New Investment Scheme: 1-in-5 Fear Wealthy Benefit, 1-in-3 Fear Loss
A survey indicates 1-in-5 people fear the Government’s new investment scheme will only benefit the wealthy, and 1-in-3 worry about losing money. Minister Simon Harris plans to introduce the scheme in October to encourage investment of €170 billion from bank accounts. While 76% support the initiative, concerns exist regarding equity, trust, and implementation complexity, with Alpha Wealth urging clarity and broad participation.
A new survey reveals that one in five people worry the Government’s proposed investment saving scheme will primarily benefit the wealthiest, while one in three fear losing money by investing instead of using a bank. Women are more skeptical than men. Fine Gael leader and Minister for Finance Simon Harris announced plans earlier this year for a new easy-access, low-cost personal investment plan in the October budget. He aims to encourage people to invest some of the €170 billion currently in bank deposit accounts, seeking better returns.
The Amárach survey for Alpha Wealth shows varying enthusiasm by age and income. Support is 88% among those over 65, but drops to 59% for 18-24 year olds. Trust in the scheme to grow money is 86% for those over 55, compared to 21% for 18-34 year olds. Higher social grades (78%) are more motivated by tax incentives than lower social grades (57%) to move money into the scheme.
Alpha Wealth managing director Nick Charalambous stated the Minister must clarify beneficiaries, warning against presenting it as a scheme for ordinary savers when those with larger disposable incomes will maximize benefits. He stressed the need for the scheme to work for lower and middle-income households to ensure broad participation. Overall, 76% support the scheme, but one in five lack trust in government oversight or worry about fees and tax implications. Charalambous expressed doubts about the Government’s ability to implement the complex scheme this year as planned, urging against rushing implementation.