Irish household savings drop as cost-of-living crisis bites

Budget measures would have also provided a little more scope for savings in Q4, said economist Austin Hughes.

CSO figures showed housing, water, electricity, gas, and other fuel were major contributors to the overall increase in spending which put pressure on incomes.

Irish households saved dramatically less at the start of this year as incomes dropped and the cost-of-living crisis put pressure on consumers, new figures have suggested.

The household saving rate tumbled to 14% in the March quarter from 24% in Q4 2022, latest figures from the Central Statistics Office (CSO) showed.