If travel agencies have recorded strong increases in reservations in recent weeks given the gloomy weather, for one in three Belgians on the other hand, there is never any question of going on vacation due to lack of sufficient budget… This is one of the lessons from the study on the financial situation of Belgians carried out by the credit organization Cofidis, among a thousand citizens.
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First, we will note the pessimism of Belgians: 70% of them think that their purchasing power will not improve over the next three years. However, purchasing power is the main concern of half of those surveyed, just after health… For the first time, armed conflicts (36%) have moved into the top 3 concerns of Belgians according to Cofidis, which is conducting this study. for four years, ahead of the environment (31%) which is now in 4th position.
There are already 30% of them who are just managing to make it through the month with their income, and they also say it: their standard of living has deteriorated over the past year for 20% of them, mainly due to rising health care and housing costs…
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Belgians would lack on average 300 euros per month to live comfortably. A figure which should also give pause to the future federal majority, one of whose objectives is to increase the pocket income of workers…
Consume less…
However, two thirds of Belgians have managed, like last year, to maintain their standard of living by reducing certain expenses, including clothing and leisure activities, by reducing their consumption of water, gas and electricity, and by consuming “cheaper” and/or second hand.
More and more Belgians are also having difficulty paying their bills and putting money aside. If only 5% had a negative balance once or twice a year in 2023, there are now 11% who have encountered this financial difficulty in 2024.
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However, 47% managed to save over the past year. This especially concerns people with children (32%, compared to 22% for adults without children). The amounts saved range from less than 1,000 euros/year (11.5%) to more than 5,000 euros/year (13%). More respondents with a partner have saved more than 5,000 euros (15%, compared to 10% for singles).
17% of respondents also used consumer credit over the past year. “The main reasons why respondents have taken out a loan or are considering doing so are the purchase of mobility-related equipment (electric bike, car, etc.), renovation work, the purchase of consumer goods (clothing, electronics, multimedia purchases, etc.), improving the energy performance of their home or unforeseen events such as a divorce,” explains Olivier Kling, CEO of Cofidis Belgium.
The survey finally shows that Belgians remain addicted to their vacations: two thirds of respondents go on vacation at least once a year, in Belgium or abroad. However, 1 in 3 Belgians say they never go on vacation in Belgium or abroad and have had to postpone a vacation due to lack of budget. This affects more women (39.8%) than men (31.8%), Walloons (40.9%) than Flemish (30.9%) and single people (43.8%) than those living as a couple (30.5%).
