New figures from the Central Statistics Office show that the Household Saving Rate in the third quarter of this year fell below 10% for the first time in three years.
The Household Saving Rate eased to 9.58% in the third quarter of this year, down from 10.91% the previous quarter and close to pre-pandemic savings levels in 2019.
Savings had seen small rises earlier this year.
Today's figures show that households saved a total of €4.2 billion in the third quarter, before adjusting for inflation and seasonal factors.
The CSO said that household saving is added to wealth either as real assets (such as new homes), or financial assets (such as deposits), or as paying off liabilities (such as mortgage debt).
Today's CSO figures also show that total disposable income of households declined by 0.7% in the third quarter after adjustments for inflation and seasonal factors.
The CSO noted that while incomes generally rose during the Covid pandemic, high inflation in recent quarters meant that real household incomes experienced low growth or declines.
