The Central Statistics Office (CSO) has revealed that Irish households saved 14.3 per cent of their income during the third quarter of 2024, marking an increase from 12.9 per cent in the second quarter.
The saving rate represents the portion of income remaining after current consumption expenses.
According to the latest figures, unadjusted household savings totaled €7.8 billion in Q3. Of this, €4.9 billion was directed toward capital assets, primarily homes, while the remainder was channeled into deposits, pension funds, or other financial assets.
The CSO attributed the rise in consumer spending to both increased volumes and higher prices during the quarter.
In addition, overall household income grew due to higher earnings from employment and greater investment income, including deposit interest, the report noted.