53% of Belgians are having to use savings to cope with the rising energy and supermarket costs, according to a European Consumer Payment report.
Based on a survey of 24 European countries and over 24,000 Europeans (including at least 1,000 Belgians) carried out by financial service provider Intrum, Belgians are finding it increasingly difficult to save money at all due to inflation driving prices up.
Around half of Belgians now worry whether they can afford a comfortable retirement. The same number are dissatisfied with the amount they are able to save every month. And whilst the other half manages to put aside 10% of their salary, one in five doesn't save at all.
One in five Belgians has less than one month's salary available to pay for unexpected costs such as car repair. Three in ten have less than 10% of their income left after paying all their bills.
38% of respondents want to save in case of unexpected costs while another 10% wish to put money aside for travelling.
77% of Belgians concurred that inflation is a serious strain on their household finances and 70% said their bills are increasing faster than their incomes, compared to 57% of those surveyed in 2021.
Inflation may also influence people's choice of study, as almost six in ten Belgian parents advise their children to opt for studies that lead to well-paying jobs.