This is based on figures from the European Statistics Agency Eurostat for the second quarter of 2020. Europeans provide almost a quarter (24.6%) of their net income. In the first quarter it was almost 17%. This is also much more than ever: we usually save 12 to 13% in the credit crunch that was up to 14%.
It’s not surprising that we saved so much: the corona pandemic was in full swing and many European countries had a lockdown. Often money could not be spent and there was also much uncertainty about the economy. Either way, all of these savings are next to nothing: interest rates have rarely been lower than they are now.
All of the money went to the savings account and was not invested in buying a new house, for example. On average, only 7.9% of the household’s net income was invested. This number is the lowest Eurostat has ever recorded since it was set up in 1999.