Are You Saving As Well As the Average Belgian?

If there is one thing that is mapped out annually, then it is our saving behavior. Where such studies in many cases yield few striking results, this year is different. We save more every month than last year. Even more: the number of Belgians who put aside 500 euros or more each month has risen by 4.6%.

 

Why does the Belgian save?

Why does the Belgian save?

Before we zoom in on the specific percentages, it is important to first look at the reasons behind our saving behavior . More and more Belgians are succeeding in setting aside reasonable amounts, which is no coincidence. A third indicate that they want to be more prepared for possible setbacks. In other words: we save to have a safety net. Investing in real estate is in second place behind the saving reasons, accounting for around 16% of respondents. The third reason is the pension (10.9%), which is striking, since the number of young people who are among the large savers (> 500 euros / month) has doubled compared to last year.

 

The evolution of saving behavior in Belgium

The evolution of saving behavior in Belgium

Our average savings amount evolved from 185 euros per month in 2017 to 213 euros per month . The logical question that follows is: have we become richer or have we become more economical? The money must indeed come from somewhere. The average monthly salary of the Belgian indeed rose around 100 euros in two years , so this shift can be explained on the one hand. On the other hand, a lot of awareness campaigns have been conducted in recent years to point out to the Belgian the usefulness of a reserve. That they have done their work is richly illustrated by this research.

The financial strength of the Belgian has increased compared to last year. However, Belgians generally save more than necessary, often because they think there are no alternatives. This while for example you can also invest for a limited monthly amount.

 

Young people more, many nothing

Young people more, many nothing

Just like last year, we see that our saving power decreases as we get older. The majority of savers are between 18 and 34 years old . This population group generally also sets aside larger amounts than the elderly. It is striking, as we mentioned earlier, that the proportion of young people who manage to set aside more than 500 euros a month almost doubled compared to a year ago. In the other age categories, the number of large savers remains more or less stable.

Although this is a particularly positive story, 48% of Belgians are unable to save at all . That is an increase of 2% compared to last year. The annual EU-SILC survey by the Directorate-General Statistics of the FPS Economy shows that more than one in five Belgians lives in a household that they say is having financial difficulties. The fact that 29.8% of the population can then put aside more than 500 euros per month illustrates the financial gap in our country.

 

Do you save well?

save money

How well you save compared to the average Belgian therefore largely has to do with your age. Here you will find an overview with which you can check how well your saving behavior is:

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