Klarna: Belgians are more concerned with personal finance than other nationalities
Brussels, May 10, 2022 - About 3 in 4 Belgians (72%) are strongly interested in personal money matters. A figure that puts our country in first place, followed by Finland (71%), Norway (69%) and the Netherlands (68%), and puts us well above the global average (65%). Belgian millennials and Gen X are especially concerned with money (74% for both groups, compared to 69% worldwide). This interest does not immediately mean that they also create order in their wallets, as 30% of consumers do not keep a monthly record of the items on which they spend their money. This is according to a survey by Klarna, the leading global provider of banking, payments and shopping services. Klarna's quarterly report examines the ways in which technology determines how people around the world think about money and payments. To provide consumers with better tools to manage their daily money matters, Klarna also announces today the launch of the Financial Overview, a new feature in the Klarna app. This dynamic dashboard with a suite of money management tools gives consumers crystal clear insight into where they are spending their money. This allows them to take active action and manage their money matters exactly as they see fit.
People have more and more innovative digital solutions to save money, are fully up to speed with technology and have a greater interest in money matters. As a result, they are also banking differently. More than half of Belgians do so by mobile phone (53% in Q4 2021, 55% in Q1 2022). The younger generations use financial services more often, especially to transfer money, categorize expenses and manage their savings. Most consumers (68% in Belgium, 68% worldwide) set aside part of their monthly income. Globally, those who save set aside an average of 12% of their income (the same % in Belgium). However, Belgian Gen Z'ers (21%) and millennials (14%) set aside more than the national and global average.
Belgians still have a brick in their stomach
What are they saving and investing for? Belgians still have a brick in their stomach. Buying their own home is an important goal for Gen Z'ers, who outpace the global average of 35% by five percent (40%). All over the world, savings serve as a buffer to cope with unforeseen expenses, the main reason all generations set aside money (35%). Belgians, however, do not seem to be so obsessed with an apple for the thirst as only 10% of their savings go to that buffer. The results also indicate that many Belgian consumers do not have the necessary banking tools to know exactly where they are spending their money: 30% of consumers did not keep track of where their money was going last month.
Wilko Klaassen, Director for Belgium at Klarna comments: "With the current economic climate, our survey shows that it is more important than ever for Belgian consumers to be smart about their money and to budget wisely. However, the data shows that these consumers do not have the necessary digital tools to do this with determination. We want to help consumers do just that, so they can better understand their spending and stick to their budget, thanks to the launch of the new financial overview feature."
The average Belgian has about 72 euros in his or her wallet ...
Half of Belgians prefer to pay with plastic (51%). In comparison, 1 in 5 Belgians (24%) make their purchases via smartphone and only 20% prefer to pay with cash. The fact that Belgians prefer not to pay with cash but with other payment methods is also reflected in the thickness of their wallets. The average Belgian carries 72 euros in cash, down from 77.5 euros in the previous quarter (Q4 2021). By comparison, the average amount of cash carried by an American is 92 euros converted, the highest amount of any country.
... and withdraws money from the wall 2.9 times a month, in no European country does this happen more often
On average, Belgians withdraw money from a bank ATM 2.9 times a month. That is the highest number of times per month in all the European countries surveyed. Fun fact: of all age groups, Belgian Gen Z'ers take money out of the wall the most often (5.1 times per month, among baby boomers it is 1.7 times per month) although they prefer to pay via digital services. This suggests that the demand for digital services is greater than the supply.
