The savings rate among Belgian households significantly declined in 2024, diverging from the European trend, according to figures from the National Bank of Belgium (NBB) and the statistical agency Eurostat, analysed by L'Echo and De Tijd on Tuesday.
While the savings rate for European households increased from 13.3% to 14.5%, Belgian households saved only 13% of their income over the whole year, down from 14.1% in 2023. The savings rate dropped further by the end of 2024, falling to just 11%, the lowest since mid-2018. No other European country experienced such a significant fall in the final quarter of 2024.
Regionally, Flanders surpassed the European average savings rate of 14.5%, according to the most recent data from 2022. In Wallonia and especially in Brussels, savings rates were much lower. Households in Brussels saved just 2.6% of their income, compared to 8.7% in Wallonia and 16.7% in Flanders.
In comparison, the Netherlands had an average savings rate of 15.5% in 2024, while France's reached 17.4%. In Germany, a traditional leader in savings within Europe, the rate once again exceeded 20%.
