2020 has forever changed the expectations of our bank, and this will impact banks’ entire offering today and in the future. The pandemic accelerated the digitization trend, and in 2021, consumers will demand and expect the expansion of more digital services. Additionally, there will be more focus on how banks contribute to the financial wellbeing of their customers.

We see a good example of this trend with Aion Bank. Aion is a full-service digital bank that allows its members access to a complete set of banking services through its app, including business banking and lending. Aion also understands that financial knowledge is more important than ever, and they launched their inaugural Financial Life Moments Guide to show Belgians how to be financially prepared at any age.

Aion surveyed over 1,000 Belgians and found that over 75% of Belgians of all ages feel it’s important to be financially prepared, but more than 50% said that they didn’t feel sufficiently prepared for the future.

“The findings of our financial preparedness survey highlight that Belgians are not practising smart saving and investment strategies in an age where we’re living longer and retiring later,” said Kim Van Esbroeck, Country Head, Aion Bank Belgium. “Our Financial Life Moments Guide was developed to help Belgians make smart decisions throughout our lives in order to protect both their short and long-term financial wellbeing."

Executive Summary

Below follow some key highlights from the study:

• Only 37% of 18-24-year-olds have an emergency fund.
• The proportion with an emergency fund climbs with age, with 57% of those aged over 65 years putting money away for unforeseen circumstances.
• Not enough Belgians are properly planning for retirement, as only 24% of 35-44-year-olds and 19% of 25-34-year-olds are saving money for when they leave work..
• 67% of people aged 65+ expected to have less than 100,000 EUR in their extra-legal pension pot at retirement.
• 22% of those over 65 years did not know how much they would have in their pension pot at retirement.

Check out Aion Bank’s Financial Life Moments Guide.