A survey carried out by the Central Statistics Office indicates that holders of SSIA accounts will spend just over 30% of the money on consumer items such as home improvements, cars or foreign holidays.
The CSO figures, collected during the final three months of last year, show that 46% of SSIA money will go to savings, pensions and other investments, while around 10% will be used to repay debt.
The CSO said more than two-thirds of SSIA holders were making the maximum contribution of €254 a month to their accounts, with the average monthly contribution amounting to €217.04.
More than 73% of those classified as 'professionals' had an SSIA. 47% of those in work had an account. This figure falls to 16% for unemployed people.
A breakdown of spending intentions showed that, for those aged 21-24, almost 20% indicated that some of their SSIA money would be spent on cars, while just 2% would put aside money for pensions. Almost 75% of SSIA holders have pension, compared with the nationwide pensions coverage rate of 51%.
