It has been a busy week of commentary on savings and investments. An Tánaiste and Minister for Finance, Simon Harris, spoke about how he wants to help people get the most out of their money. On a Leaders interview with RTÉ, he outlined that he will bring a strategy to government setting out its plan for a Savings and Investment Scheme to bring Ireland in line with many of our European colleagues.
He outlined that he plans to:
- Make saving and investing more rewarding and accessible for ordinary families, not just the wealthy.
- Bring Ireland closer in line with European peers who have structures that help people make their money work harder and better for them.
- Reduce barriers like outdated rules that currently act as a drag on long-term personal investment.
The Tánaiste also commented outside the meeting of Finance Ministers in Brussels that
“There is a €170 billion on deposit today, we need to make that money work – not just for our country, not just for the economy, but for our SMEs…I’m thinking of the next generation of people in Ireland and how this could help with their own personal economic resilience…At the moment they are locked out of any meaningful participation in the investment scenario in Ireland.”
Last week we updated you on our advocacy in this area and we wrote to Minister Harris, with recommendations to implement changes to Ireland’s savings and investments ecosystem including:
- Abolish the deemed disposal rule
- Reduce the tax rate on investment funds
- Introduce loss relief on disposals of units in a fund at a loss
- Introduce a Savings and Investment Account
- Prioritise financial literacy
In our letter, we outlined that increasing retail investment is not only beneficial to households and workers but also to the wider economy. Whether it is improving the funding environment for growing innovative companies or increasing investment opportunities in infrastructure, the possibilities are considerable if Ireland gets this right.
On Budget day, it was announced that a road map would be published in the first quarter of 2026 outlining how the government plans to implement the recommendations in the Funds 2030 report. We will hopefully see the details of the Minister’s plans for savings and investments outlined in the roadmap and for it to be published in the coming weeks. We look forward to engaging with Government in this area – whether via a forum or consultation process. We will represent members views and keep members updated in this area of important work.
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