Almost 80 per cent of adults say they would be interested in opening a Government-backed savings and investment account (SIA), although less than half are aware one is being planned. Awareness falls significantly among younger people. According to new research from the Banking and Payments Federation Ireland (BPFI), the savings and investment account concept proposed by Minister for Finance Simon Harris has broad appeal. The Minister has yet to flesh out the details of how such a scheme would work.All told, 48 per cent said they knew of the planned scheme the Minister hopes to see introduced next year, although awareness drops to 25 per cent of those aged between 18 and 34. A total of 83 per cent said they were attracted by the promise that opening such an account would be easy, with 78 per cent saying the tax breaks were the biggest incentive. Most respondents who expressed interest in an SIA said they would be able to fund it from existing or planned savings.Wider research conducted by the BPFI suggests that Irish investors are driven by a combination of long-term financial security goals, such as retirement, as well as shorter-term objectives like rainy-day fundsThe research also identified key barriers to investment including affordability, risk aversion and lack of knowledge. “Today’s findings show strong interest in the proposed Government savings and investment account, with almost four in five adults saying they would be interested in opening one,” said BPFI chief executive Brian Hayes.If the SIAs are to be successful, they must be “simple to open, easy to understand and flexible enough to meet people’s needs”, he said. Tax incentives would “also be important, with stronger support for simple tax-free incentives over deferred taxation”, said Hayes.The BPFI boss was encouraged that almost half of adults are already aware of the proposed scheme. How many new homes does Ireland really need? Listen | 42:23“This provides a strong foundation for building further public awareness, supported by financial education and clear consumer information to help people make informed decisions about saving and investing.”He added that the proposed introduction of a savings and investment account in the Republic was part of a wider European Union focus on helping households build financial resilience and participate more easily in economic growth. “This is not about replacing traditional savings accounts, but about providing a simple, trusted route for consumers to invest part of their savings while keeping emergency funds on deposit,” he said. The projected scale of a savings and investment account is significant, with analysis from the BPFI suggesting that between €2 billion and €7 billion could be invested in the first year alone. “However, if the SIA is to achieve its full potential, it must be built around the needs of ordinary savers and first-time investors ... supported by a co-ordinated financial education and public awareness programme,” said Hayes.