Belgians are saving less and investing more

Belgians today are putting a smaller portion of their income into their savings compared to previous years, according to a study from ING Bank, choosing to channel their money more towards investment funds instead.

In the past Belgians have been described as "super-savers" compared to their European neighbours, but this new study on saving, investment habits and wealth challenges this and a number of other stereotypes.

While it is true that the savings rate of Belgian households was significantly higher than that observed in the eurozone for a long time, this advantage diminished in the years following the 2008 financial crisis.

Compared with the eurozone average today, Belgians set aside a smaller proportion of their income for savings. In 2025, the average savings rate in the eurozone stood at 14.7%, while that of Belgian households was 12.8%.

Belgians allocate 70% of these savings to property projects, such as buying their own home, while the remaining 30% is used to top up savings accounts or for financial investments.

Between 2015–2024, Belgians deposited twice as much money into their accounts as they allocated to financial investments.

But from 2025 onwards, the trend has changed and Belgians began investing an average of €5.6 billion per quarter in investment funds, while depositing €3.5 billion into their savings accounts.

“When we look at the figures - and these are macroeconomic data collected by the National Bank of Belgium - we can see that in recent quarters, Belgians have invested more money than they’ve deposited in their current or savings accounts,” said Charlotte de Montpellier, senior economist at ING Belgium.

“Investment funds are therefore attracting 60% more than bank accounts.”

Purchases of shares and bonds, on the other hand, are on the decline.

Only in Italy, Spain and Belgium are households spending more money on investment funds than on setting money aside in current or savings accounts, with this trend most pronounced in Belgium.

In Belgium, the proportion of money allocated to investment funds, including ETFs (exchange-traded funds), far exceeds that allocated to account deposits.

In Germany, the trend is also towards greater use of investment funds, although investments in bank accounts remain predominant. France, for its part, lags behind when it comes to investment.

An estimated 43% of Belgians are already investing in either shares, bonds, funds or ETFs. This figure is higher than the European average.

ING’s study also notes that 24% of Belgians do not yet invest but would be willing to do so in the future, with the greatest potential for future investment seen among young people.

Almost 46% of young adults aged 18 to 24 can be considered potential investors, ING reports.

“We can see that many young people are not yet investors, but are ready to take the plunge into investing,” said de Montpellier.

“Generally speaking, in Belgium, we’re seeing more and more investors, and people are investing increasingly larger sums. And among young people, it’s particularly evident that there’s a genuine desire to grow their wealth.”

As to what is holding back this 46% of would-be investors, the study found that 61% feel they do not know enough about it, 54% say they are uncomfortable with taking risks, and only 27% say they feel confident in their understanding of shares and bonds.

Taxation, which can affect returns, is another barrier to financial investment, particularly due to the risk of changes to the rules.

“For potential investors, the main problem is complexity,” ING writes in its report.

“They often don’t know how much tax they will have to pay, which investments offer tax advantages, or how to declare their investment income.”

Another 20% of Belgians who were once likely to invest eventually decide against it for these reasons.

“Those who haven’t invested yet are simply confused by the tax system,” de Montpellier said.

“They don’t know how they’ll be taxed. They’ve decided to abandon the idea of investing because of taxation and its complexity.”

In the other European countries examined by ING, this concern is less prevalent.