Irish households holding on to billions in covid lockdown savings but earning low interest

Central Bank analysis finds Irish people missed out on €800m in interest last year 

The covid lockdowns meant Irish households saved an extra €13.8bn. Picture: Denis Minihane.

Like a child holding onto their Communion money, Irish households are still holding onto the billions in savings they made during covid, while households across Europe have spent their.

A research paper published by the Central Bank of Ireland has found little evidence that Irish consumers are spending the savings they made, and households here continue to save at a higher rate than they did before the lockdowns of 2020 and 2021.