Savings account most popular destination for tax refund

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Three piggy banks

More than two-thirds of people working in the Netherlands who receive a tax refund put this money into their savings accounts. People use the money to a lesser extent to make a large purchase or to go on a holiday, and nearly one-quarter use their tax refund to pay off debts. These are the results of a survey conducted by ABN AMRO among more than 1,200 working people in the Netherlands.

Saving is popular among working people in the Netherlands; more than 70% of them say they are currently putting money away. The large majority of these people use their savings as a buffer, for example to absorb unforeseen expenses. More than half of the country’s homeowners save money to refurbish their home or redo the garden. Around one-fifth of employed people in the Netherlands often set aside money for their children’s education.

Long-term saving

Most people keep their money in their savings account for a long time. Around 83% will leave their savings untouched for at least the rest of this calendar year. Those who will spend their savings before the end of 2015 are mainly young people or working people with a below-average income; around one-quarter of these people will spend their savings this year.

Extra payments

Working people in the Netherlands are also keen to make extra payments on their mortgages. More than one-third of the homeowners in the Netherlands would rather pay off their mortgage faster than put their money into savings, while one-quarter prefers to save rather than make extra payments.

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