State Savings Schemes
Dail Éireann — 2026-06-25
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Simon Harris (FG), Wicklow

I am happy to be challenged, and I will also be happy to meet because I do want to get this right. I really do because it is important. What we have done is laid out the principles. The details on specific rates of tax and the like would always be a matter for the budget. There is no Minister for Finance who announces tax rates in advance of the budget, as we all know; however, we have already made a number of clear, principled commitments on the design of the account. First, the obligation to ensure the tax is paid would lie with the account provider, not the person who opens the account. That is a game-changer in reducing complexity. Second, there would be an income-free threshold. Third, a person would pay one low flat rate of tax on anything above that threshold. Fourth, on Deputy Doherty's point, because this is not a scheme for the uber-wealthy, there will have to be a maximum amount that can be put into the account, either annually or over the lifetime period. Those are the four principles we have outlined.
The Deputy referred to the Central Bank. We are informed on this by the research of the Central Bank. The Central Bank carried out research called Retail Investor Participation in Ireland: Consumer Research and Analysis. It was published only last December. It examined and engaged with Irish households on how they save, invest and engage with financial markets. It shows that Irish households continue to rely heavily on traditional, low-risk saving habits, with 38% of all financial assets held in cash and bank deposits, a level significantly above the EU average. Direct investment in capital markets is very limited. Irish households hold just 2.3% of their financial assets in listed equities and debt securities. The EU average is 7.5%.
Irish retail investors also have a very distinct profile. They are more likely to be male and to be between the ages of 35 and 54, and are disproportionately drawn from higher-income, higher-educated ABC1 households. Some 73% are in employment and 65% hold higher education qualifications. Investors tend to be concentrated around the greater Dublin area. Therefore, there is not fair access today to investments. Lower-income people, people outside the Dublin area and women are all less likely to invest than men of a certain age living in a certain part of the country. These are some of the challenges and I look forward to grappling with them.

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Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/dail/2026-06-25/debate/main
Retrieved: 2026-08-27T06:54:51+00:00
Sitting date: 2026-06-25