Drop in savings for first time in 20 years

The Dutch have less money in their saving accounts for the first time in 20 years, Nos television reports Wednesday. Money Saving / Flickr According to figures from the Dutch Central Bank, the CBS and ING Bank, the saving amount has declined about €1 billion a month after hitting €330.5 billion last summer. The CBS said that there are four main reasons for decline of savings. First, about 5.3% households do not have extra money to put aside. Second, some households are taking money from the savings account for purchases or expenses. Third, households are using the savings to pay off debts and mortgages. And fourth, people who lost jobs are using the savings to maintain their standard of living.