New research shows Irish consumers are missing out on almost €500 of savings a year, with a third earning zero interest on their money
A woman is holding a fifty euro bill in her pocket. She is wearing a pink sweater and has red nails
New research has revealed that Irish consumers are forgoing nearly €500 in potential savings.
Digital banking provider Monzo has published the first instalment of ‘The Monzo Money Pulse’, a research-driven series examining Irish attitudes towards personal finances – with this edition focusing on savings habits.
The study found that nearly two-thirds (65%) of Irish adults are committed to increasing their savings in 2026, yet just over a third of savers (34%) are currently receiving zero interest. If instant access interest-bearing accounts were accessible to Irish adults, they would put aside an extra €40.80 monthly, or €486 annually, per person.
When calculated nationally, this would generate €1.5 billion in additional savings annually on which they could earn interest.
Half (50%) of participants indicate they’re concentrating on long-term savings, whilst a further quarter (26%) are working towards shorter-term objectives. Simultaneously, 39% acknowledge they have nothing remaining to save at month’s end, indicating that even those with strong intentions are struggling to make progress, reports RSVP Live.
Less than half (45%) of participants believe their bank adequately supports them in achieving their savings objectives, and one in three (33%) state that tools for setting and monitoring savings goals would most enhance their banking experience.
Close-up stock image of hands taking money out of a wallet(Image: Getty Images)
A third (34%) of savers receive no interest whatsoever, whilst 11% are unaware whether their money is generating interest. Almost a fifth (19%) of those not earning interest on their savings admit they don’t understand the options available to them, while 17% express concerns about risk, and many describe saving as “too complicated” (16%).
Instant access to cash is the primary obstacle to earning interest, with 35% of respondents not earning interest on their savings stating they prefer to keep their money in an instant-access account rather than tying it up in a savings account, even if it means forgoing interest.
Elaine Deehan, Country Manager for Ireland at Monzo, said: “We know from our first customers in Ireland that saving can be a headache – whether it’s wrestling with minimum deposits or feeling like your money is locked away.”
“The Monzo Money Pulse shows a huge appetite for something better. We’re excited to bring a way to earn interest while remaining totally in control and access the money whenever you need – all that with no maintenance fee or withdrawal charges.”
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