Flemings are super savers

19th September 2007, Comments 0 comments

19 September 2007, BRUSSELS – Eight in ten Flemish families save or invest. Only 18 percent of families do not save at all, according to a survey conducted by TNS Media. Three families in ten even put a fixed amount into savings each month. And among employees that number is four in ten. Most pensioners say they have stopped saving.

19 September 2007

BRUSSELS – Eight in ten Flemish families save or invest. Only 18 percent of families do not save at all, according to a survey conducted by TNS Media. Three families in ten even put a fixed amount into savings each month. And among employees that number is four in ten. Most pensioners say they have stopped saving.

Few households manage to save up large sums however. Only 6.8 percent of those who save put more than EUR 1,000 aside. More than half puts less than EUR 500 aside, and a fifth puts less than EUR 125. Single people save the least. Families with two or more children save the most.

A savings account is still the most popular way to put money aside. No less than 70 percent of Flemish families have at least one savings account. Interest rates on savings accounts are not that high, but they are still popular. One of the advantages is that interest yields of up to EUR 1,650 are tax free. 10 percent of families still have cash savings stashed somewhere in the home, and this percentage is as high as 17.2 percent among Limburg residents.

[Copyright Expatica News 2007]

Subject: Belgian news

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