Households save record €13.4bn in year to November as pandemic hampers spending

Despite the challenges of Covid-19, businesses are also recording record savings with their deposits the highest on record at nearly €72bn

The impact of coronavirus has continued to diminish individuals’ opportunity and willingness to spend the Central Bank said.

Deposits from Irish households saw record growth in November as the impact of Covid-19 continued to diminish individuals’ opportunity and willingness to spend, the Central Bank has said.

New figures from the financial regulator show Irish households saved a record €13.4 billion in the 12 months to the end of November last year with lodgements exceeding withdrawals by 12.2%.