An increasing number of SSIA holders will eschew the expected spending spree in favour of more prudent investments, according to a new survey by Bank of Ireland.
While nearly half of all SSIA holders are still undecided, the bank's market research shows that just 7 per cent of SSIA holders intend to spend all the proceeds of the scheme at maturity. An earlier survey indicated this figure was closer to 17 per cent.
The proportion of customers who intend to invest all of their SSIA savings has risen from 11 per cent last year to 21 per cent.
Commenting on the figures Ronan Headon, head of savings at Bank of Ireland, said SSIA holders and especially those with equity-based products should seek weigh up their investment options.
Mr Headon said equity products have the potential to deliver higher if their investment remains intact for a longer term.
A breakdown of the fifures shows that that men are generally making higher monthly contributions than women. However, future saving and spending intentions are broadly similar for men and women.
Mr Headon said that as 67 per cent of SSIA holders interviewed stated that they intend to continue saving when the scheme ends, the scheme has been a significant success in creating a savings habit.