OCTOBER’S BUDGET ANNOUNCEMENT saw the official introduction of the new Irish Investment Account (or IIA), an initiative by the government to get ordinary Irish people investing. 

From 1 July 2027, people in Ireland will be able to open a new investment account, allowing them to invest up to €12,000 a year. The aim is to make investing simpler and more accessible. The first €50,000 will be tax-free, with a 1% tax applying to any amount above that threshold.

The introduction of the Irish Investment Account is an opportunity to encourage more people to consider investing, including those who have never invested before. There is a clear appetite to get started, but people need simple, easy to understand information and transparency around the risks and costs involved.

Research carried out by Irish Life and Red C* in 2026 shows that people in Ireland are still more comfortable saving than investing. While 69% of those surveyed said they would put extra money into savings over the next 12 months, only 20% would consider investing. However, nearly one in three (31%) said they would be likely to open an Irish Investment Account, including 9% who said they definitely would. The research also found that 59% believe financial advice is important when opening an IIA.

While many people understand the importance of making their money work harder and protecting their savings from inflation, investing can still feel complicated. Worries about losing money, not knowing where to start and wanting easy access to savings can all hold people back.

We spoke to Patrick Ryan, Managing Director, Wealth & Advisory Solutions at Irish Life, about what the new Irish Investment Account could mean for people in Ireland and how they can make the most of it

Iain White - Fennell Photography Iain White - Fennell Photography

Investing hasn’t traditionally been something many Irish people have considered, with most preferring to keep their money in savings. The new Irish Investment Account, announced in the Budget, aims to change that. Why is encouraging more people to invest so important, and what difference could the IIA make?

Ireland is good at saving, and with the right advice, we can become even better investors. Just 2.3% of our assets are invested, compared with closer to 10% across Europe. We also have around €170 billion sitting in deposit accounts. While it’s important to keep money in savings, particularly for emergencies and short-term needs, some people could benefit from investing a portion of their money for the longer term.

The introduction of the IIA is a positive step because it encourages more people to think about investing. That doesn’t mean investing is right for everyone. It depends on your financial circumstances, what you’re saving for and when you’ll need access to your money.

The aim of the IIA is to make investing simpler and more accessible, without needing a large amount of money to get started. Good financial advice can help people understand their options, the risks involved and what might work best for them. The important message is that investing and long-term financial planning aren’t just for wealthy people. They’re something everyone can consider.

What has stopped more people in Ireland from investing in the past?

For many people, the biggest barrier is confidence. If you’ve never invested before or don’t know much about it, it can be difficult to know where to start. Some people may even feel uncomfortable asking questions because they think they should already know the answers.

At Irish Life, we want to make those conversations easier. It’s about helping people understand their options, get the right advice and make informed decisions about what works best for them. Investing may be a good option for some people, while for others, building up their savings or managing other financial priorities might come first. The important thing is to get people talking and thinking about their financial future.

Over time, the real opportunity is to change how we think about investing in Ireland, helping more people feel confident enough to consider it and understand how it could benefit them in the years ahead.

What is it about the IIA that could make investing more accessible to someone who didn’t understand investing in the past?

With the new IIA, people can invest up to €1,000 a month, or €12,000 a year, with no minimum amount needed to get started. Even €50 or €100 a month could be a good starting point if it’s affordable. The aim is to make investing simpler and more flexible, with straightforward tax rules that make it easier for people to get involved.

Getting the right advice can also make a real difference.

Irish Life’s Life100+ research shows that people who have spoken to financial advisers feel much more confident and comfortable about their financial future.

That’s why it’s important to make financial advice accessible, helping people understand their options and decide what’s right for them.

If someone is thinking about investing and wants financial advice, what can they expect? 

The first step is to understand your financial situation and what you want to achieve. We’ll look at things like whether you have enough savings set aside for emergencies, what you’re saving for and when you might need the money.

It’s about looking at your overall finances rather than assuming investing is the right choice for everyone.

The IIA is designed for longer-term investing, rather than short-term savings. But one of the real benefits is that someone might come to Irish Life after hearing about the IIA and leave with a better understanding of their finances and a plan for the future.

Even if investing isn’t the right step for someone today, having a financial plan in place can help them get there. They might decide to open an IIA in 12 months’ time, once they’ve taken care of their more immediate financial needs.

What difference could a simpler, more tax-efficient investment product such as the IIA make to consumer confidence and willingness to invest?

Tax can be one of the things that puts people off investing. They worry about how much they’ll have to pay and how complicated it might be. The new IIA aims to make this much simpler. Under the proposed rules, people will be able to invest up to €12,000 a year, with no tax applying to accounts valued at up to €50,000. That’s a significant amount of money for most people. For a couple, that could mean up to €100,000 across two separate accounts.

With a yearly investment limit of €12,000, it could take several years to reach that threshold. This gives people time to build their confidence, learn more about investing and become more comfortable managing their money.

An IIA alone may not be enough to change behaviour. Why is access to financial advice still so important when people are considering investing?

Around 60% of people say financial advice is important when making investment decisions. Many people are unsure where to start or worry about losing money. At Irish Life, we want to make investing easier to understand, with clear, straightforward information and advice that gives people the confidence to make decisions that are right for them.

To learn more about how the Irish Investment Account could be what you need to get more from your money, take the first simple step today by speaking to your financial broker or adviser, or learn more at irishlife.ie.

Irish Life Assurance plc, trading as Irish Life, is regulated by the Central Bank of Ireland. Irish Life Financial Services Limited, trading as Irish Life, is regulated by the Central Bank of Ireland. Irish Life Financial Services is an insurance intermediary tied to Irish Life Assurance for life and pensions.

Research conducted by Red C on behalf of Irish Life in September 2026, among a nationally representative sample of 1,500 Irish adults aged 18 and over who make or jointly make financial decisions for their household.