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Dutch central bank warns people to save and pay off mortgages

Tuesday 26 June 2012

The Dutch central bank DNB is calling on people to pay off their mortgages as quickly as possible and to save more money.

'Be aware things will not get any easier over the coming years,' DNB director Joanne Kellermann warns in Tuesday's Algemene Dagblad.

She says people must take into account lower pensions, falling house prices and rising healthcare costs.

Best in the world

The central bank is worried people will get into financial difficulties when they reach retirement age, and says they should be making plans now for their future financial situation.

'The Dutch pension system is still one of the best in the world,' Kellermann says in the AD. 'But a number of changes are on the way and it is important everyone is aware of the risks and thinks about how to finance their old age.'

According to Kellermann, the continuing financial crisis has led to a distrust of the financial sector but people should not let this put them off planning for retirement.

How are you planning for your retirement? Use the comment form below to let us know.

© DutchNews.nl


Readers' Comments

they warn us to save money, on the other hand, Dutch 'Belasting' double taxing us...we've contributed every month for the tax, if you're 'Single' saving a/c have more than euro20,000, the amount above euro20,000 will be liable for tax (I think 2 %), if both couple have more than euro40,000 saving, and above this amount it will happen same have to pay for tax....why is that we can't have money save in the bank...this is just discourage people from saving more than this amount of money...that's why many people (refugees, foreigners) wanted to come to Holland thought to get the social benefit...and where are all these money come from !!!

By refuse | 26 June 2012 8:28 AM

Saving money, how?? In a couple of years our household's expenses raised several hundreds of euros a month in healthcare, childcare, bills, etc,... We are happy we can still put food on the table (most of the month) and go on vacation sometimes... Really don't know how we could save any cents in this situation,... If we get safely to retirement age, we'll be glad already, but what will happen next is the least of my concerns right now, as I just can't afford to think about it...

By JulesC | 26 June 2012 8:40 AM

1. Sell house
2. Dissolve Pension
3. Go short on euro/usd
4. Go long on pitchforks & toilet paper

By Dr Ponzi | 26 June 2012 9:15 AM

I will not be planning my retirment as it wont exist by the time i am of that age.The whole system is changing so that we will need to work till the day we die.

By jason buttle | 26 June 2012 9:31 AM

I am not planning to retire until death as it will be financial impossible and even more so with the social security system being slowly removed. The useless state would rather pay billions to the EU, foreign aid & 3rd world immigrants that have never worked or paid any taxes.

I have to ask- how are people suppose to save money and pay off there mortgages quicker whilst health care and just about everything else is going up? This shows how out of touch the banks and politicians are.

By Phil | 26 June 2012 10:12 AM

I would also like to add that decades of failed immigration policies under politically correct mostly socialist governments currently cost the NL over 50 billion a year, this is why Dutch people will no longer have a retirement.

By Phil | 26 June 2012 10:15 AM

@Phil: You are either a liar, or grossly misinformed. Please cite that statistic, as 50 billion euro is roughly 15% of the total GDP of the Netherlands per year!

By Kevin | 26 June 2012 10:59 AM

@Phil - if you want to target a group of people for stealing your future pension pot then it is probably wise to start looking a little closer to home, it's not rocket science. I do give you extra cudos though for bringing immigration into every article.

By Dr Ponzi | 26 June 2012 11:02 AM

@Phil, you've obviously swallowed the PVV propaganda whole and undiluted. When did NL last have a 'socialist government'? Who wrote the most restrictive immigration laws in history?
Answers; the 1970s, Job Cohen.

By Michael P | 26 June 2012 11:05 AM

@Phil. I find it incredible that you are able to tie every problem in the Netherlands back to immigrants. Trains too crowded? Must be the immigrants! No money in the pension fund? Again, that immigrant scum.
As a hard working immigrant (and, yes, I take the train to work), I do not understand why you are so angry at people who work and pay taxes (just like you!). I will never qualify for a full Dutch pension regardless of my work history, while people who do not contribute to the economy will be far better off in retirement. As we say, "them's the breaks." Live your own life!

By Angie | 26 June 2012 11:14 AM

And isn't is spending that you want to get the economy going again????? I wish those banks and government would make their mind up on the message they are giving us all.

By Maria | 26 June 2012 11:49 AM

What, the same immigrants that are clogging up the trains during rush hour going to and from work, Phil??

By CW | 26 June 2012 12:59 PM

I agree with Dr Ponzi's comments above. Only alteration would be to go long on shotguns and rifles.
Truth of the matter is that there is far too much state spending on benefits and social programs and too many people employed in the unproductive part of the economy.

By Duffy | 26 June 2012 1:33 PM

hey phil

do you think Philips exiting high tech semiconductor business and entering sex toy business (they call it personal massager though) has anything to do with failed immigration policies? lool

By dork | 26 June 2012 2:14 PM

@Phil, from where did you get this 50 billion a year?! - This is complete non-sense! Please stop promoting for your hate to immigrants. We're all human beings, and planet earth was made for all of us. don't forget that the rich of today is the poor of tomorrow, and the poor of today is the rich of tomorrow. It keeps going in cycles since the beginning of history, nothing lasts forever!

By Thy.Kantler | 26 June 2012 2:50 PM

What are we expected to save?
I gave up on vacations years ago, as I no longer have the money.

By Donaugh | 26 June 2012 3:00 PM

How can we have a economic growth if everybody start to save and dont spend? What a stupid thing to say... oh that cames from the bank.. they want our money...

By Saul | 26 June 2012 3:08 PM

@Phil, as usual you are trying to make opinions sound like fact "immigration policies under politically correct mostly socialist governments currently cost the NL over 50 billion a year". If you want any credibility, you might want to name a reputable source for this figure. Guess what, you can't. As an expat I have put in way more than I will ever receive back, while in my opinion based on experience (not fact), too many Dutch just suck off the system.

By Quest | 26 June 2012 4:19 PM

@Phil: it appears you anti immigration sentiments run vein deep. Rather than face the problem you choose to blame others for it. Face reality! Europe is in for a deep dive because it has lived beyond its means for too long and is not longer hyper-competitive relative to the rest of the world. We all have to tighten our belts and prepare for the rough ride. Stop blaming others. Blame yourself.

By Zra My | 26 June 2012 7:42 PM

If the bank is willing to cut the interest on the mortgage to a more nominal European level (they borrow at 0% from the ECB, and lend it back out at 4.5%, or more), then yes...I could have some spare cash at the end of the month to pay off the principle on the mortgage. Maybe this is the policy the DNB should be promoting?

By H. | 27 June 2012 8:33 AM

Sorry guys non western immigrants currently cost the NL 7.2 Billion a year. Other costs are incurred by the over-representation of immigrants in crime.


By Phil | 27 June 2012 11:55 AM

How in heaven can people save when the currency is devalued and the interest rate set to record lows encourages to borrow and consume? Should we have sound and stable money, able to keep value over time, people would save.
I've got used with Government&Central banks causing problems but hearing them morilizig is disgusting.

By Alexandru Cojocaru | 27 June 2012 12:47 PM

Seems the Dutch Central Bank wants people to save more so they have more to spend (or should we say waste). Its an easy fix to keep banks in the money so they don't fall into trouble like Spain, Portugal & Greece. They don't see the broad picture how this will hurt the EU economy & how people are supposed to do this with rising costs of healthcare, food & taxes.

'Turn a blind eye and a deaf ear' does not work anymore when the economy is slowing down & continues in a downward spiral.

By Elaine | 27 June 2012 1:22 PM

@PHIL - thanks for the link. In bold at the top of the article was written - "research commissioned by anti-Islam MP Geert Wilders has shown. The research was carried out for his far-right Freedom Party by the Nyfer economic research unit."

For a minute i was worried about the authenticity of the research but when i read it was commissioned by Geert WIlders, i knew it had to be authentic.

By xetadog | 27 June 2012 2:35 PM

The report Phil cites was commissioned by the PVV.
According to Radio Netherlands the research firm (Nyfer) looked into the budgetary consequences of "non western" immigration. I'm taking a guess here but I'd say the question was "how much do they cost NL each year"?
The report did not examine the effects on the labour & housing market, which presumably might highlight positive contributions.
Nyfer concluded that immigration has many positive long-term effects.
As usual people highlight the stats that support their position & hope no-one finds out about the rest.
Who was it said there are lies, damn lies, & statistics?
The latter can prove anything you want.

By Donaugh | 27 June 2012 2:40 PM

If the central bank stops stealing the buying power and removing the value of the currency the people can save. It would be better to back the money with gold and silver and to get rid of the bankers who rule us by central banks altogether.

By craig | 27 June 2012 3:15 PM

not so long ago the message was borrow borrow borrow
I had 10 calls an evening to remortage my house and have extra cash.
Buying a new tv gave me a credit card with Eu 40,000 limit independent of my income.
Someone in the central bank was sleeping who could not see the consequences

By nd | 28 June 2012 8:51 AM

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