More than half of Belgians want to save every month, but now have to use those savings to boost energy and supermarket prices. This is evidenced by the European Consumer Payments Report. Because of this, Belgians are becoming more financially vulnerable, says Anna Zabrodzka Averyanov of financial services provider Intrum. Savings are a buffer that protects consumers from economic shocks and enables them to provide for a comfortable future and retirement.
The report is based on a European survey conducted by Intrum in 24 countries. In total, more than 24,000 Europeans took part, including at least 1,000 Belgians.
The survey shows, among other things, that saving seems to have become a luxury that many Belgians can no longer enjoy. For example, 54 percent say they worry about whether they will be able to afford a comfortable retirement. A similar percentage is dissatisfied with the amount they can save each month.
The money saved during the Corona crisis will be largely spent in the coming months.
It would seem that half of our citizens are able to save 10 percent of their salary, but one in five does not save anything at all. “The money saved during the corona crisis will be largely spent in the coming months,” says Zabrodzka Averyanov.
Bills are rising faster than income
Another person in five Belgians also has less than a monthly salary available to pay for unexpected costs, such as car repairs. Thus the main motive for saving is to pay for these unexpected expenses. In addition, the Belgians save money mainly for their pensions and travel.
The survey also shows that the vast majority of our compatriots note that inflation has a negative impact on their family finances. 16 percent expect to experience the consequences soon. Nearly 70 percent of Belgians say their bills are rising faster than their income today, compared to 57 percent in 2021.
About a third have less than 10 percent of their income left after all bills are paid. Moreover, six out of ten Belgian parents advise their children to choose a course of study that leads to a well-paid job.
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