More than three-quarters of SSIA holders did not contribute to any other savings scheme before opening their special savings accounts, according to latest research from the Bank of Ireland.
The figures from the Bank's Saving & Investment division shows 76 per cent of savers did hold an alternative savings scheme (excluding pensions) before the Government's offer which was taken up between May 2001 and April 2002.
The Bank of Ireland says the figures prove the success of SSIAs in attracting first-time or "novice" savers.
The research show that first-time savers were far more likely to own a deposit-based SSIA product but less likely to be saving the maximum monthly contribution of €254.
More experienced savers, who had previously contributed regularly to a savings scheme were more likely to be equity account holders and tended to save more.
The research reveals that there were more novice savers in the 18-24 age group and in the group aged over 55 years of age. In contrast, a significant proportion of "experienced" savers were between 25 and 34 years of age.
The bank's research also indicated that 60 per cent of SSIA savers strongly agreed that contributing to the scheme has made them more likely to continue saving money in the future.