Irish household net worth reached a record high of €883bn in the first quarter of this year due to an increase in savings and deposits, according to new data from the Central Bank.

The figures show that household savings increased by €1.5bn in the first three months to stand at €7.4bn for the quarter.

The Central Bank said the 3.3% rise in household net worth was driven by an increase in financial assets of €18.9bn, primarily due to increasing investment in currency and deposits and a rise in the value of insurance and pension schemes.

It also said that household deposits held with credit institutions were up in the first quarter, while housing assets also increased by €8.2bn and household liabilities fell by €1.5bn.

Household net worth has grown annually since 2012.

The rise in wealth is in contrast to the impact of the pandemic on many households.

On aggregate, the Central Bank said households experienced a fall in pay in the first three months of the year compared to the first quarter of 2020.

The figures show that household debt fell by €1.5bn over the quarter, continuing the downward trend, to stand at €128bn in the first quarter.

Total debt now equates to €25,717 per capita.

Household debt has decreased by 36% since the first quarter of 2009.