Tuesday 11 May 2021

Just over a third of households boosted their savings during pandemic

Photo: Depositphotos.com

Dutch households may have saved record amounts last year, as coronavirus stopped foreign holidays and eating out, but one in five saw their savings diminished by the crisis, according to research by Rabobank.

The bank interviewed some 1,500 people aged 20 to 70 for the research project and found just 35% had actually saved more during the first year of the pandemic.

In total, 70% of those polled said their spending on essential items had stayed the same or increased during the past year.

Some 40% of people with an income of between €36,500 and €43,500 said they had added to their savings last year, as had 56% of people earning above that. But just under a quarter of people earning less than the average income had saved more in the period to March 2021.

Dutch central bank figures show that households added €30bn to their savings accounts in the year to March, taking the total to some €400m.

The Rabobank research also showed that a quarter of people have little in the way of savings and 11% have none at all.

Family savings institute Nibud recommends that single people with a low income should ensure they have savings of at least €3,400 to cope with major repairs or items like a broken washing machine.

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