Brexit is having very little impact on consumer savings, according to the latest Bank of Ireland/ESRI savings index for last month.

88% of savers said that Brexit had not affected their saving, down from 92% the previous year. 

Bank of Ireland said that although savers said that Brexit was more of a consideration for them in 2019, it is clear that it is still not a strong driver of overall savings behaviour.

The overall savings index slipped back to 100 in April compared with 102 in March, mainly as a result of weaker investment sentiment.

But saving patterns remained very strong with 50% of people saving regularly in April, up marginally from March.

Confidence in the outlook for savings also inched higher in April, as 43% of people felt it was a good time to save. The numbers that felt it was a bad time to save (25%) felt to their lowest since January 2018.

Tom McCabe, Bank of Ireland Investment Markets, said the most surprising finding in this month's data is that Brexit continues to have very little impact on national saving patterns despite the ongoing uncertainty around what it could mean for the Irish economy. 

"This suggests that savers are very much still basing their decisions on "here and now" and not on what Brexit related challenges might be around the corner. With the Irish economy still growing strongly, this should mean saving sentiment remains positive over the next few months," Mr McCabe added.

He also said that assuming markets can continue to stabilise from their traumatic end to 2018, Bank of Ireland believes investor sentiment will ultimately follow suit.