Holders of Special Savings Incentive Accounts (SSIA) are becoming more cautious, with growing numbers indicating they will continue saving after their accounts mature, according to research published by Irish Life.

A new survey conducted on behalf of the SSIA provider indicates that 56 per cent of SSIA holders say it is "definite" or "very likely" that they will continue saving regular amounts each month after the SSIA scheme finishes.

In a similar survey conducted last year, only 39 per cent said they would continue saving.

The Irish Life survey follows research published by Bank of Ireland this week which showed that 62 per cent of SSIA holders whose accounts have already matured are keeping up their regular savings habit.

The bank reports that the average monthly savings of matured SSIA customers has increased to more than €300, compared to the maximum €254 monthly contribution allowed under the Government's scheme, which gave savers a bonus of €1 for every €4 saved.

Irish Life also said yesterday that 44 per cent of the accumulated funds, €7.1 billion, would remain in financial institutions, with €1.1 billion used to eliminate debt.

Among Bank of Ireland customers, 70 per cent are saving some or all of their lump sum.