More than half of Belgians (52%) create a budget, according to a survey of 2,000 people commissioned by the Financial Services and Markets Authority (FSMA) and published at the start of Money Week, which runs from 16-22 March.
The survey reveals that women are more likely to budget than men, with 55% of women doing so compared to 48% of men. Younger people under the age of 45 were also found to budget more often than those aged over 45.
Nearly half of Belgians do not set a budget, and 10% of young people aged 18 to 24 admit they don’t even know where to start.
Among those who do budget, 46% use paper, 40% rely on Excel spreadsheets, and 24% turn to banking apps.
While many monitor their spending through bank apps, the frequency varies: 38% do so weekly or more, 17% daily, and 16% monthly. Alarmingly, nearly one-third, around 29%, never check their expenses, instead depending on intuition or experience.
The survey also highlights the increasing popularity of modern payment methods, such as smartphone-based quick payments and "buy now, pay later" apps.
More than 40% of respondents use these options, with younger individuals and women (44%) adopting them more frequently than men (37%).
Cash payments remain a preferred method for 54% of respondents, who say it helps them maintain a better overview of their spending.
In contrast, 44% feel that contactless or smartphone payments make them less aware of their expenditures. More than half (54%) admit that using cards or smartphones for payments makes it harder to avoid impulsive purchases.
As part of Money Week, FSMA plans to visit primary and secondary schools from 16 to 22 March to teach approximately 190,000 pupils, through playful activities, the importance of managing money wisely and the concept that every euro can only be spent once.
Future generations
Around 3,000 students have participated in the "Bank in the Classroom" initiative since its launch a year ago, according to Belgium's financial sector federation, Febelfin on Monday.
Febelfin also announced that the insurance federation Assuralia has joined the initiative, expanding its scope.
The "Bank in the Classroom" platform has quickly become a key tool for financial education in French- and Dutch-speaking schools in Belgium.
Over the past year, the programme has reached 162 schools and more than 3,000 students, supported by a network of 1,100 volunteers.
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With Assuralia's involvement, schools can now request visits from insurance professionals to complement the sessions.
Each "Bank in the Classroom" session includes comprehensive teaching materials such as videos, exercises, quizzes, and workshops aligned with educational standards.
Teachers increasingly use the platform to equip students with practical knowledge on saving, budgeting, fraud prevention, insurance, and financial administration.
The classes are conducted by industry professionals, including bankers, insurers, brokers, and agents.
A specialised quiz has been developed to introduce students to the insurance sector. By answering questions, professionals engage with the class to teach concepts such as liability, mobility, risks, types of insurance, and savings plans. The interactive quiz lasts up to two hours and aligns with the curriculum's objectives.
Recent surveys conducted by Febelfin highlight gaps in young people's financial literacy. Findings show that today's youth are less prepared to tackle financial challenges compared to older generations, particularly regarding saving, loans, insurance, and risk management.
