Belgians Shift from Super-Savers to Super-Investors
For the first time in Belgium’s modern financial history, citizens are now investing more money than they are saving. A new study from ING Belgium reveals that since 2025, Belgian households have been channeling more capital into investment funds than into traditional bank savings accounts—a fundamental departure from the country’s long-standing reputation as a nation of cautious savers.
A Historic Reversal
According to VRT NWS, Belgians now deposit an average of €5.6 billion per quarter into investment funds, compared to just €3.5 billion into bank deposits—a 60 percent gap in favor of funds. This marks a clear reversal from the period between 2015 and 2024, when bank deposits attracted nearly twice as much new savings as market investments.
The shift extends beyond simple deposit-versus-fund comparisons. Belgium’s overall financial savings rate—the portion of disposable income used to acquire financial assets after real estate investments—has fallen to approximately 4 percent, well below the eurozone average of 6 percent. In 2025, Belgian households saved 12.8 percent of their disposable income, compared to 14.7 percent across the broader eurozone.
“The reputation of great saver fits the Belgium of yesterday better than that of today,” said Charlotte de Montpellier, Senior Economist at ING Research and author of the study, in the ING Belgium press release. “Belgian households today set aside a smaller portion of their income than the eurozone average. That is a clear break with the previous decade.”
Still Among Europe’s Wealthiest
Despite the declining savings rate, Belgian households remain among the wealthiest in Europe. The average net financial wealth per Belgian household stands at €257,000, compared to €166,000 in the eurozone. Only Luxembourg households, with €271,000, rank higher, as HLN reports.
Yet the comparison with the United States reveals a stark gap. The average American household holds approximately $899,000 in net financial wealth—more than three times the Belgian figure. Americans keep nearly 50 percent of their wealth in stocks and bonds, while Belgians hold only about 30 percent, limiting their exposure to market gains.
What’s Driving the Change
The shift reflects several converging factors. Peter Vanden Houte, Chief Economist at ING Belgium, told VRT NWS that persistently low interest rates on traditional savings accounts—averaging just 0.6 percent on classic accounts—have made bank deposits increasingly unattractive.
“When you leave money in a bank account, the interest no longer compensates for high inflation,” Vanden Houte explained. “Since the coronavirus pandemic, interest in investing has strongly increased, especially among young people.”
Investment funds can offer returns above inflation, which has drawn Belgians toward market-based products. The ING Consumer Survey found that 43 percent of Belgians now invest in stocks, bonds, funds, or ETFs—above the European average—while another 24 percent say they would consider investing in the future. Nearly 46 percent of 18-to-24-year-olds see themselves as potential investors, Business AM notes.
The ‘Belgian Paradox’
The study highlights what ING calls the “Belgian paradox”: decades of high savings rates have built substantial wealth, but conservative asset allocation has limited its growth. Even today, 70 percent of Belgian savings still flows into real estate—primarily paying off homes—with only 30 percent directed toward financial assets.
A simulation in the study quantifies the cost of this caution. Had Belgians invested just 25 percent of their new deposits over the past 30 years, their financial wealth would be €83.3 billion higher—equivalent to 13 percent of Belgian GDP.
“Caution protects in the short term, but can cost a lot in the long term,” de Montpellier said. “The €83 billion shows how much additional wealth households could have built up without emptying their savings accounts.”
The State Bond Effect
Belgium’s state bond initiatives have played a notable role in familiarizing citizens with non-deposit investment products. The September 2026 issue raised €1.2 billion—the third-highest amount ever and the highest ever without a tax advantage, according to VRT NWS. The landmark “Van Peteghem-bon” of 2023 raised nearly €22 billion with a reduced withholding tax incentive.
Remaining Barriers
Despite the momentum, significant obstacles persist. The ING Consumer Survey identifies insufficient knowledge as the biggest barrier to investing, cited by 61 percent of potential investors—higher than the 54 percent who cite risk aversion. Only 27 percent of Belgians say they understand stocks and bonds well.
Tax complexity also discourages would-be investors. Twenty percent of potential Belgian investors say they have foregone investments for tax reasons, a higher proportion than in other surveyed countries. Uncertainties about tax obligations, which investments are fiscally advantageous, and how to declare investment income all contribute to hesitation.
What to Watch
The generational dimension of this shift suggests it is likely to deepen. Younger Belgians, who have grown up with accessible trading platforms and financial information, are driving the change toward market-based investing. As this demographic’s share of household wealth grows, Belgium’s financial culture may continue its evolution from super-saver to super-investor.
For policymakers, the study raises questions about whether tax simplification could accelerate the trend and help Belgian households close the wealth gap with their American counterparts. For the financial sector, the shift represents both an opportunity and a challenge as traditional deposit-based business models adapt to a changing landscape.
What remains clear is that Belgium’s reputation as Europe’s most conservative savers is becoming a thing of the past—and the country’s financial future is increasingly being written in the markets rather than the bank book.