Ever wondered if you’re on track with your savings? You’re not alone! Many people ask themselves how much they should have saved by a certain age. In this article, we’ll dive into the average and median savings benchmarks in the Netherlands and give you some practical tips to help you achieve your financial goals. So, grab a coffee and let’s talk money!

Are You Meeting Your Savings Targets?

Financial experts often provide guidelines to help you understand how much you should ideally have saved at various life stages. These benchmarks can help you gauge whether you’re on track:
By Age 30: Aim to have the equivalent of your annual salary saved. For instance, if you earn €40,000 a year, your savings should ideally be €40,000. 
By Age 40: Try to have three times your annual salary saved. That’s €120,000 if you’re earning €40,000 annually. 
By Age 50: Aim for six times your annual salary. This means €240,000 if you’re still earning €40,000 a year.
By Age 60: Work towards having eight to ten times your annual salary saved for retirement. That’s €320,000 to €400,000. 
How close are you to these targets? If you’re not quite there yet, don’t worry—many people find themselves in the same boat.

What Do the Numbers Say About Savings in the Netherlands?

Average Savings 
The average savings per household in the Netherlands were around €42,300 in 2022. But keep in mind, averages can be deceptive due to very high-income households skewing the data.
Median Savings 
The median savings tell a more accurate story. In 2022, the median savings for Dutch households were approximately €14,600. This means that half of the households had less than €14,600 saved, and the other half had more. Surprised by the difference between average and median? It highlights the economic disparity in savings.

How Do Your Savings Compare by Age Group?

Let’s break down the savings data by age group:
Under 35: Young adults typically have lower savings due to student loans, early career salaries, and housing costs. Median savings in this group are often below €5,000. 
35 to 44: As careers advance and incomes rise, savings grow. Median savings in this group range from €10,000 to €20,000. 
45 to 54: This period is crucial for building retirement savings. Median savings here often fall between €20,000 and €40,000. 
55 and Above: Approaching retirement, median savings generally increase, with many households having over €50,000 saved. 

Where Do You Fit in These Ranges?

Factors Influencing Your Savings 
Several factors impact how much you have saved:
Income Level: Higher incomes often correlate with higher savings. 
Living Expenses: Higher living costs in urban areas can limit savings. 
Financial Literacy: Knowing how to manage money effectively can boost savings. 
Life Events: Major events like marriage, having children, or buying a home affect savings levels. 

Tips to Boost Your Savings 
No matter your age or current savings. Keep following us for tips on how to get there!

Sources: NIBUD: Household Savings in the Netherlands, CBS: Income, Wealth, and Savings Data

Taking proactive steps and staying informed will help you build a solid financial foundation for the future. Happy saving!