Why inflation-hit Ireland is no country for savers

In a high-inflation/low-interest rate world, the money you put in the bank for any length of time declines in value

Close-up view of unrecognizable man counting money. Horizontal composition. Studio shot. Image developed from RAW format.

Earlier this week, the Competition and Consumer Protection Commission (CCPC) published details of a consumer research trial, which looked at the ways in which banks might encourage us to save for a rainy day.

The CPCC says that the research was carried out because it is thought that we need to be encouraged to save more “to increase financial resilience against unexpected financial shocks”.