Working together to make the Netherlands financially healthy

Key survey results

• Only half (54%) of Dutch households has no problems paying all their bills. Nearly 1 in 5 Dutch households had difficulties meeting the basic costs of living last year.

• 18 to 24-year olds were harder hit than other age groups. While in 2021 30% of respondents in this age group were financially Unhealthy, in 2022 this percentage had risen to 45%. They have characteristics that make them more vulnerable financially, for example, an above-average focus on the short term.

• There is still a significant financial health gap between men and women. A whopping 65% of women are labelled financially Vulnerable or Unhealthy, against 55% of men. Both numbers are 10% higher than in the previous edition of the survey.

• Uncertainty has increased. Nearly 1 in 4 households is (very) unsure about major expenditures (versus over 1 in 6 in 2021). A far lower percentage of households is sure they can pay off their mortgage in time (66% in 2021 against 44% in 2022)

Financial health scale

In this report, Deloitte provides insight into the financial health of Dutch households. With our partners, we developed a methodology for measuring financial health, enabling us to score Dutch households on a financial health scale with corresponding levels of financial health. The idea of the scale is to increase understanding, but also to encourage people to change their behaviour, and enable organisations to give them the best possible support in doing so. Our ultimate goal is to help improve the financial health of everyone in the Netherlands.

We gauged the financial health of Dutch households by asking them questions about their situation, behaviour, attitude and feelings about the underlying domains Income, Spending, Saving, Borrowing and Planning, plus the balance between these domains. We also tested their financial knowledge and overall attitude to finance.
 

Working together to restore balance

Improving the financial health of the Netherlands is more important than ever, and an ongoing process. Deloitte has the capabilities and the ambition to drive this process. Our report contains recommendations to make our country financially healthier:

• More collaboration in the financial ecosystem
  Financial health is a responsibility shared by all organisations that can influence the financial behaviour of people in the Netherlands. Deloitte, ING and SchuldenlabNL have enabled collaboration with the launch of the NCFG (Nationale Coalitie Financiële Gezondheid), a broad coalition of employers interested in tackling financial problems and debt on the workfloor. The coalition now numbers over 30 organisations. A good start, but much more can be done!

• More insight into financial health
  Lack of basic financial knowledge and skills does not contribute to financial health and self-reliance. They should therefore be made part of the curriculum, both in primary schools and in secondary and further education. Financial education for adults is an area where we see plenty of opportunities for ecosystem partners to contribute. Deloitte itself developed the Nibud Financiële Gezondheidscheck. The online check, offered by the National Institute for Family Finance Information Nibud, gives users insight into their financial health, plus tips for improvement.

• More focus on prevention
  In the long term, prevention should take priority in efforts to improve financial health. The ecosystem’s focus should therefore be on structurally increasing people’s self-reliance. This will free up more time and resources in the longer term to provide timely assistance to Dutch households that lack the opportunities and the resources to improve their own financial health.
   

Going forward

In the years ahead, we are determined to take further steps based on these and other recommendations in the report. And we will be repeating the survey next year. With our clients and partners, we are committed to make the Netherlands a financially healthy country.