Dutch eat into their savings

Wednesday 20 January 2010

Dutch households ate into their savings on October and November last year, taking more out of savings accounts than they put in for the first time since autumn 2005, the central bank said on Wednesday.

Some of the money appears to have been put into shares, the central bank said. 'There are indications that amid resurging stock markets, some savings have been diverted towards the equity market. During October and November 2009, for instance, Dutch households purchased some €750 m worth of equities,' the bank said in a statement.

In addition the rise in unemployment has forced people to dip into their savings.

In total, the volume of savings fell by €1.2bn in the two months. Between January and September, the total amount of private savings rose €16.6bn, some €5bn to €6bn more than the average increase over the past 10 years.

© DutchNews.nl

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