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Belgians save record amounts despite low interest rates

20:37 06/08/2018

Belgians are tucking even more money away in savings accounts, despite interest rates at a record low of just 0.1%, new stats show.

Savings account balances in Belgium have never been so high, at €265.8 billion. In the past six months, savers have topped up their accounts by an extra €5.6 billion, according to the Belgian National Bank.

The national bank says ordinary savings accounts remain popular for their instant access and relative security, even though interest rates have never been so low.

But savings only represent about 20% of most individuals' global wealth, according to ING economist Philippe Ledent. "In total, Belgians have an estimated €1,350 billion in assets - including cash, investment funds and property," he said.

Written by The Bulletin

Comments

Anon3

Given the incredibly high taxes in Belgium, I'd love to know how people manage to stash so much cash. Or are these all employees with company cars who don't have to pay for their own car, car insurance, car taxes, repairs or fuel? That would indeed mean a lot of spare cash in hand.

Aug 7, 2018 12:09