This is evident from research that ING conducted among almost 1,100 Dutch people. This shows that 22 percent of Dutch people have less than 500 euros in their savings account. Almost a third of that group are 50 to 65 year olds and that is ‘a strikingly high number’, says ING.
Japke Kaastra, head of financial health at ING, thinks this may be because that period is an expensive phase in life. ‘That group has not yet fully paid off their mortgage and often has children who are studying. It may also be the case that they earn less due to a kink in their career, but do not realize that they may suddenly be eligible for allowances.’ For example, they use their savings to supplement their monthly income, Kaastra explains.
The monthly savings amount for 40 percent of Dutch people is less than 100 euros. On the other hand, 13 percent save more than 500 euros per month. In total, 90 percent of Dutch people save, according to the bank. More than half of Dutch people have a savings pot of more than 3,000 euros.
The 10 percent who do not save have no money left at the end of the month or, in their own words, have a hole in their hand. Dutch people generally find saving useful and have learned it from home. People over 66 consider themselves particularly good at it. One in five Dutch people find it frustrating to save.
Dutch people are generally thrifty, says Kaastra. The research confirms the cliché that the Dutch are thrifty, but also makes it clear that not everyone has sufficient buffer. That is why, according to the bank, it is wise to actively engage in financially healthy habits such as automatic saving. ‘Because if you save automatically, you build up a nice buffer without noticing. Basically it’s about habit: saving behavior is more important than the amount saved.’
According to most Dutch people, a healthy savings pot contains an amount greater than three monthly incomes. “That sounds like a lot of money, but if you have your own house, car or children who are studying, this can be very necessary. In fact, everyone would like to have at least the personal contribution of their health insurance, 385 euros, on their bill,” says Kaastra. According to him, the research shows that not everyone has a sufficient savings buffer.
ING conducted the savers’ survey among 1,077 Dutch people aged 16 and older who have a bank account in their name. The results are representatively weighted by gender, age, education level, origin per province and income.
2023-12-08 19:01:02
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