More Netherlands residents struggling to afford their fixed costs

The number of Netherlands residents struggling to pay their fixed costs increased by more than half compared to last year, according to a study by consumer advisor Pricewise and research agency Panel Inzicht. Of this group, 77 percent saw their fixed expenses increase in the past year, and 31 percent were financially affected by the coronavirus crisis.

People over the age of 60, people with a lower level of education, and unemployed people were more likely to be unable to pay their fixed expenses than 30- to 60 year olds, the higher educated and the employed.

According to Pricewise director Hans de Kok, it is not yet possible to say with certainty whether these groups will feel even more pressure in the coming months. Energy costs are expected to decrease somewhat, but other fixed costs like TV and Internet subscriptions will likely increase. Health insures may also push up their premiums due to the costs incurred during the coronavirus crisis.

There is a small group of Netherlands residents, 6 percent, who have no idea how much their fixed costs are, the researchers found. These were mainly people who were not working or have lower levels of education. De Kok called this worrying, saying that it is especially valuable for this group to keep an eye on their finances.