Fewer than one in four Irish people are interested in opening investment accounts, according to a new survey.Minister for Finance Simon Harris hopes to introduce new personal investment accounts to tap into cash that Irish people put aside and boost returns for savers.But only 23 per cent of people expressed an interest in using such retail investment accounts, according to a study that industry lobby group, Financial Services Ireland (FSI), will publish on Monday.It found that slightly more than half of Irish adults save “on an informal basis” and 70 per cent have a savings account.The survey showed 30 per cent of adults said they have money to invest but “do not know what to do with it”.That is more prevalent among people aged 25 to 44 and those who earn more than €65,000 per year.Only 16 per cent of people own shares and just one in 20 have some of other form of financial investment, the FSI study noted.The survey backs up the country’s reputation as a “nation of savers”, said FSI director, Patricia Callan.Minister for Finance Simon Harris is weighing the launch of new savings investment accounts. Photograph: Sam Boal/Collins Photos “That is a positive, but it is important that we also cultivate a new investment culture where people can build wealth through investing in capital markets,” she added.Callan argued the survey indicated there was an appetite for retail investment accounts, but industry and Government needed to improve the public’s financial literacy.“We need to ensure that we are improving financial literacy amongst the public so they understand the potential risks and rewards of investing and what it can ultimately offer for them,” she said.The Government has been looking at investment savings accounts used in countries such as Sweden, the UK and Canada ahead of introducing one here.Harris proposes a tax break on the amounts saved as an incentive.However, critics say this will only benefit those who are already well off while cutting the State’s potential tax take.Speaking after figures showed workers paid €15.6 billion taxes in the five months to the end of May, Harris said October’s budget would allow people keep more of their earnings.