The value of savings held by Dutch households reached a record €600.5 billion by the end of 2024, the Dutch central bank said on Thursday.

The total held in deposit and savings accounts rose by €24.5 billion last year, well above the 2023 increase of €14.9 billion. Savings abroad accounted for a further €16 billion, the central bank said.

The current savings drive may be a result of wages rising in 2024, which has allowed households to set aside more money.

Inflation may also be having an impact, the bank said, because price hikes make households more pessimistic about their purchasing power, so they tend to keep more money in reserve as a precaution.

Besides saving more, Dutch households also paid off more of their debts in 2024, resulting in a decrease in total household debt.