Belgian "savings surge" due to financial crisis
Belgians have never had so much money on their savings accounts according to statistics for the month of May supplied by Belgium's National Bank.
In May 2009, Belgian savings accounts represented a total capital of 168.5 billion euros. The so-called "savings surge" among Belgians is attributed to the economic crisis and the turbulence on the financial markets.
"People want to avoid taking risks after the problems with some financial instruments like shares and bonds, and have been looking for safer instruments to invest their money," explains Mark Marechal of the National Bank.
Savings accounts also have the advantage of being free of tax to a certain extent.