More than half of Special Savings Incentive Account (SSIA) holders whose policies have already matured have continued to save, according to a new survey conducted by Standard Life.

The study, which questioned almost 1,000 people, also found that, on maturity, 28 per cent of respondents reinvested at least some of their lump sum payout in an investment or pension product.

Of those who continued saving, 54 per cent said they were saving the same amount as they did during the life of their SSIA, while 24 per cent said they were saving more.

The study also found that more women had continued saving than men, with 60 per cent of females continuing with the saving trend, compared with only 51 per cent of men.

Brendan Barr, head of marketing at Standard Life Ireland, welcomed the findings, saying they made clear that the savings culture encouraged by the SSIA scheme has started to take root in Ireland.

"The good news is that the majority of SSIA policyholders have continued to save," he said. "It's also interesting that women have continued the savings habit more enthusiastically than men," he said.

The survey also found that the maturing of SSIA accounts had boosted pension sales, with as many as 9 per cent of those continuing to save choosing to put their money into a pension plan.

This compares with just over a quarter of respondents who said they had spent their money on home improvements, and 15 per cent who used the money to reduce mortgage, loan and credit card payments.

The next most popular destinations for the released savings were 6 per cent each on a deposit for a new home, payment for a new car, and on a second property or holiday home.

Only 5 per cent had earmarked the money for a holiday, compared with 10 per cent who said they favoured this option a year ago.