The study should pursue two complementary objectives. First, it should estimate the elasticity of retail investment to tax incentives by analysing in order to determine how strongly tax advantages affect the likelihood to invest and the amounts invested. Second, it should assess the potential budgetary implications of introducing an SIA under different design scenarios, taking into account varying forms of tax incentives participation rates and substitution effects with existing savings products. This second objectives should be possibly combined with an assessment of second round effect of greater retail participation to capital markets on consumption and investment.. Taken together, the study should allow policymakers to assess the cost effectiveness of SIAs as a tool to increase retail participation in capital markets under the Savings and Investments Union.