We all know that financial well-being directly influences people's overall well-being in many ways. This is not just a statement but an economic reality. To give you an idea, in an interview with Els Lagrou, an expert in financial literacy and education, I read that the total cost of financial stress on companies in the private sector is estimated to be £6,2 billion. People are less productive, more easily distracted, and there is a higher rate of absenteeism.

Less than 50% of Belgian Households Feel Financially Healthy

A collaborative study by Argenta, Deloitte and Ghent University revealed on September 4 that 46% of Belgian households are financially adequate or healthy, with 54% being unhealthy or vulnerable. That is 10% better than in 2022, but remains worryingly high in my opinion. They also found that Dutch households score relatively better, with 52% being financially adequate or healthy.

A few observations that struck me were:

• 1 in 3 Belgian households do not make any financial plans for the future;
• Even in the segment of financially healthy households, that number is only 38%;
• Still, 26% of Belgian households save 500€ or more per month (compared to 19% in 2022);
• The more financially unhealthy segment is the age group 25-34. Their savings efforts went up, but the score on expenses is worryingly low, and the score in skills reduced compared to 2022;
• Only 12% of singles are financially healthy.

You can find all the results in summary on Argenta’s website, and the entire report here.

The report concludes with: “Sustained and consistent efforts are needed by all stakeholders in the ecosystem to improve the financial health of Belgian households further. By working together, we have the power to drive lasting change and boost resilience. That is why we have formulated general recommendations for parties in- and outside the financial sector. We call for a joint effort to further boost the financial health of Belgian households, today and tomorrow.“

For Argenta, the key conclusion was that their approach to double down on simplicity and proximity is the right way to go: a model with physical proximity through branches combined with simple digital tools. That approach makes banking easy and requires fewer technical skills to manage money. It also makes the bank more approachable in case of money problems or questions.

I just don’t know how that proactively improves people’s financial behaviour. Banks hold a powerful position to drive change, not only by offering suitable products for specific situations but also by actively improving the overall situation. This week, I read about two banks that are trying to change their clients’ circumstances. Their approach was not just by being there, but about providing solutions that promote behavioural change, encouraging a more financially healthy lifestyle.

How BBVA Uses Digital Financial Coaches to Drive Impact

Money is a very loaded topic; people under financial stress are often not willing to discuss it, while those without financial difficulties may see no reason to bring it up. So how can banks foster a better relationship between money and their customers without seeming too intrusive?

Over 80% of savers in Spain do not set financial goals, and 70% lack sufficient funds for unexpected expenses or investments. BBVA developed a highly engaging tool to help individuals improve their financial habits in Spain. They integrated “Coach” into their mobile application, a digital financial guide powered by AI and data.

Instead of a one-size-fits-all, this tool is highly personal: ‘The first time you interact with it, it will run a diagnosis of three key aspects: your monthly saving capacity, the number of months’ worth of financial cushion you’ve built up, and whether your debt level can be considered broadly healthy.’ After that, you set your goals, and the coach will come back with recommendations to change your behaviour, adding all kinds of gamification features to keep you motivated.

But is it effective, I hear you ask. At the end of August, BBVA shared the first results. 200.000 customers are now using BBVA Coach, and using it primarily to arrive at the end of the month with greater ease, or to build a financial cushion for unexpected expenses.

The bank counted 26.260 active spending-control proposals and 29.622 active tracking tools, of which 82% configured through gamified badge systems that automate the adoption of healthy financial habits. Users made 17.318 contributions towards savings goals. Perhaps more importantly, as a sign of engagement, the satisfaction of the BBVA Coach showed an average rating exceeding 7,4 out of 10.

As much as I appreciate Deloitte’s study to call for an effort from all stakeholders involved, it also risks the situation of all stakeholders looking at each other without bold initiatives. In that respect, I like what BBVA is doing and how BBVA Coach is being adopted by its customers.

They are not just offering a tool for more transparency, but they are doing it in a very personal way. Through gamification, they try to turn the emotions around money into something more positive, which is what I really endorse.

BUUT – A Digital Banking Coach for the Younger Generation

Announced at Money20/20 Europe in June, ABN AMRO launched BUUT on September 3. A completely different approach, aiming to make the young generation more resilient for the future.

Created by the Tikkie team, this new bank is created for young users, between 10 and 16 initially. It encourages these kids and youth to save and budget, encouraging financial awareness by creating separate “Potjes” (money buckets) for spending and saving: you pay what’s available, and when it’s empty, it’s over. What makes this initiative so interesting is the involvement of parents, who can closely follow their children’s money movement, but with a different dashboard.

They can set allowances, monitor spending, send top-ups, and define spending limits per pot—creating a controlled yet educational environment.

BUUT addresses a common issue among young people: with many digital payment options, they often misjudge their actual spending capacity—either overestimating or underestimating it. The “potjes” system makes budgeting clear and reliable. By enabling parents to transparently monitor their children’s spending and saving, it offers a constructive way to start a conversation about money and financial behaviour, which is vital for the future.

However, not only does BUUT depend on parents to improve financial awareness; instead of dry notifications, BUUT delivers advice through a social media-like feed—learning becomes intuitive, fun, and visually appealing—lowering the activation threshold for financial behaviour change.

Instead of simply following trends among the younger demographic and investing in, for example, buy now pay later solutions, ABN AMRO is taking its responsibility as a bank by establishing something different, in my opinion, more meaningful, something that educates people from a very young age and hopefully lays the right foundations for a more resilient financial future for its customers.

Conclusion

Financial wellbeing is a core aspect of a healthy society and sustainable banking relationships, not just an afterthought. The Belgian research highlights that while small progress is commendable, it’s insufficient. What’s crucial now is not only raising awareness but also taking decisive, concrete steps.

Initiatives like BBVA’s Coach and ABN AMRO’s BUUT illustrate the potential when financial institutions combine digital innovation with social responsibility. As an industry, we must move beyond mere calls for collaboration and begin developing impactful tools—starting today.

Financial Health and Financial Education are intrinsically linked, and both are topics that we are passionate about here at The Banking Scene as they are all about our collective future. In this episode, we called on industry experts Anette Broløs, Director and Co-Founder, Finthropology and Els Lagrou, Co-Founder, Dagelijks Geld, to share their insights on the topics of Financial Education and Financial Health, during a discussion where Andrew posed a potentially inflammatory question to Rik..........

You can watch / listen to the unfiltered conversation on the video below, or stream the audio on your favourite platform here.