Savings drive for Dutch consumers cooled considerably in November | NOW

The Dutch put aside considerably less money in November 2020 than in the previous months. On balance, 216 million euros in savings was added, it appears Numbers of De Nederlandsche Bank (DNB).

This means that all Dutch people together had 390.8 billion euros in their savings accounts at the end of November, compared to 369.5 billion euros at the beginning of 2020.

The trend has been for some time for the Dutch to save more despite low interest rates. At the start of the corona crisis, the amount that people put aside in the savings account rose to a record high. May was an all-time record with an increase in savings of 9.4 billion euros.

In June, 2.9 billion euros was added to savings accounts. Since then, the savings anger has declined somewhat further. With the 216 million euros in November, more is still credited than just before the outbreak of the corona crisis: on balance 174 million euros was credited in February.

DNB calculates the net investment on the basis of how much savings consumers have deposited minus what they have withdrawn. That balance was negative for the last time in December 2019.

Source: NU by

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