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Saving statistics: Ireland 2022
Irish people will save €4,577 less than they did in 2020.
Savings may have skyrocketed over the course of the pandemic, but the cost of living worldwide has increased significantly. The average household savings among Organisation for Economic Co-operation and Development (OECD) nations are predicted to dip by 6 percentage points from 2020 to 2022 according to Finder’s analysis of data from the OECD
16th for predicted 2022 savings rate
7% of household disposable income will be set aside as savings
Savings in EUR
€2,000 in savings per Irish household by year-end
- Ireland ranks 16th out of 29 markets for predicted savings, behind the US and Australia but ahead of Italy and New Zealand.
- Households will save about 7% of their disposable income in 2022, on par with the global average.
- The Irish savings rate dropped significantly from a high of 21% in 2020. This represents the biggest drop in household savings of the countries analysed.
- Irish household savings average at around €2,000 in 2022, €4,577 less than they would have saved in 2020.
- Household savings are predicted to drop by an average of €1,979 across all OECD nations.
Drop in Irish household savings
- Irish households are expected to save 7% of their disposable income in 2022.
- With an average disposable income of €30,762, this means that Irish households are setting aside €2,000 for their savings in 2022.
- This ranks Ireland 16th in terms of top savers across the OECD nations, a significant drop from their 2nd place spot in 2020 when average savings was 21%.
How Ireland compares to the rest of the world
- On average, households in countries included in the OECD are expected to save 7% of their disposable income in 2022.
- Leading the way are the Swiss who are forecasted to save a fifth (20%) of their household income. This is followed by Luxembourg at 17% and Sweden at 14%.
- In euros, this means the Swiss are saving an estimated €8,324 on average in 2022. Luxembourgers don’t fall too far behind at €8,080, followed by the Swedes at €4,856.
- Countries and regions on par with the global average are Austria, Slovenia, Estonia and the euro area whose households are expected to save 7% of their disposable income.
- On the other end of the spectrum are Polish adults who are predicted to have no savings in 2022. In fact, Polish households may go into debt in 2022, spending approximately €222 more than they earn this year. Kiwis are also expected to go into debt in 2022, with the average household spending €81 more than they earn (around 0.2% of their disposable income).
Global drop in household savings
- Globally, households are saving about 6 percentage points less of their disposable income now than they would have in 2020. In 2020, household savings averaged 13%, much higher compared to the predicted 7% for 2022.
- This means savings dropped by an average of €1,979 across the OECD nations.
- Ireland is expected to see the biggest drop in savings from 21% down to just 7% in 2022, approximately €4,577 less than their average savings in 2020.
- This is followed by the Czech Republic (-11% or €2,929), Italy (-9% or €2,822), Slovenia (-9% or €2,358) and Canada (-8% or €3,027).
- Luxembourg (1%), Latvia (1%) and the Slovak Republic (2%) are projected to have the smallest drops.
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