Blogs | January 25, 2016

Saving money – the first step to financial independence

Saving money is the first step in building wealth. However, the fifth ING International Survey on savings confirms that many people in Europe do not have any savings.

For those who do, the amount they hold may not be enough to withstand a financial emergency. The good news is that many people are taking steps to get there. Here are four of the savings highlights from the 2016 report.

Many live without a financial safety net; 38% in Europe do not have any savings, while half of those who do seem not to have enough.

Planning for your financial future is a better bet than hoping: 36% in Europe grew their savings by making a deliberate decision to save more.

Personal finance wisdom: it is prudent to have an easy access emergency fund. Some 55% in Europe set aside money for unexpected costs.

Struggling savers can be prone to debt discomfort. The survey shows that 25% of those in Europe with debt are uncomfortable with the amount.

This article is related to the ING International Survey:

Savings 2016

Savings 2016

January 25, 2016

The fifth annual ING International Survey on savings asked almost 15,000 people in 15 countries how comfortable they are with the amount of money they have in savings and the types of borrowing they have. For the first...


eZonomics team
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