Household saving rate eases to 10% in Q3 from 11% – CSO

January 13, 2024

The savings rate among households here has fallen back to pre-pandemic levels, according to the latest figures from the Central Statistics Office.

The latest National Accounts data shows that the household savings rate in Ireland fell to 10.08% in the third quarter of last year.

That marks a decline from 11.05% in the second quarter of last year and was the lowest savings rate in the country for four years.

A lack of opportunity to spend during pandemic lockdowns and general economic uncertainty prompted households to put record amounts of money on deposit from 2020 onwards.

The savings habit appeared to continue after restrictions were lifted but cost of living challenges and inflation has seen the savings rate decline to what are considered more normal levels in more recent months.

Despite deposit rates increasing, the bulk of savings here lie in low-yielding easy to access bank accounts.

According to figures from the Central Bank published yesterday, of the €153 billion on deposit from households, €140 billion is in low-yielding easy access accounts that offer on average 0.12% interest.

The average interest rate on fixed term deposit accounts is 2.62%.

Article Source – Household saving rate eases to 10% in Q3 from 11% – CSO – RTE

Copyright and Related Rights Act, 2000

Related News

Irish prices second highest in EU last year

Irish prices second highest in EU last year

Prices paid by Irish consumers were the second highest in the EU last year, according to new official data. Irish prices were 42% higher than the EU average, according to Eurostat, just behind the 43% recorded in Denmark. Lowest price levels were registered in...

Increased labour needed to drive construction output

Increased labour needed to drive construction output

An increase in labour capacity in the construction sector may be needed if the number of houses that work has begun on this year are to be delivered. That is according to Banking and Payments Federation Ireland (BPFI) which says that between January and April, 30,138...