Most Dutch people do not save for the future
Written by Tineke de Vries
The majority of Dutch people are not ready for a financially healthy future, according to research by Rabobank, carried out by the National Institute for Budget Education (Nibud).
The research found that only two out of five Dutch people are putting money aside for a house, studies, retirement or healthcare. While almost half (48%) of the 2,040 respondents indicated that they are worried about their financial future.
Those who are saving mainly do so to be able to pay for their children’s studies (46%), paying off the mortgage (34%) or to top up their pension (32%). Goals for which barely any savings are put aside are future healthcare costs (84%), supplementary training (92%) and bridging a period of unemployment (82%).
The study shows that Dutch people are insufficiently aware of their own responsibility for their financial future. For instance, young people (18-34 year olds) wrongly estimate the expected state pension age. Those currently in their thirties will probably receive the state pension from age 71 onwards, which is two years later than their own expectation (69.1%).
“During a period in which the government expects more financial independence from its citizens, I find it worrying that less than half of the respondents feels they themselves are the one most responsible for their financial situation after retirement,” Rabobank director of knowledge development Barbara Baarsma said.
“Especially if people want to retire earlier and now that the state pension age is rising, people need to realise that in order to realise early retirement, it is necessary to build up their own assets.”