The total amount on Belgian savings accounts fell remarkably in March. It is the first decrease in six months. This is evident from figures from the National Bank. It is not yet clear whether the increased inflation is the cause.
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In March, 300.7 billion euros was parked on regulated savings deposits. That is 656 million euros less than in February.
Do families have to use their savings to pay for the increased energy bill and the more expensive shopping cart? ‘High inflation will certainly play a role, but there could be many reasons why savings accounts differ from month to month. Maybe people booked early to go on a trip. Or they received a bonus the previous months or their wages were indexed. It is difficult to draw conclusions in one month’, said Geert Sciot, spokesman for the National Bank.
Whether high inflation is gnawing at savings accounts will have to become clear in the coming months. In any case, the National Bank is still assuming an average increase in purchasing power for this year. ‘But that’s also because more people are working.’ The more people have a job, the greater the average purchasing power of the families.
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