In a number of countries like Belgium these gains are larger than the losses on savings accounts.”  That’s of little comfort to savers, who are losing purchasing power due to inflation and zero interest rates. Praet: “That’s true for a certain category of savers. And in absolute terms, this group is a large one.
I have in mind pensioners who are not especially wealthy but have some savings, and that have been living partly on the income from their savings. Not everyone is in a position to diversify into equities.