A report by 2026 Banking on Banks shows that 42 per cent of Irish people have less money to save each month, compared to the European average of 35 per cent.

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 maximum state pension is currently €277.30 a week for those aged 66 to 79 or €287.30 a week for those aged 80 or older.