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Maroc Maroc - WN.COM - Business - 19/Oct 07:05

Inflation and savings - what you need to know

Irish people are committed savers, the majority who save have their money safely in banks or credit unions. The problem is that over half earn less than 1% interest. With inflation running high, driven by rising food and energy prices, more than half of savers' cash is losing value in their accounts. On average households have been saving around 12.8% of their disposable income so far this year, according to the CSO, close to the average of 12.7% since the start of 2023. As a nation we have around €168 billion on deposit in Irish institutions. But are these savings giving people the best bang for their buck? For the most part it would appear Irish savers are losing out on earning interest,...

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