• Sweden's news in English

Swedes ‘bad at saving money’: report

The Local · 21 Aug 2012, 16:28

Published: 21 Aug 2012 16:28 GMT+02:00

Facebook Twitter Google+ reddit

When insurance company Länsförsäkringar called up 1,000 Swedes between the ages of 20 and 69, two out of ten households with an income of 55,000 kronor per month before tax said they wouldn’t manage for more than one month with their savings.

As well as 25 percent respondents admitting to less than 10,000 kronor in the piggy bank, a further 13 percent claimed to have no savings at all.

Meanwhile, very third household has savings of between 70,000 and 120,000 kronor.

Rikard Josefson, CEO of Länsförsäkringar, believes that a tax-favoured saving scheme for amounts up to 50,000 kronor would be a model that could increase

Swedes’ desire to build up buffers.

"We already know that tax incentives make a big impact on savings," Josefson told Dagens Industry newspaper.

Furthermore, Josefson believes that there is a danger for the many Swedes who use their homes as a financial buffer.

"It is no longer possible to assume that house prices will rise in the same way asthey have during the last 10 to 15 years," he told the paper.

Story continues below…

TT/The Local/og


The Local (news@thelocal.se)

Facebook Twitter Google+ reddit

Your comments about this article

17:33 August 21, 2012 by Captain Forethought
We should probably just take the money back from the rich guys who stole all of it.

OR we could practice self control and actually save money like our grandparents knew how to do. (Sorry parents, you fall in the same boat that we do financially.)
20:31 August 21, 2012 by Mxzf
"Only one in four households in Sweden has less than 10,000 kronor ($1,504) in the savings account to tide them over a financial setback, according to a new report."

Either there's an 'only' too much or the 'less' should be 'more', or I can't read today...
12:26 August 22, 2012 by Abe L
Being able to save money requires disposable income. Which is something that doesn't exist in Sweden, everything goes to taxes and bills for the absolute majority of people in this country. The government considers having money left to save at the end of the month nearly a crime.
13:40 August 22, 2012 by reader
The problem in our household is the fact that our children can't find jobs, they are well qualified but still get refused or ignored. Once the govt support dried up after they left school we became far worse off. A 21 year old costs a lot more to support than a student.
13:42 August 22, 2012 by cogito
Like children, Swedes choose instant gratification over financial responsibility. They believe that Nanny State will take care of them.
09:05 August 23, 2012 by smilingjack
I cant understand how there are virtually no cars under 3 years old on the road in stockholm? are swedes wealthy enough to all be driving around in new mercs, audi's and bmw's? does sweden have some tax friendly deals for new cars?

I see people living in these 6,000,000 krona dog box apartments ( how could you live your life like that?) with a 800,000 krona car ( or much more ) parked in the street?

can someone explain how this works to me?

are swedes all living off interest only mortgages?

I know for a fact that salaries here are lower ( considerably ) than australia yet your overpriced restaurants are full.
11:43 August 23, 2012 by coldjava

It's called cash flow... most swedes are not rich but they have a fixed income and job security... I know a man that has been working with a copper company since he was 16.. now, he's over 50 and even though he earns less than 20k after tax.... he has a big house and two cars.

So as long as there is cash coming in, you can afford to buy expensive stuff .. ofcourse most of the time, the assets are funded by mortgage loans which is a norm in Sweden!
07:24 August 24, 2012 by Emerentia
One third has savings between 70,000 and 120,000 kronor. That's good, isn't it?
11:11 August 24, 2012 by smilingjack
$20K is that per month and what currency.

If its krona that is very little. Maybe $2800 a month.

That wouldnt cover the lease on a new $100,000 (oz) car let alone a mortgage and another car.

$10K to $17K in the bank is fantastic. I would doubt that many people had that much in savings in australia. probably less then 1% of the population. Do you have superannuation in sweden or does everyone get a pension of some description? how is the pension rate worked out or does everyone get the same amount?
Today's headlines
Löfven: 'Sweden will double its number of troops in Iraq'
Stefan Löfven and Haider al-Abadi during the visit on Monday. Photo: Henrik Montgomery/TT

Swedish Prime Minister Stefan Löfven has promised to double his country's number of troops in Iraq following a meeting with Iraqi counterpart Haider al-Abadi on Monday.

Will Swedes soon be looking for fairtrade porn?
Should Swedes think fairtrade with porn? Photo: Karin Malmhav/SvD/TT

A fairtrade attitude to pornography would be beneficial, Sweden's health minister told The Local.

Presented by Stockholm University
Nordic fashion in focus at Stockholm University
Simon Paulin/imagebank.sweden.se

Nordic fashion took centre stage in the Swedish capital last week as Stockholm University hosted the “first-ever” academic conference looking at luxury and sustainability in the fashion industry.

Referee, coach and parents in Swedish youth football fight
File photo of a referee holding a red card not related to the story. Photo: Stefan Jerrevång/TT

A football dad broke his leg in the brawl in front of 11-year-old kids after a Hammarby youth football game.

Illicit abattoir kept more than 100 bulls' penises
A couple of young bulls not related to the story. Photo: Jonas Ekströmer/TT

Dried cattle genitalia, goats' heads and hundreds of litres of lard were just a few of the many strange finds discovered when police raided a property in Sweden.

This is officially Sweden's most beautiful beard
The most beautiful beard in Sweden. Photo: Memo Göcek

According to a jury of barbers and 'well known bearded profiles', that is.

Presented by Invest Stockholm
One expat's strategy for making friends in Stockholm

You might think it’s hard to make friends in a new city. But if at first you don’t succeed – try something else!

Injured Swedish photographer protected by 'guardian angel'
Swedish photographer Paul Hansen on another occasion. Photo: Fredrik Sandberg/TT

Photographer Paul Hansen thanked his lucky stars for surviving sniper fire while covering the battle for the Isis-held city of Mosul in Iraq.

How Sweden is trying to smooth relations with Saudis
Swedish Prime Minister Stefan Löfven meeting Saudi Arabia's Trade Minister Majid bin Abdullah Al Qasabi. Photo: Henrik Montgomery/TT

Sweden's Prime Minister Stefan Löfven has visited Saudi Arabia a year and a half after relations turned frosty in a major diplomatic row.

My Swedish Career
'Swedish people love it, but they find it quite odd'
Scottish entrepreneur William Macdonald. Photo: Michael Campanella

Meet the web developer and entrepreneur using traditional Scottish ceilidh dancing to break the ice with Swedes.

Sponsored Article
Last chance to vote absentee in the US elections
People-watching: October 21st-23rd
Sponsored Article
This is Malmö: Football capital of Sweden
Fury at plans that 'threaten the IB's survival' in Sweden
Analysis & Opinion
Are we just going to let half the country die?
Blog updates

6 October

10 useful hjälpverb (The Swedish Teacher) »

"Hej! I think the so-called “hjalpverb” (auxiliary verbs in English) are a good way to get…" READ »


8 July

Editor’s blog, July 8th (The Local Sweden) »

"Hej readers, It has, as always, been a bizarre, serious and hilarious week in Sweden. You…" READ »

Sponsored Article
Where is the Swedish music industry heading?
Angry elk chases Swede up a lamp post
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
The Local Voices
'Alienation in Sweden feels better: I find myself a stranger among scores of aliens'
People-watching: October 20th
The Local Voices
A layover at Qatar airport brought this Swedish-Kenyan couple together - now they're heading for marriage
Sponsored Article
Stockholm: creating solutions to global challenges
Swede punches clown that scared his grandmother
Sponsored Article
Swedish for programmers: 'It changed my life'
Fans throw flares and enter pitch in Swedish football riot
Could Swedish blood test solve 'Making a Murderer'?
Sponsored Article
Top 7 tips to help you learn Swedish
Property of the week: Linnéstaden, Gothenburg
Sponsored Article
‘Extremism can't be defeated on the battlefield alone’
Swedish school to build gender neutral changing room
People-watching: October 14th-16th
Sponsored Article
Stockholm: creating solutions to global challenges
Man in Sweden assaulted by clowns with broken bottle
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
Nobel Prize 2016: Literature
Sponsored Article
Where is the Swedish music industry heading?
Watch the man who discovered Bob Dylan react to his Nobel Prize win
Sponsored Article
One expat's strategy for making friends in Stockholm
Record numbers emigrating from Sweden
Sponsored Article
Nordic fashion in focus at Stockholm University
People-watching: October 12th
The Local Voices
'Swedish startups should embrace newcomers' talents - there's nothing to fear'
How far right are the Sweden Democrats?
Property of the week: Triangeln, Malmö
Sweden unveils Europe's first elk hut
People-watching: October 7th-9th
The Local Voices
Syria's White Helmets: The Nobel Peace Prize would have meant a lot, but pulling a child from rubble is the greatest reward
Missing rune stone turns up in Sweden
Nobel Prize 2016: Chemistry
jobs available