Third of Dutch population increased savings during coronavirus pandemic

Last year, many Dutch spent significantly less money on eating out, traveling, clothing and sports, which resulted in 35% of people boosting their savings, research by Rabobank showed. Between March last year and February of this year, households deposited nearly 46 billion euros with banks, 2.5 times more than in the year before.

Although more people's savings have increased than decreased, a large proportion of Dutch people still have no reserves to rely on. Eleven percent of the respondents indicate that they have no savings within the household, and 25 percent has less than €3,400, the minimum amount family savings institute Nibud advised.

The Rabobank research included 1,546 Dutch people between the ages of 20 and 70 who were asked about their financial situation in the past twelve months. "For 16 percent of the Dutch who saw their savings increase, this was an increase of more than 10,000 euros. Among the Dutch who saw their savings decrease, 11 percent was a decrease of more than 10,000 euros," Rabobank researchers said.

In addition to more than a third saying their rainy day fund increased, 22% of those polled said their savings decreased. Additionally, 36 percent of the Dutch say that their savings have remained the same.

In general, people whose income is higher than average saw their savings increase more frequently. Forty percent of the population earning between 36,500 to 43,500 euros gross per year, which is the national average, said their financial means grew. Among people earning more than the average, this was 56%. Out of those with wages below the median, only 24% said their reserves multiplied.

Among those surveyed, 70 percent indicated that their total household expenditure on products and services has remained the same or increased over the past twelve months. A forth said their spending declined, and this group was, in general, more likely to say that their savings have jumped.