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Four in 10 Dutch households don't have enough savings

Monday 26 November 2012

Two out of 10 Dutch households do not have enough savings to pay for emergency purchases and a further two out of 10 have no savings at all, according to research by the family spending institute Nibud.

Nibud estimates a couple need at least €4,000 in savings to pay for unexpected items like a new fridge or television, while a family with two children should have €5,000 set aside.

The fact that so many households don't have enough money reserved for emergencies is 'worrying', Nibud says. People on low incomes are least likely to have savings, as are youngsters and people living in rented accommodation.

Savings account

Nevertheless, a quarter of households do save a regular amount every month - averaging 9% of their total income - and a further 40% put money to one side sporadically.

The impact of the crisis has been to stimulate people to save more money, Nibud says. In 2006, at least half of home owners had over €8,500 in their spending accounts. This has now doubled to €17,000.

And the average childless couple in their 30s with €3,500 a month to spend has savings of almost €40,000.

Do you save money for emergencies? Share your experiences using the comment box below.

© DutchNews.nl


Readers' Comments

On the other hand, The Government knows exactly how much savings is "too much". And that is exactly 44000 per household. Over that amount, they charge 1.2% tax every year which is ridiculously high!

By rapid | 26 November 2012 2:45 PM

No I have no savings and am lucky to get by each month;

By dee | 26 November 2012 2:47 PM

I ask myself, how a family with 2 kids, that needs to pay for daycare and all other expenses that they keep on putting on us, can still have enough money left to do reasonable savings like a family without children...

By Des | 26 November 2012 4:07 PM

i have a debt. does Nibud says anything about. no that it would help but anyway.

By Nikos | 26 November 2012 4:30 PM

The family is the pillar of Society

By Terence Hale | 26 November 2012 8:39 PM

After what the greedy banksters have done & are still doing, not all of us put our savings in a bank. Therefore the Nibud estimate is not accurate.

Keeping money in a bank here can actually work against you, once bitten, twice shy, make your choice, it's called privacy.)

(The banks are destroying our interest rate with inflation.)

By The visitor | 26 November 2012 9:20 PM

It's common sense to put aside money for rainy days! I made a monthly budget, and each month when I get my salary a set amount immediately gets sent to my savings account. It helps control my impulse spending, and gives me peace of mind to know that I have money to fall back on in case of a problem or god forbid, needing to book flights for a last minute, emergency trip home.

By Sedirea | 26 November 2012 11:17 PM

Equalizing savings should be a priority for the Dutch government. They should immediately tax those with lots of savings to credit those with little savings. (This would be right in line with other recent initiatives.) I mean, heaven forbid people don't have €4000 on reserve for an emergency TV purchase, as Nibud suggests is necessary?

By Ben | 27 November 2012 12:19 AM

Savings are necessary for somewhat bigger emergency like loosing income while having financial obligations (e.g. mortgage, children support) and NOT for quite cheap electr(on)ic devices.
Low income has a consequence that one cannot save but also spending habits and (doable) obligations are limited. Sad, but it is simply a match - no tragedy at all.
High income is not that easy to spend in a country full of overpriced low-quality stuff and very limited choice... at least for reasonable people.

By Max | 27 November 2012 12:29 AM

I save money - maybe 10% if I'm lucky. I also have the 30% tax ruling and don't have a car.

How is the common guy or gal supposed to save money when the cost of living is so high? I assume they are either receiving benefits, inherited money, working under the table, or getting paid like a banker or doctor....

By Jimbo | 27 November 2012 7:29 AM

i used to be able to save money, budget it and have it automatically put aside, but as expensive as everythings is getting to be and my salary staying about the same- its just not possible anymore. i just feel lucky to have a job and pay my bills at all, lots of people out there losing everything now. scary because it looks to get on only worse to me.

By paul | 27 November 2012 9:26 AM

Surely you only need €400 to pay for a fridge or TV? Naturally, if both break down together, you need to decide if food or TV is more important to you.

By Darren | 27 November 2012 9:27 AM

So 60% of Dutch households DO have "enough" savings.
As the article says, low confidence encourages savings and discourages spending. This is good for the saver, but bad for the economy.
As polititcians wring their hands about how bad it is, and how more deep spending cuts are required, confidence will worsen, new hires will lessen, buisness will stagnate.
But households will save more, which is good for them.

By Mark Holden | 27 November 2012 9:27 AM

Average Family man here.....

Savings in principal is good for your peace of mind.

But with Mortgage Rates, House Taxes, House Insurance, Medical Insurance, Car Insurance, Car Tax, Car Maintenance, Car Petrol, Childcare, Bills, Food Costs, and Clothing all going up they make it very difficult to be able to put aside money for savings.

We could have more savings if we lived in smaller house, but if we want to sell the house we loose money....

This article is just scaremongering, thanks very much now my wife is stressed even more!!!

By Andrew | 27 November 2012 10:14 AM

Some savings are best hidden at the bottom of the lake.

By Dr Ponzi | 27 November 2012 10:37 AM

I beg your pardon, Ben?
I hope you were just joking, nobody can be such an ultra-communist.

By rapid | 27 November 2012 2:12 PM

@ visitor

Methinks, 'gold bars', and a spot of night gardening is the future very soon, for all of us. That digital money is for ejits created by ejits?

By Highlander | 27 November 2012 2:58 PM

Down to the wire these days, think I'm going to have to create some extra income somehow, reckon I'll borrow the wives heels and war paint, there always a demand, recession or not, for a hot old Scots transvestite, no tax either. Desperate times eh!

By Highlander | 27 November 2012 3:08 PM

After paying my eindjaaring, health insurance own-pay, and the APK, my modest savings are completely wiped out. Completely.

Sorry, Netherlands, you can squeeze all you want, but can't get blood from a stone.

By osita | 27 November 2012 5:10 PM

Every day there are more and more people complaining about high taxes, low income, no money on savings account.
Same people have iphone in the pocket of their Levis...
Seriously, the problem is in yourself.
Consume less. It's easy as that.

By Joe | 27 November 2012 8:38 PM

4 in 10 households don't have enough savings? I think that figure is much higher. The Netherlands is the most expensive country to live in.. fuel prices, over 50% income tax, health insurance (for a family), road tax, car insurance, mortgage, clothes for kids.. it never ends. And most of the people I know live a very modest life. I'm pretty sure they are all down to their last 300 euros at the end of the month. It's scary. You almost have to have a part-time "black" job just to have some spending money.

By tulipgiirl | 28 November 2012 6:50 AM

We are trying very hard to save on everything but the gov is taxing us on the money we tried so hard to save. This is not fair and not encouraging. They should abolish the capital tax. Afterall we are already paying so many different taxes and it will bring a lot of investment monies and thus employment.

By ufo | 28 November 2012 8:21 AM

No point in saving at least in a bank. If you do the right thing and save you get to pay tax on your savings! NO WAY. Spend it or save it under your mattress. I think it's absurd how banks work here. I have to pay 2 euro a month just to use my bank! I use them to get my pay and withdraw it in full every payday (My husband pays the bills and my money is for groceries, etc)

By LJK | 6 December 2012 12:45 PM

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