Dutch people, like many in Europe, are holding savings; Americans are spending again

Europeans are continuing to save money due to persistent uncertainties, while Americans have started to let go of the purse strings, said credit insurance firm Allianz Trade based on its research. The people residing in the Netherlands are also continuing to hold on to as many euros as possible and eliminate frivolous spending, the company said.

“It is almost as if Covid is still going on. There is a lot of uncertainty. Due to inflation and the war in Ukraine, we are keeping ourselves covered for whatever comes next,” said Allianz Trade.

Those living in the United States have responded much differently to the global. “They feel safer; far away from the war. They also saved a lot during coronavirus. But last year they could no longer resist the temptation, and again started consuming the old-fashioned way,” the credit insurer concluded.

Recent figures from De Nederlandsche Bank (DNB) showed that people in the Netherlands had 562.5 billion euros in transaction accounts and savings accounts. Data from the central bank said that figure rose by 34.1 billion euros over the course of 2022, a 6.5 percent increase.

Despite the huge savings surplus in Europe, Allianz Trade said it does not expect consumption to rise again this year. In the United States, the savings surplus is expected to be completely used up by the end of this year.