Pay down debt? Invest? Splurge? Seven ways to use Covid-19 savings
Smart Money: Savings are at record levels – if you are lucky to have some, what are your options ?
Post-crisis idyll? Martina Lawless, research professor at the ESRI, believes savings will fuel ‘a strong boost in consumer spending’ once restrictions lift.
Paying down a car loan – or, alternatively, buying a car – is another likely use for savings. Photograph: iStock
The latest figures show that Irish people have saved an additional €15 billion over the past year. That is about €9,400 per household, on average.
But of course there is a massive variation around the average – the finances of many households and business owners have been hit hard and savings decimated, while many others have earned the same, or more, but have had less opportunity to spend it.