Belgian "savings surge" due to financial crisis

16th July 2009, Comments 1 comment

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. 

1 Comment To This Article

  • oldfield posted:

    on 16th July 2009, 13:51:33 - Reply

    Now I have a small problem with this in that the savings rate is just around 1%!
    The issue isn't saving it's not spending!