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	HOUSEHOLDS have managed to pay off huge amounts of their debts, but still owe double what they earn.</h2>
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		The debts of households have been reduced back to the levels they were last at in 2006, before the downturn began.</p>
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		New figures from the Central Bank show that the total debts of households came down by &euro;1.6bn in the first three months of this year. Overall, the household debt figure stands at &euro;172.3bn &ndash; down by &euro;31.5bn since it peaked in 2008.</p>
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		The Central Bank said the debts of households work out at &euro;37,572 for every adult and child in the State.</p>
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		Excluding those under 18, this means that adults owe an average of &euro;50,093, calculations by this newspaper show.</p>
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		Despite the reduction in debts, households still owe twice what they earn. This is because the downturn has seen household disposable income fall dramatically, the Central Bank said.</p>
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		&quot;The decline in debt was partly outstripped by a decrease in disposable income,&quot; the bank said in its latest Quarterly Financial Accounts publication.</p>
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		There has also been a decrease in what is called the net worth of households. This is a calculation of the housing assets of households, with the debts subtracted.</p>
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		Property price declines have been blamed for the fall in net worth of &euro;1.8bn for households in the first three months of this year. The overall net worth of households was put at &euro;463.7bn. This works out at &euro;101,117 for every man, woman and child.</p>
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		Excluding those under 18, it gives an average net worth of close to &euro;135,000.</p>
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		<span class="CTXempty" style="margin: 0px !important; padding: 0px; font-size: 1em; text-decoration: inherit !important; float: none !important;">Central Bank statisticians estimate that the&nbsp;<span id="link1" name="link1" style="margin: 0px !important; padding-top: 0px; padding-right: 0px; padding-bottom: 1px !important; padding-left: 0px; font-size: 1em; height: auto; cursor: pointer; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 153, 0); text-decoration: underline !important; color: rgb(0, 153, 0) !important;">value</span>&nbsp;of housing fell by close to &euro;9bn in the first three months of the year.</span></p>
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		<span class="CTXempty" style="margin: 0px !important; padding: 0px; font-size: 1em; text-decoration: inherit !important; float: none !important;">A slight rise in investment in shares and in life assurance and pension policies was picked up in the figures. But there has been a reduction in household&nbsp;<span id="link0" name="link0" style="margin: 0px !important; padding-top: 0px; padding-right: 0px; padding-bottom: 1px !important; padding-left: 0px; font-size: 1em; height: auto; cursor: pointer; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 153, 0); text-decoration: underline !important; color: rgb(0, 153, 0) !important;">savings</span>.</span></p>
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		<strong style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px !important; margin-left: 0px; padding: 0px; font-size: 1em;">SAVINGS</strong></p>
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		Meanwhile, separate figures from KBC Bank show that eight out of 10 people have a savings account. Men are more likely to have savings. For those with a savings account, an average of &euro;223 is put aside each month.</p>
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		Having a financial safety net is the main reason people try to save, according to the research carried out for the bank by Millward Browne.</p>
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		The recent good weather prompted people to dip into their savings to fund day trips and buy barbecues.</p>
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		Unplanned spending on new garden furniture, plants and equipment also proved popular during the heatwave, according to the research.</p>
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		<a href="http://www.independent.ie/business/personal-finance/latest-news/household-debt-falls-to-levels-not-seen-since-2006-29497105.html">http://www.independent.ie/business/personal-finance/latest-news/household-debt-falls-to-levels-not-seen-since-2006-29497105.html</a></p>
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