Nearly one-third of Dutch households are at risk of immediate financial difficulties if faced with unexpected expenses. This finding, from a study by Ipsos I&O commissioned by ABN AMRO Helps, underscores the precarious financial health of over half the households in the Netherlands, highlighting a widespread lack of adequate financial buffers.
Despite 77% of people recognizing the potential benefits of assistance with banking and financial matters, an overwhelming 91% do not seek help. Many find it difficult to ask for assistance, often relying instead on partners or family members. Additionally, a significant number delay seeking help until it’s too late, missing out on preventive measures that could improve their financial health.
Laura Wetser, Director of Financial Health at ABN AMRO, advocates for early intervention, encouraging individuals to seek help promptly. She emphasizes that support is often more accessible than people realize, especially during life transitions when financial needs change.
There is a positive trend of increasing openness to professional support. In May, ABN AMRO Helps experienced a fivefold increase in clients seeking financial advice. To meet the growing demand, the bank is doubling the number of advisers, aiming to assist even more people than the 100,000 they helped last year.
Behavioral psychologist Sandra van Scheijndel explains the psychological barriers to asking for help, noting that financial matters are deeply personal and many people fear judgment about their financial situation. This fear, compounded by stress, can lead to short-term thinking, making it even harder to seek help.
Key findings from the study include:
• One in four Dutch people delay asking for help until it’s too late.
A quarter of people feel ashamed to ask for help.
• A third avoid seeking help because they don’t want to admit they don’t understand something.
• Younger individuals (aged 18-34) are particularly likely to delay asking for help and conceal their lack of understanding.
ABN AMRO Helps is making a substantial impact, with 55% of financial health checks resulting in immediate positive changes for clients. The bank's efforts to destigmatize seeking financial help and offer accessible support aim to foster a more open dialogue and encourage timely assistance, ultimately improving the financial health of Dutch households.
