The CSO has found that despite the record increase in unemployment last year, household incomes actually rose slightly. 

In figures released today, the CSO finds that total household disposable income rose because of the 'large-scale intervention' of the Pandemic Unemployment Payment and the Employment Wage Subsidy Scheme. 

People on these schemes saw their incomes fall but this was more than offset by higher incomes amongst those at work. 

It found that the total wage bill in large parts of the economy like industry, finance and IT rose due to higher earnings per week and more people being employed in these sectors. 

The CSO also found that the savings rate rose from 12% of disposable income in 2019 to 23% last year.

Some of this saving found its way into the €14 billion increase in deposits at Irish banks in 2020.