One in 10 people is saving more than €500 per month.

In a written Dáil response on the issue, Minister O’Callaghan said that works are now nearing completion at the final site of the Rapid Build programme, in Haywood, Clonmel, Co Tipperary.

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