Around a quarter of people claim to have a secret stash of cash in a savings account that they have told no one else about.
This money has been put in place to be used in case of an emergency, a survey commissioned by Irish Life indicates.
The survey also found that almost half of Irish adults claim to have a deposit account, with an average of €32,000 saved.
But more than half of people with deposit accounts are dissatisfied with the returns on their savings, according to the survey, which was conducted by Coyne Research.
Half of those with a deposit account have kept a lump sum with their bank for five years or longer.
A fifth of those surveyed claimed to have more than €50,000 in their deposit account, and another 13pc said they had more than €75,000.
However, there is a general sense of discontent among deposit account holders, as the survey showed that 56pc of savers are not happy with the returns on their savings.
The latest figures from the Central Bank show that the interest rates paid on deposits continued to fall in February.
Interest rates for outstanding household deposits decreased by 5 basis points to 0.93pc at the end of February.
The deposit rate for new business rose slightly by 2 basis points to 0.25pc over the same period.
And interest earned on savings in banks is hit by Dirt (deposit interest retention tax) at 41pc, with PRSI (pay-related social insurance) liable on savings interest as well, for those under the age of 65.
Despite the low interest rates, people with savings are reluctant to invest, according to the Irish Life-commissioned research.
Four in 10 people said they were cautious when it came to investing.
Another one in six said they were "confident or very experienced" investors.
Almost half of people have experience of investing some of their money. Of those, two in three said their previous investment had risen in value.
However, there has also been a fall to 21pc in the numbers who say they are "risk averse" and would never be comfortable investing any money.
A lack of knowledge was highlighted as one of the main barriers to people investing.
A third of people said they would not know what type of investment would suit their needs and 27pc wanted to know more about what type of return they could expect.
Managing director of Irish Life Retail Gerry Hassett said the research highlighted how people wanted to make their money work harder for them.