Belgians' pension savings plans were reduced by €4 billion in 2022, according to figures unveiled by Infront on Friday. Furthermore, the average Belgian having saved up to these schemes, of which there were 1,800,000, lost €2,312 in the past year.
On Friday, various news outlets reported on Infront's latest figures regarding Belgians' pension savings plans in 2022. These figures revealed some unwelcome news for the 1,800,000 Belgians, who have stored their money into these schemes.
Indeed, the value of their savings dropped by 16% on average, which represents the largest decrease since 2008. Furthermore, of the €25.5 billion put into pension plans at the end of 2021, over €4 billion disappeared in 2022. As a result, the average household having saved up to €14,449, which they had put into these pensions, lost €2,312 in the past year.
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According to French-speaking news outlet L'Echo, this fall in savings is mostly due to most central banks in Europe tightening their monetary policy in 2022. Especially as most had decided to raise their interest rates as a result of the war in Ukraine and its subsequent economic consequences.
While L'Echo also believes that the banks' restrictiveness will continue into the start of 2023, it is worth reminding that pensions plans are a long-term investment. Furthermore, retirees do not have to close their pension savings immediately after retiring, but can rather wait for the bad times to blow over.
