More than half of SSIA holders continue saving after the policy has matured, according to a survey by Standard Life.
The survey found more than one in four or 28 per cent have reinvested part or all of their lump sum in an investment or pension contract.
The study also found that of those who continued to save, 77 per cent were saving the same amount or more.
The second-most popular choice for SSIA holders was to invest money in home improvements. This accounted for 26 per cent of those surveyed.
The third-ranking choice for policy holders was reducing mortgage, loan or credit card debt, with 15 per cent taking this option.
Other options included putting a deposit on a new home, buying a new car and buying a second property or holiday home.
Of those whose policies have matured, 60 per cent of females continued to save compared 51 per cent of males.
Only 5 per cent of respondents indicated a preference for buying a holiday. This contrasts sharply with last year's Standard Life survey, where 10 per cent had indicated a holiday as their most likely first choice.
Standard Life Ireland head of marketing Brendan Barr said: "While people may like the dream of a luxury holiday, when it comes to living the dream, they are more grounded."
Mr Barr said: "The good news is the majority of SSIA policyholders have continued to save"
"With 77 per cent choosing to save the same or more than previously, it's clear that a savings culture has taken root in Ireland. It's also interesting that women have continued the savings habit more enthusiastically than men.
Another noteworthy result from the survey is that pension sales have also been boosted by maturing SSIAs. "Nine per cent of those continuing to save have actively chosen a pension plan as their continued savings plan of choice," he added.
The Standard Life study covered almost 1,000 people.