Irish Funds Strongly Supports European Commission Recommendations to Increase Investment Activity by EU Citizens

Irish Funds strongly welcomes the publication of the European Commission's Savings and Investment Union package on 30 September that includes recommendations for EU Member States on Savings and Investment Accounts and a Communication on a Financial Literacy Strategy.

These important publications lay out the blueprint to achieve increased investment activity by citizens across the EU, with clear and actionable suggestions for Member States. Irish Funds is actively working to promote increased financial literacy and emphasizing the importance for our citizens to understand how best to manage their money so that they are best-placed to protect and secure their financial well-being.

Ireland published its first National Financial Literacy Strategy in February, a major landmark, and the investment funds and asset management community strongly supports the Government’s ambition. Irish Funds has been running a Transition Year Financial Literacy Programme since 2022. Last year we reached 800 students in 23 schools in 14 counties across Ireland and are expanding further this academic year.

While the European Commission does not have the power to set tax policy, the recommendations include critical ideas around tax incentives, which have been shown to be a key factor in driving investment activity by citizens. We would encourage the Government to carefully consider these recommendations and, where possible, to align tax policy with best practice to support citizen investing.

As the European Union continues to focus on competitiveness and the Savings and Investments Union project, turning EU citizens from savers into investors will support a virtuous cycle of investment, innovation and returns that will be critical for the Union’s economic success and global competitiveness.

Please find below the links to the relevant Commission documents:

• Press release 

• Recommendation on Savings and Investment Accounts

• Communication on a Financial Literacy Strategy for the EU