The pandemic has continued to leave many people financially better off, despite the massive hits to jobs and shuttered businesses. The latest update from the Central Bank shows gross household savings continued to increase, up by €1.5bn in the first three months of this year, to stand at €7.4bn. Average household wealth has also been bolstered by continued house price increases during the pandemic, something the Central Banks and other experts did not anticipate when much of the economy was put on ice. The state did step in however, with households gaining a total of €3.9bn in Social Transfers (PUP) and Subsidies (EWSS). In net terms income supports, declining debt and lower spending combined to leave households better off, on average, over the quarter.

Source: Irish Independent August 11, 2021 12:11 UTC