Household saving rate slows to 14% in first quarter
New figures from the Central Statistics Office show that households saved 14% of their income in the first three months of this year.
This saving rate was down from 14.8% in the fourth quarter of 2024.
The CSO said the saving adds to overall household wealth in the form of buying new homes, growing bank deposits, pension savings, and paying off debt.
It noted that household income rose, mainly driven by higher wages, salaries and other benefits.
The number in work is growing as is average pay, the CSO said.
But at the same time, households are spending more on final consumption such as food, rent and transport. Increased spending is due to higher inflation as well as higher volumes of goods and services being bought.
Today’s results are preliminary and are subject to revision after the release of Annual National Accounts for 2024 and final Quarterly National Accounts for the first quarter of this year in the coming weeks, the CSO said.
Article Source – Household saving rate slows to 14% in first quarter