Irish wealth hits a record €1.3 trillion but households are afraid to invest it in stocks or shares

Investment levels are far below EU averages

A fear of losing money, insufficient cash and a lack of knowledge were cited as the key reasons for not wanting to invest in retail products, according to the report, based on a survey of more than 3,000 adults.

Irish households are amongst Europe's most reluctant stock market investors despite sitting on an enormous €1.3 trillion in cash and savings.

A new report from the Central Bank shows that average household wealth has more than doubled over the past decade, but just 2.3% of financial assets are held in listed stocks and shares. This is less than a third of the EU average of 7.5%. The report found that 38% of assets remain parked in cash and deposits significantly above the EU average of 30%.