Around two-thirds of SSIA holders are expected to keep on saving when their accounts mature, a new survey claimed today.
Research by Irish Life and Permanent found that more than half a million savers have no idea how to spend their windfalls.
But while 67 per cent of consumers will continue to put money away, some €2.3 billion of SSIA money will be spent on home improvements, €1 billion on holidays and €1.2 billion on property at home and abroad.
The research, conducted by Behaviour and Attitudes for Irish Life, found two-thirds of those who keep on saving will put away the same amount or more than they saved in their SSIA.
Almost a quarter are considering investing some of their SSIA in pensions and other long-time savings products, the survey found.
The research showed that older people and working-class savers are more likely to spend their SSIAs, while more economically confident people are more likely to keep their savings intact.
The first SSIAs will mature this month, with the balance maturing over the next year, and the Irish Life survey of 1,200 adults is the first in a series of bi-monthly reports aimed at determining the plans and intentions of SSIA holders.
According to Irish Life, one in every three SSIA holders will use some of their savings on home improvements while 16% of savers will spend €820 million on cars.
Property investment will feature prominently with one in every nine account-holders planning to invest in Irish property, while 3 per cent of the survey's respondents said they plan to invest in overseas property.
Irish Life said it expects more than €1.75 billion worth of SSIA funds may be rolled over, a further €554 million may be reinvested in pensions while some €1.2 billion may be invested in other long-term savings products.