Savings Barometer, 3rd quarter 2017:
Households' net deposits in bank accounts are increasing
Statistical news from Statistics Sweden 2017-11-23 9.30
Households’ financial savings, new savings minus increase in debt, amounted to SEK -4.6 billion in the third quarter of 2017. Despite negative financial savings, financial savings where less negative than in the corresponding quarter in 2016 and 2015. The annual rate of increase for household loans was 6.7 percent and the growth rate was unchanged compared to the previous quarter.
New savings in financial assets was approx. SEK 57 billion, while debts increased by approx. SEK 61 billion in the quarter, which resulted in SEK -4,6 billion in negative financial savings. Despite negative financial savings, this was an improvement in the level compared to the third quarter in the last two years. Net financial wealth, i.e., financial assets minus liabilities, amounted to SEK 9 311 billion by the end of the quarter.
Individual financial savings excluding accruals, which show savings in more liquid assets, were lower and amounted to minus SEK 14 billion. These savings are lower than total savings mainly due to deposits to occupational and premium pensions, as well as households’ accrual of taxes that are excluded from individual savings.
Large net deposits in bank accounts
Net deposits in bank accounts amounted to SEK 38 billion in the third quarter and were the highest listing for a third quarter since the beginning of the time series. The trend of households’ declining holdings in banknotes and coins issued by the Riksbank continued. Households’ net purchases of funds and shares were low during the third quarter. Net purchases of funds amounted to SEK one billion while the share purchases where almost on the same level as the sales.
The annual rate of increase for loans was unchanged
Source: Statistics Sweden
Households’ loans increased by SEK 61 billion in the third quarter of 2017 and amounted to SEK 3 950 billion at the end of the quarter. Compared with the third quarter 2016 the household loans increased by SEK 5 billion.
An amortisation requirement on new loans was introduced on 1 June 2016 and households’ loans have continued to increased since, albeit at a lower rate of increase. In the third quarter of 2017, the rate of increase for loans was at the same level as the second quarter and was 0.4 percentage points lower than in the third quarter of 2016. Households’ loans consist to nearly 80 percent of housing loans in banks and housing credit institutions.
Net purchases of tenant ownership rights
Households’ purchases of newly produced tenant-owned apartments and apartments with changing rights of tenancy to tenant-owned apartments are a financial asset. Tangible assets such as one- or two-dwelling buildings with ownership rights are not included in the Savings Barometer. Net purchases of tenant ownership rights amounted to SEK 8 billion in the third quarter of 2017, which is at the same level as during the third quarter of 2016.
Definitions and explanations
Financial savings are calculated as the difference between transactions in financial assets and transactions in liabilities.
No major revisions or methodology changes are published in the Savings Barometer. These are instead published in the Financial Accounts, where there is more time for compilation and reconciliation with other sectors, and where revision documentation is published. However, minor revisions can occur due to, for instance, revised primary statistics.
In connection with the publication of the Savings Barometer for the third quarter of 2017, the entire time series will be updated from the first quarter 1996 onwards with the revisions introduced in the Financial Accounts' publication on 22 September. More detailed descriptions of major revisions are described in the Statistical Report for Financial Accounts:
Next publishing will be
2018-02-22 at 09:30.
Feel free to use the facts from this statistical news but remember to state Source: Statistics Sweden.