In a recent report by the National Bank of Belgium and Eurostat, it was revealed that Belgian households experienced a significant decline in their savings rate in 2024, dropping to just 11% of their income by the end of the year.

This decline marks the lowest savings level for Belgian households since mid-2018, contrasting sharply with the overall European trend where households increased their savings rate from 13.3% to 14.5%.

In 2024, Belgians saved only 13% of their income, down from 14.1% in 2023, highlighting a troubling shift in financial behavior.

Despite a rise in disposable income by 2.3% annually, this was significantly lower than the 8.3% increase seen in 2023, contributing to the reduced savings rate.

The National Bank of Belgium attributes the decrease in savings to a notable drop in disposable income by 1.1% coupled with a 1.2% increase in consumption spending.

Household spending also rose by 3.6% in 2024, although this was a decrease from the 6.6% increase recorded in the previous year.

Investment rates among households fell to 8.6% in 2024, down from 9.0% in 2023, reflecting a broader trend of reduced financial security.