Irish household savings up to €14bn before Covid-19 pandemic

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Savings by Irish households doubled to €14 billion in the last five years, according to the latest figures from the Central Statistics Office (CSO).

Debts being paid off following the 2008 financial crisis along with rising levels of income has allowed people to save more.

Gross savings by households rose from €7.6 billion in 2014 to €14.4 billion last year. The data does not cover the impact of the Covid-19 pandemic.

Central Bank figures show bank deposits jumped to €5.3 billion in the second quarter of 2020, this figure coincides with the Covid-19 lockdown.

Covid-19 restrictions curtailed spending with a lot of that money being saved by families.

Meanwhile, consumer confidence took a knock in August as households worried about the prolonged effects on the economy as the number of Covid-19 cases increased again, a major survey has shown.

The monthly KBC Bank Ireland survey showed that although sentiment had recovered from a low point in April amid the national lockdown that consumers were less confident in August than in July.

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