The Dutch like to save, and we are good at it. Yes, really, we are savings champions compared to other European countries. But how much does the average Dutch person actually save, and how do you 'score' compared to the average? Maybe the numbers will help you find just a little extra motivation to work out your savings strategy. We looked up the figures for you.
Saving can be quite difficult in practice, but it doesn't have to be. There are various ways of saving that make it harder to really save. For example, when you wait until the end of the month, with the idea of transferring all the money you have left to your savings account. And then it turns out you always run out of money. Or you automatically transfer an amount per month, but you have no plan for the rest of your finances. As a result, you sometimes spend too much – oops – and you take something from the savings account to get to the end of the month. This is very normal – and there is good news. You can do better.
How many savings does the average Dutch person have?
According to CBS, a household has an average of €42,300 in its savings account. That sounds like a lot, and it is. The average picture is distorted by the wealthy households that greatly raise the average. In this case, it is also interesting to know how many savings is the middle (median) among Dutch households: €14,900. This means that half of Dutch households have more savings, and the other half have less.
Total amount of savings broken down by age
Of course, the amount of savings a household has also varies by age. The older you are, the longer you save.
85 years and older Average: €63,000 Median: €25,400
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The average American has $65,100 in savings — excluding retirement assets — according to Northwestern Mutual's 2023 Planning & Progress Study. That's a 5% increase over the $62,000 reported in 2022.
Dutch love of saving has made the Netherlands quite wealthy
According to Allianz's research, Dutch households have, on average, 180.193 euros in wealth (gross), which is significantly more than the global average of 35.970 euros. The average net wealth of Dutch households is just under 129.000 euros.
Most countries in the EU have a household saving rate between 10% and 15%," he added. A much higher figure than in the United States, where residents only saved 3.4% of their income in September 2023, according to Statista.
While nobody really wants to tap into their emergency savings, most Americans couldn't even afford to do so if they had to. A stunning new Bankrate survey of 1,030 individuals finds that more than half of American adults (56%) lack sufficient savings to shoulder an unexpected $1,000 expense.
14% of Americans Have $100,000 Saved for Retirement
Most Americans are not saving enough for retirement. According to the survey, only 14% of Americans have $100,000 or more saved in their retirement accounts. In fact, about 78% of Americans have $50,000 or less saved for retirement.
According to the Federal Reserve's most recent Survey of Consumer Finances, the median savings account balance for all families was $8,000 in 2022. Savings account balances can vary greatly depending on income, age, education and race.
How many savings does the average Dutch person have? According to CBS, a household has an average of €42,300 in its savings account. That sounds like a lot, and it is. The average picture is distorted by the wealthy households that greatly raise the average.
Beside trade, an early "industrial revolution" (powered by wind, water and peat), land reclamation from the sea, and agricultural revolution, helped the Dutch economy achieve the highest standard of living in Europe (and presumably the world) by the middle of the 17th century.
The rich are defined as those with with a minimum of €500,000 of disposable assets. A full 39% of repondents said they had inherited all or part of their wealth. Another 31% derived their money from their own businesses. This number advanced to 37% for those with more than €1m of discretionary assets.
The average gross savings of households in Germany amounted to 5,924 euros per capita in 2022. Since 2015, the value of those savings in Germany increased steadily, peaking in 2020 at 6,420 euros per capita.
The poll also found that among those who have been saving for retirement, 6.7% have saved between $10,000 and $49,999, 12.6% have saved between $50,000 and $99,999, 12% have saved between $100,000 and $199,999, 9.9% have saved between $200,000 and $299,999 and 16.5% have saved $300,000 or more.
If you're 30 and wondering how much you should have saved, experts say this is the age where you should have the equivalent of one year's worth of your salary in the bank. So if you're making $50,000, that's the amount of money you should have saved by 30.
The recommended amount to save varies from person to person, as everyone's financial situation differs. But for many people, $20,000 is a sizable emergency fund goal that will go far. If you have a large chunk of savings set aside, make sure you keep it in a bank account that earns interest.
As a general rule of thumb, you'll want to have saved three to eight times your annual salary, depending on your age: 40: At least three times your salary. 45: Around four times your salary. 50: Six times your salary.
Introduction: My name is Allyn Kozey, I am a outstanding, colorful, adventurous, encouraging, zealous, tender, helpful person who loves writing and wants to share my knowledge and understanding with you.
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