Household savings rise closer to our Euro area counterparts in Q1 2024 [Video]

Irish household savings rose in the first quarter of 2024, closing in on the Euro area average of 15.3%, according to new figures from the CSO.

During the pandemic, Irish households managed to save more than our European counterparts, but in recent quarters we have dropped behind.

The household saving rate rose from 13.0% at the end of 2023 to 15.0% in the first three months of 2024, with Europe sitting at 15.3%.

The unadjusted saving rate was 18.97% as households saved €8.3bn in Q1 2024. This was saved as investment in new homes, bank deposits, and other assets.

Commenting on the newly released data, Peter Culhane, Statistician in the National Accounts Analysis & Globalisation Division of the CSO, said: “Households saved 14.99% of their income in the first three months of the year (seasonally adjusted). This is up significantly on the previous quarter when it was 13.00%.

“The expanding numbers of people …