. The full survey report can be downloaded here.
Note: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland, and the Fintech & Payments Association of Ireland, BPFI has over 120 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace.
For further information contact: Fiona Murphy, Head of Communications, Fiona.murphy@bpfi.ie or Jillian Heffernan, Director of Communications, jillian.heffernan@bpfi.ie.
