Financial literacy remains a challenge for many Belgians, as a Dutch bank ING survey revealed that one in four has little to no basic financial knowledge.
The survey, conducted among 1,002 representative Belgian participants, revealed that 11% of Belgians could not provide a single correct answer to questions in a financial knowledge test. On average, participants scored 2.6 out of 5, just barely passing.
The test included simple multiple-choice questions on topics such as interest calculation, inflation, and risk versus return. While 11% struggled entirely, 33% demonstrated strong financial literacy, with 24% answering four questions correctly and 9% achieving perfect scores.
Men generally performed better than women, older participants scored higher than younger ones, and those with higher education outperformed those with less formal education.
ING highlighted the serious consequences of limited financial knowledge, noting that it makes people more vulnerable to fraud and financial stress. It also undermines their confidence in making investment decisions.
The study found that many participants with poor financial skills overestimate their knowledge, with 63% believing they are more competent than they are.
According to Alissa Lefebre, an ING economist and study author, this misplaced confidence increases risk, as it affects people’s ability to assess financial decisions accurately.
Nearly one in five Belgians regretted a financial decision made in the past year, while 22% fell victim to fraud, experiencing monetary losses.
Belgians tend to rate their financial knowledge lower compared to other Europeans, though this applies mostly to those with weaker financial skills.
Those with high financial literacy in Belgium perform slightly better than the average in comparable countries. However, financial literacy remains notably higher in Germany (42%) and the Netherlands (50%).
Most Belgians (79%) support introducing financial education in schools.
