April 1, 2023

Taylor Daily Press

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Belgians have less money in a savings account

Belgians have less money in a savings account

The total amount of Belgian savings accounts fell significantly in March. This is the first drop in six months. This is evident from the figures of the National Bank. It is not yet clear if rising inflation is the cause.

In March, 300.7 billion euros were stopped on regulated savings deposits. This is 656 million euros less than in February.

Should families use their savings to pay for their growing energy bill and more expensive shopping cart? High inflation will certainly play a role, but there could be many reasons why savings accounts vary from month to month. Maybe people booked early to go on a ride. Or they received a bonus in the previous months or their wages were indexed. It is difficult to draw conclusions in one month, said National Bank spokesman Gert Siut.

It should become clear whether high inflation nibbles savings accounts in the coming months. In any case, the National Bank still assumes an average increase in purchasing power for the year. “But that’s also because more people are working.” The more people with jobs, the higher the average purchasing power of families.

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