Investment account scheme unveiled as just 3% of Irish people invest

Huge gender gap revealed in Irish investment habits

Tánaiste Simon Harris announced the findings of a nationwide banking survey on Monday, revealing that only 3% of Irish adults have investment accounts. 

The research, commissioned by the Department of Finance and carried out by Ipsos Behaviour and Attitudes, collected responses from 1,510 people aged 18 and over.

The figures also point to a gender gap in participation. Investment accounts are held by 5% of men surveyed, compared with just 2% of women. 

Ownership of cryptocurrency products was rarer still, reported by only 1% of respondents.

New investment accounts aim to make investing less intimidating

The results arrive as the Government prepares to introduce its new Investment Account scheme in July. 

The initiative is intended to lower barriers for people who want to put their money into investments, allowing contributions of up to €12,000 without a minimum deposit requirement. It will also include a tax-free threshold of €50,000.

Harris said the plan was designed to give more people the opportunity to consider investing, arguing that many savers currently see it as too difficult or costly to get started.

“We are a nation of savers, but far too few people see investing as an option open to them,” he said. “For many, investing feels too complicated, too expensive or simply out of reach. I want to change that.”

He said the new accounts would “make investing simpler and more accessible” to ordinary people.

Not everyone is convinced by the proposal, however. Labour finance spokesperson Jed Nash has criticised the scheme, arguing that it is likely to favour those who already have disposable income available to invest, according to The Journal.