“I am delighted to convene the first Annual Savings and Investment Forum, which represents an important step in strengthening Ireland’s culture of saving and investing. We already know that Irish people are among the best savers in Europe, however the numbers who are engaging in retail investing are among the lowest in Europe. We have a real opportunity to empower individuals to make better use of their hard earned savings, to support long-term financial wellbeing and to channel capital into productive investment.

The development of a Personal Investment Account framework, in line with the European Commission recommendation, has the potential to be transformative by making investing more accessible, more transparent and more rewarding for people right across this country. I look forward to engaging with stakeholders to ensure we deliver a system that works for everyone.”

“The establishment of this Forum today reflects the Government’s commitment to fostering a more inclusive and dynamic savings and investment environment that can deliver real opportunity for our people.

By bringing together diverse perspectives, we can ensure that the new Personal Investment Account framework is robust, consumer focused and aligned with international best practice. This work will be central to encouraging greater participation by Irish savers in retail investment, which can help to build their economic resilience into the future.

The Department of Finance is currently developing a new iteration of the Ireland for Finance strategy, a whole-of-Government strategy for the development of the international financial services sector in Ireland. By delivering a new investment account for Ireland, it will lead to greater engagement between citizens and the financial services sector, which plays a vital role in the Irish economy.

“European Central Bank survey data shows that only a fraction of EU household wealth is held directly in capital markets instruments. This matters because in order to fund the investments our European economies need – be that for innovation, infrastructure, or the digital and green transitions – we need strong capital markets to complement a strong banking sector in financing a more productive and competitive Europe.

We will play our role in supporting the Savings and Investments Union agenda, in line with our mission to ensure the financial system is operating in the best interests of consumers and the wider economy. For me this means that the regulatory framework supports retail investment, that consumer protections are robust and that trust and confidence in capital markets are restored and sustained. And, to that end, we are committed to working collaboratively with our colleagues at home and abroad.”

“Clear information and strong financial education enable consumers to plan confidently for the future. As Ireland’s financial education authority, the CCPC supports consumers to manage their money and choose financial products that will work for them. Therefore, the CCPC is very glad to contribute to the Savings and Investment Forum.

“To achieve long term financial goals, consumers need straightforward options to grow their savings and make their money work harder for them. We’re looking forward to supporting the introduction of practical steps and new products to make saving and investing more accessible and easier to understand for everyone.”