Households saved an extra €15bn in the last year*

Households have spent the last year saving more and paying down debt.

HOUSEHOLDS where people have been able to work from home are saving so much that a new record has been reached for funds in banks and credit unions. Households in this country saved an additional €15bn in the year to April in response to the coronavirus pandemic.

This took total household savings to a new record of €131bn, according to Central Bank data. In the month of April alone an extra €2.2bn was saved in banks and credit unions. Over the last year people deposited €14.9bn more than they withdrew. Most of the additional cash was put into current accounts, the Central Bank said.

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*Source: April 27 2021 02:30 AM, Charlie Weston , See full article here