Aion Bank study shows how Belgians may be wasting money

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Analysis of official spending figures from National Bank of Belgium split by category show where Belgians could be saving in 2021.

- Belgians currently spend 5% of their income on energy bills, and could shave a fifth off of that total

- Average Belgian household spends 1,149 EUR on financial services yearly

This year has forced many households to look at their expenditure in far greater detail than ever before, and Belgians are looking for smart ways to save money. Besides the obvious outgoings related to luxury goods, what are the best ways to curb spending over this winter and into 2021?

Aion Bank, a new full service digital bank, analysed figures that show the average total spend of a household split by type. These category types include outgoings such as rent, bills, food and water. The average household spends just under 3,000 EUR every month, with the top sources of expenditure being transport and property costs. Aion Bank highlights some smaller categories where consumers can save as we head into the new year.


On average, supply of electricity, gas and other fuels account for around 5% of the overall expenditure in a Belgian household. This roughly equals approximately 142 EUR per month, depending on the region where you reside. For many , this level of spend on energy bills is higher than it needs to be and can be reduced.

Energy watchdog Creg cites that consumers can save a maximum of nearly 1,500 EUR per year for electricity and natural gas together if they switch from the most expensive existing product to the cheapest offer on the market in Flanders.

Aion Bank offers a free Financial health check for anyone to see how much of a reduction they could receive on their bills. Additionally, Aion’s Max Bills will find the best deals for utilities - as well as mobile phone contracts - and seamlessly change providers for their Premium Members.

Financial services

Each year, banks and other financial institutions take up around 3% of Belgian household expenditure, averaging to just under 100 EUR every month according to NBB. Nearly all traditional banks earn a large part of their revenues by charging their customers to use everyday banking services.

Aion Bank gives its Premium Members access to a number of money-saving products, very high interest rates on savings accounts, ETF based asset management (without any of the typical management fees), competitive rates for loans and personalised financial advice for a fixed monthly fee of 19 EUR. This subscription model effectively removes the additional fees and commissions that most banks charge.

Based on the average consumer having several debit and credit card accounts, withdrawing and transferring money each year and exchanging foreign currencies, an all-inclusive service like the one offered by Aion bank could save households 258 EUR each year.

International Travel - While 2020 put a stop to travel plans for many, welcomed improvements to current travel restrictions in the new year will see many start to plan for trips abroad. However, based on the data analysed, there are opportunities for Belgians to save when spending out of Europe. Banks will charge a commission for foreign exchange and will also include a margin on top of the currency rate. Aion Bank members are not charged any currency exchange fees and receive the interbank rate, this is the price at which banks trade currencies with each other. Based on average commissions for foreign transactions, using Aion Bank for spending abroad would save 2.2% on every trip away.

Transportation costs

Domestic transport - The typical Belgian household spends 206 EUR each month on personal transport according to analysis of NBB data. However, opting for a more sustainable way of travelling such as a bike or walking will not only save money, but will also curb environmental waste. According to, someone who cycles a commuter distance of 10 km (20 km in total) instead of driving a car once a week, will emit 168 kg less CO2 on an annual basis.

Aion Bank’s full research and more information on how much money Belgians might be wasting and how to find ways to save can be found here.

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