Consumers saving less as rising cost of living forces households to spend more

Of those surveyed, 29% viewed the cost of living as their biggest concern, up from 22% in May. 

A statement from the Bank of Ireland said: "The survey results continue to suggest consumers may be trying to save in the face of uncertainty but they are struggling to do so, given the rising cost of living."

Consumers are saving less as soaring inflation and the rising cost of living forces households to spend more.

According to the Bank of Ireland’s savings and investment index, consumers' level of saving fell to 87 in August, down from 90 in May.