Households save €1 out of every €7
HOUSEHOLDS are now saving one in seven euro of disposable income.
New figures released by the Central Statistics Office yesterday revealed that households salted away 12.9pc of their disposable income in the first three months of the year.
The amount saved, and the percentage of income, are both higher than they were this time last year. Households saved €2.76bn in the first three months of the year and had a disposable income of €21.3bn.
High savings levels tend to affect spending in shops, which in turn stymies economic growth. Last month, Finance Minister Michael Noonan called on people to spend more.