For the first time in 20 years the Dutch have less in their savings accounts, Nos television says on Wednesday.

Figures from the Dutch central bank, ING and national statistics office CBS show the total amount of savings has gone down €1bn a month since reaching a high point of €330.5bn last summer.

There are four main reasons for the decline, the CBS says: one in 20 households are so hard up they have no more money to put aside; others are using savings to pay off debts and mortgages; investing in the stock market is popular again; and people who have lost their jobs are using up their savings to live on.

Good and bad

ING economist Dimitry Fleming told the broadcaster the reduction in the national piggy bank is both good and bad news. On the one hand, it is a sign people have trust in the economy again and are not saving for bad times, he said.

However, it is bad news for people who have lost their jobs or are struggling as freelancers and are being forced to eat into their savings to maintain their standard of living.

Some 20% of Dutch households own 80% of the savings. Some 41% of households told the ING they had reduced their savings while 25% have put more cash aside.