How do Belgians consume and save after 35?

A change in financial habits

The first finding of the survey is clear: 95% of Belgians say that their consumption and saving habits change after 35 years old. Among these people, 58% declare that this change occurred between the ages of 35 and 40, and 20% between 41 and 45.

When asked about the reasons for this change, the number one reason cited was simply to enjoy life more (74%), followed by divorce (38%), the end of a house payment (34%) and the death of a loved one (29%).

Luxury and travel top the list of compulsive purchases

Does the ‘midlife crisis’ compulsive purchase myth hold true? This is the reality of one in five respondents who say they have made compulsive purchases from the age of 40.

The most frequent types of purchases fall into two categories: luxury investments such as designer watches and jewellery, art and home improvement; secondly, leisure purchases such as travel, festival or concert tickets and fitness memberships.

To finance these compulsive purchases, only 13% of Belgians say they have applied for a loan or credit from their bank.

Savings and investment on the rise

Another finding of the survey is that Belgians save and invest more as they get older. 53% of respondents say they are saving more now than they were 10 years ago, while the percentage rises to 62% when it comes to investing.

"The results of this survey shows that there is a clear shift in spending, saving and investment habits of Belgians once they approach 40. They are more interested in saving and investing than at a younger age, especially for their retirement or their future," explains Kim Van Esbroeck, Country Head at Aion Bank. "As a bank, it is our role to help Belgians make smart decisions throughout their lives to protect their financial well-being and help grow their money. That's why we are focused on helping our members save and invest, with complete transparency."