Dutch saved record €77 billion last year

Dutch households managed to hold on to 77 billion euros in savings over the past year, which is the highest annual total since 1995 when Statistics Netherlands (CBS) started keeping track of the figures. The Netherlands also ranked third behind Belgium and Ireland in savings growth rate among Eurozone members.

Not one of 19 Eurozone countries saw their savings shrink in 2020, but in the Netherlands, they rose faster than in most other countries. In Ireland, disposable income increased more and in Belgium consumption declined more.

The CBS revealed that Dutch residents saved 4,418 euros on average during the first year of the coronavirus crisis. This was possible largely thanks to the lockdown which kept most of the businesses in the country shut for months. Simultaneously, disposable income was also higher in 2020 by 769 euros per person. Spending also fell by an average of 1,157 euros per inhabitant.

The Dutch mainly deposited the money saved up in the banks. Some 2,390 euros ended up in savings accounts per person, but part of the money also went to listed shares, loans and mortgages. As a result, the number of debts also increased more sharply compared to 2019.

Partly due to savings, Dutch assets also increased by 2,917 euros to 16,066 euros per inhabitant. According to CBS, this accumulation of wealth has mainly to do with deposits in bank and savings accounts and increases in the price of shares or bonds.