“OVER THREE QUARTERS of Irish adults have a deposit account….” – i.e. roughly 80% of the population or 3.6 million people.

“…with the average amount on deposit €20,500″ – i.e. the average amount across 3.6 million people.

“One in five Irish adults (17%) has between €10,000 and €50,000 on deposit” – i.e less than 20% of the population have in the ball park of the €20k quoted as the national average. Let’s assume for arguments sake that those 17% of people average out at the quoted 20k seeing as they’re in the ball park anyway.

That means then that over 60% of the population quoted as having deposit accounts have either less than or more than 10k and 50k. So what can we extrapolate from that?

If you were to take that 60% of the population whose deposit amounts we don’t know exactly, but do know that have to fall either side of €10k or €50k, and make the logical assumption (and mathematical certainty) that the bulk of the population don’t have >€50k, then that means to end up with your average of €20k, you could take the view that that wealth is distributed roughly as:

10% of the population, or 450,000 people having deposit accounts with about €100,000.

50% of the population, or 2.25 MILLION people having deposit accounts with about €2000, a far cry from the national average of supposedly €20k!!

That gives you your average of €20k (well about €18k but close enough), so your median therefore ends up around the €2k mark. In reality it could be even lower because I would guess that within that 50% of the population you’d probably find that 2/3 people have nothing and 1/3 might have 7 or 8k saved up. Plus you then have to factor in the remaining 20% of people who supposedly don’t have deposit accounts.

Then again my maths could be completely wrong :D

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