The average household has saved around €2,000 in 2022 – nearly €4,600 less than they would have saved in 2020.
The data comes from a savings report by the independent comparison platform Finder. The report also reveals that in 2020, Irish households saved a fifth of their disposable income but this is predicted to drop to just seven per cent in 2022. With an average disposable income of €30,762, this means that Irish households are setting aside just €2,000 for their savings in 2022.
Ireland is actually the country with the biggest savings drop out of 28 OECD nations analysed in the report, getting knocked from second place in 2020 to 16th place in 2022. This year, the countries grabbing the top places are Switzerland, Luxembourg and Sweden, with an annual savings average of €8,324, €8,080 and €4,856 respectively.
Finder’s head of consumer research, Graham Cooke, said that between the forced savings of the 2020 lockdowns and the impact of inflation, these trends make sense. While this is a global phenomenon, “it’s clear from the data that consumers in Ireland are doing it particularly tough”.
“It’s important to make sure the money you are saving is working as hard as it can for you,” Mr Cooke said. “If you haven’t checked the rate on your savings account recently it’s a good idea to shop around and compare your options.”
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