Households reducing and using savings 'as inflation concerns likely to persist'

Figures show households who were able to build up significant levels of savings during the covid years are now, for one reason or another, eating into their savings

The BOI survey found that the easing in the annual rate of inflation has failed to allay concerns, and cost-of-living issues are likely to remain the single largest concerns of Irish households for some time. Picture: RollingNews.ie

Households are changing their attitudes to savings as the cost-of-living crisis bites, and saving levels are falling back rapidly from their elevated levels during the pandemic, a Bank of Ireland (BOI) survey suggests. 

The quarterly survey appears to confirm official figures that the households who were able to build up significant levels of savings during the covid years are now, for one reason or another, eating into their savings.