Approximately one quarter of Irish adults have stashed money in a savings account that no else knows about, a new survey has revealed.

The survey, commissioned by Irish Life, showed the hidden amounts are stored "in case of an emergency".

Close to half of us also have a deposit account containing an average of €32,000.

Half have held the lump sum in the same account for over five years.

Despite this, over half with such accounts are unhappy with the return on their savings.

Rates paid out on deposits fell 5 basis points to 0.93% in February.

Despite this trend, savers are still reluctant to invest their money instead, with the survey showing that 40% of us are cautious when it comes to investing.

People cited a lack of knowledge as one of the chief reasons they don't invest, with one in three people unsure what investments would suit their needs.

There was, however, a 21% decrease in "risk averse" people who would never invest.