Irish households saved €6bn in Q3 of 2024 according to the latest data from the Central Statistics Office (CSO).

Households saved 14.1% of their income in the third quarter of 2024, up from 12.9% in the second three months of the year.

The saving rate has averaged around 14% since the middle of 2022 but rising incomes have allowed savings to increase.

After adjustments for seasonal patterns, income rose slightly in the quarter while consumption was largely unchanged, producing a higher saving rate.

Household consumption unadjusted was €37bn in Q3 2024, up from €35bn in the equivalent period last year.

The data also shows household incomes rose in the quarter as pay per worker went up and more people were in work.

Peter Culhane, the CSO's statistician in the National Accounts Analysis & Globalisation Division, said: "Households added €1 to their wealth for every €6 in day-to-day consumption in the third quarter of the year.

"Taken collectively, our income in the three months was €44bn, we spent €38bn and we saved €6bn.

"The addition to wealth takes the form of buying new homes, growing bank deposits, pension saving, and paying off debt.

"The saving rate has been around the same level for the past two years. Both incomes and consumption have been rising faster than inflation."