Public appetite for SIAs is strong

There is strong public appetite for the Government’s proposed Savings & Investment Accounts (SIAs), with almost three in four (73%) financial advisors surveyed nationwide reporting that the public would “definitely” go for one of these accounts. And a further one in four (25%) advisors believe there will be an appetite for the planned SIAs from certain sections of the public. Less than 1% say the public wouldn’t be interested.

This is according to the findings of a new survey of 215 financial advisors nationwide, undertaken by leading pension trustees, Independent Trustee Company (ITC). The survey examined how strong financial advisors believe take up of the proposed SIA, which is expected to be unveiled in the Budget later this year in a bid to encourage Irish savers to move some of the €170 billion they hold on deposit into investment products, will be.

Public appetite for SIAs is strong

While the survey suggests that public appetite for the proposed SIAs will be strong, the research also sheds light on what might hold people back from investing in these accounts.

Top 5 Reasons Irish People Are Reluctant to Invest Their Money

Asked why fewer than half of Irish adults have any form of investment[1], the main reasons cited by the financial advisers surveyed were:

1. Lack of awareness or understanding of investments (73% of advisors believe this is behind the poor take-up of investments by Irish adults)
2. Cautious attitude / risk aversion (cited by 35% of advisors)
3. Need for immediate access to cash (cited by 35% of advisors)
4. Negative past experience – own or someone else’s losses (cited by one in three -33% – advisors)
5. Distrust of investment companies or products (cited by 31% of advisers).

According to the survey, concerns about investment fees and charges, as well as the impact of recent stock market volatility, are other reasons Irish people are reluctant to put their money into investment products, with one in five advisors believing this is behind the low take-up of existing investments options (see Table 2 in Appendix). Less than one in five (18%) advisors believe investment apathy is behind the reluctance of people to invest.

Commenting on the survey findings, Glenn Gaughran, head of business development with the Independent Trustee Company said:

“Given the huge increases in household wealth in recent years[2], many Irish people do have the capacity to save and invest, yet recent BPFI research found that less than half of Irish adults have any form of investment[3]. This means that many Irish people are losing out on the opportunity to boost their personal wealth – an anomaly the Government is hoping to address with its planned SIAs.

While tax efficiency will be a key draw of SIAs, it’s important that the Government understands that this alone will not entice people to make the jump from savings to investments.

Our survey has found that poor understanding, and fear, of investments has dissuaded many people from investing their money – as has negative past experiences. A cautious attitude to investments, concerns about recent stock market volatility and a distrust of investment companies or products are other reasons that financial advisors believe people are reluctant to invest.”

According to the survey, an overwhelming majority (98%) of financial advisors expect that Irish people will have an appetite for SIAs, though a quarter of respondents expect this demand to be restricted to certain cohorts of the public.

Mr Gaughran added:

“While our survey found that public appetite for SIAs is likely to be strong, if SIAs are to be successful, it’s important the Government addresses the negative investment mindset that many Irish people appear to have. If SIAs are launched as expected later this year, it’s important that there are designed in a way which will make people comfortable about investing their money, with safeguards built in.

The Government will also need to educate Irish people not just around the benefits of investing their money, but also on how they can do so in a way which they are comfortable with and which will ultimately stand to them in the long run. Otherwise, the SIA scheme could struggle to take off.”

Footnotes

[1] As per recent BPFI research

2 As per Davy’s Wealth In Ireland report

3 As per BFPI research December 2025

ITC are an Irish-owned professional pension trustee company, established in 1994. They are one of the largest providers of self-administered pensions in Ireland, administering over €3 billion of client funds in over 6,500 pension structures.

ITC is a Revenue-approved Pensioneer Trustee for this purpose.  The company constructs and administers the trust structure to enable clients to use these structures to achieve the maximum possible benefit.

NB: ITC are not pension advisors. Individuals should speak with their financial advisor for more information.

Appendix

Table 1

Table 2

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