Since this research had taken place, one in eight 25-year-olds has emigrated.

A new survey from the Teachers’ Union of Ireland Credit Union also revealed 26 per cent of adults allocate between seven per cent and 10 per cent of their income to savings.

The digital bank now has nearly 10 million customers and is preparing to expand across Europe.

Revolut claims to have 2.7 million customers in Ireland

The bank said it would apply a 2 per cent rate to its regular saver products

A couple in their 30s who itted charges relating to the theft of an 83-year-old man’s life savings were given custodial and suspended sentences at Limerick Circuit Criminal Court on Thursday

A typical mortgage seeker has €11,000 less in savings to put towards a deposit than those in the same position a year ago