Pensioners have €16bn on deposit

IRISH pensioners have €16 billion in cash on deposit with banks, the post office and credit unions.

A new survey from financial services company, Standard Life shows the average Irish saver – across all age groups – has around €30,000 on deposit; with more than 80% saying they have at least some money lodged with some form of mainstream financial institution.

The survey also showed that the biggest savers – in terms of value – are, perhaps unsurprisingly, those aged over 65, who have built up average savings of €81,820.