Belgians are more worried about their finances today than at any point since the 2022 energy crisis, according to the latest Financial Peace of Mind Barometer from NN.

The semi-annual survey, carried out by the Belgian life insurer, found that overall financial confidence among Belgians fell from 60.8 to 58.2 out of 100 over the past year, marking the lowest level since the inflation-driven shock of 2022, and even below that seen during the 2020 COVID-19 crisis.

The findings showed that financial stress has also risen sharply, particularly among women and the self-employed.

Indeed, women aged between 35 and 49 reported the highest levels of anxiety, with 22 per cent saying they were “very worried” about their financial situation, and pensions emerging as their primary source of concern.

NN financial wellbeing researcher, Colin Sanders, said the results made clear that women were “worried about the announced pension reform.”

“That concern is understandable, since the reform affects the way pensions are calculated for those who worked part-time to balance work and family responsibilities,” he continued.

“This group is disproportionately female - in 2024, 40.5 per cent of female employees in Belgium worked part-time, compared to just 12.8 per cent of men,” explained Sanders.

In May, Belgium’s federal coalition parties proposed significant changes to the pension system for members of parliament (MPs), aiming to bring it into closer alignment with the pension arrangements of civil servants.

Meanwhile, the report also showed a sharp decline in financial confidence among the self-employed, whose average score fell from 63 to 58 out of 100.

The drop was most pronounced among those without staff, while confidence among self-employed people with employees remained stable.

In total, 39 per cent of self-employed respondents rated their financial wellbeing as “insufficient” - a 70 per cent increase on last year.

“The financial pressure on self-employed people without staff who operate through a management company has clearly increased,” Sanders noted, emphasising that their peace of mind fell from 67.1 in March to 55.3 in September.

“More than one in four self-employed people struggle with the responsibilities of running their own business, and that figure jumps to 37 per cent among those working through a company,” he added.

The study also highlighted weaknesses in financial planning among entrepreneurs, with only 39 per cent saying they actively maintain a financial plan for their business and just 35 per cent knowing where to turn if they experience financial difficulties.

In addition, fewer than half are insured against income loss due to illness.

With this in mind, Sanders urged self-employed workers to seek professional advice.

“Discuss with your financial adviser or accountant how you can protect yourself against financial shocks. Worries about temporary loss of income or capital gains tax are understandable, but you shouldn’t be driven by headlines.

“A solid financial plan, developed with expert help, can make a big difference to your peace of mind," he concluded.

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