Household savings dip as spending outpaces incomes despite employment growth

Households saved €16.8bn compared to €17.6bn in the previous year.

The saving rate declined from 12% in 2022 to 11% by the end of last year according to figures from the CSO. Picture: Andy Gibson. Picture Denis Minihane.

Household savings declined marginally last year despite record employment levels, showed new figures from the Central Statistics Office (CSO).

The saving rate declined from 12% in 2022 to 11% by the end of last year according to figures from the CSO, which suggested wages have not increased with inflation as spending outpaced incomes.