Dutch households put much more money in their savings account in April than usual, according to figures from De Nederlandsche Bank (DNB), requested by NU.nl, on Friday. The Dutch invested a total of almost 4 billion euros more than they recorded.
Due to the little extra 4 billion euros, the total piggy bank of the Dutch amounted to approximately 375 billion euros at the end of April. The billion-dollar growth in April is exceptional, normally the monthly shifts are much smaller. It is the first time since early 2018 that so much more money has been invested than was withdrawn.
DNB says it receives signals from banks that consumers started spending less and saving more because of the corona virus last month. April was the first full month of the lockdown in the Netherlands.
Due to the cabinet's lockdown measures, the Dutch were no longer able to go to restaurants or cafes, shops closed and holiday trips were canceled. It also became clear that the corona virus leads to major economic damage, another reason to put on the belt.
The figures from the central bank show that the Dutch also invested significantly less savings last month compared to March. A spokesman for the bank points to the stock market panic as a possible explanation for the high amount invested in March. Due to volatility, more people would have sold and banked their shares. Moreover, more money was withdrawn in March than in April, which meant that more savings were made under the line in the latter month.
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