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

By January 15, 2024No Comments

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

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