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.
Please review the full article below or download here.Household-Saving-Article-SP-Irish-Indo