Covid lockdown prompted Dutch to save more than ever

Netherlands residents' tendency to save money only increased during the coronavirus crisis. Despite the fact that interest on savings accounts is zero or near to it, Netherlands residents pushed nearly 20 billion euros into their savings account since the start of this year, the Telegraaf reported based on figures from Dutch central bank DNB.

By June, Dutch savings accounts held a total of 387 billion euros - nearly 20 billion euros more than at the end of 2019. In the first half of this year, Netherlands residents saved about the same amount of money that they did in 2018 and 2019 together.

Wim Suyker of central planning office CPB attributes the massive amount in savings to the coronavirus lockdown. People who still had their normal level of income had nothing to sped it on, so it went into the savings account.

"People could not go to the theater or the catering industry and on average had more left over," he said to the newspaper.