2023-08-11 04:33:00
In total, Belgians have 300 billion euros in their savings accounts, according to the latest figures from the National Bank. This corresponds to just over €27,000 per person, children included. It is of course obvious that not everyone has this sum, and that some have several multiples of it. And the economic and inflationary crisis does not help matters. To find out more about the savings of Belgians, the Argenta bank conducted the survey among 2,000 Belgians. “Nearly one out of two Walloons (48%) declares that their available savings correspond to less than 3 months of salary, ie approximately 6237 euros on average. Only 18% of Walloons have a much larger financial reserve, since they estimate it at more than 6 months’ salary. But what is the ideal savings reserve? 28% of respondents believe that one or two monthly incomes set aside is enough. For 23% of them, a good financial cushion should be equivalent to 3 to 6 monthly incomes, while 28% estimate it at more than 6 monthly incomes to meet unforeseen expenses”, we learn first.
And Christine Vermylen, spokesperson for Argenta, to give some advice to those who would like to protect themselves. “Ideally, you should have a reserve of at least six months’ salary to cover unexpected expenses. It is best to put this money in your savings account so that it is always and immediately available. For the rest of your savings, which you don’t need in the short term, there are a multitude of options (which often earn more than your savings account).”
So much for the situation in an ideal world, but the reality looks quite different. We think of low incomes, isolated people (with or without children) or even all the daily unforeseen events that prevent you from putting a little money aside. The crisis, too, leaves its mark. Thus, we learn that “more than 4 out of 10 Walloons declare that they sometimes cancel an outing for financial reasons. Among young people (15-24 years), this percentage rises to 50%. This same group admits more easily not knowing what is the amount necessary to have a sufficient financial reserve”.
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