Poll predicts huge spending splurge when SSIAs mature
Ireland could be facing a massive spending splurge when Special Savings Incentive Accounts begin maturing from next year, according to an opinion poll published this morning.
Almost half of respondents to the Irish Independent poll said they expected SSIA holders to spend their money rather than reinvest it.
Just one-quarter of respondents said they believed the money would be saved.
A massive spending spree could push up Ireland’s inflation rate, but financial institutions have already said they expect most of the money held in SSIAs to be reinvested.
The Government has been urged to set up a new scheme to encourage people to reinvest their SSIA windfalls, but Finance Minister Brian Cowen said recently that he had no plans to set up such a scheme.
