The percentage of disposable income saved by individuals rose from 1.7 per cent in 2007 to 4.2 per cent last year, according to new figures from the Central Statistics Office (CSO).
The latest data indicates that total disposable income for households grew by €4.4 billion to €91 billion over the period under review.
Government saving declined by €11.2 billion in 2008 - from a surplus of €6.4 billion to a deficit of €4.7 billion - due to a fall in revenue and an increase in social welfare spending.
Meanwhile, net lending by financial institutions totalled €7.9 billion last year, down from almost €8.5 billion in 2007.
However, Government borrowing increased sharply over the year to €13.9 billion while it feel to €5.2 billion for households.
