Financial Accounts fourth quarter 2025
Households saved less
Statistical news from Statistics Sweden 2026-03-19 8.00
In the fourth quarter of 2025, household liquid savings amounted to SEK 34 billion, which was a decrease from SEK 10 billion in the corresponding quarter of 2024. Over the period under review, household annual loan growth rate has continued to increase.
During the fourth quarter of 2025, households' savings in liquid assets amounted to SEK 76 billion. At the same time, loans increased by SEK 41 billion. Thus, households' liquid savings amounted to SEK 34 billion, which was a decrease of SEK 10 billion compared with the fourth quarter of 2024.
In the fourth quarter of 2025, Swedish households net purchased funds to a value of SEK 21 billion, which is an increase of SEK 3 billion compared with the corresponding quarter last year. The net purchases of listed shares, which amounted to SEK 1 billion, was a decrease of SEK 4 billion compared with the fourth quarter of 2024. At the same time, households made net withdrawals from bank accounts at a value of SEK 2 billion, which contributed to a reduction in liquid savings.
Households’ net borrowing is holding back savings
Households' loans increase
Swedish households' net borrowing, i.e. the sum of new loans minus amortisation, amounted to SEK 41 billion in the fourth quarter of 2025. This was an increase of SEK 14 billion compared with the corresponding quarter last year. It is mainly loans with collateral that contribute to the increase, but loans without collateral have also increased during the fourth quarter. The annual growth rate of households' total loans rose to 2.7 percent in the quarter, compared with 2.5 percent in the previous quarter.
"We see that household loan growth has picked up again in recent quarters. It will now be interesting to follow how the new rules for interest deductions affect developments, both for loans with collateral, where deductions are still possible, and for loans without collateral, where the right to deduct will disappear completely from 2026," says Emil Jansson, economist at Statistics Sweden.
The households’ loan growth rate continues to increase
Reduced savings for the central government
Central government net lending was negative in the fourth quarter of 2025. During the period, central government transactions in financial assets amounted to SEK 95 billion, while liabilities increased by SEK 146 billion. Financial savings for the Central government thus amounted to SEK –51 billion.
This is the largest debt increase recorded for a fourth quarter in the entire time series, which stretches back to 1996. The increase in debt consisted mainly of financing through interest-bearing securities, new issues minus maturities and repurchases, which totalled SEK 130 billion during the quarter.
The central government’s debts are increasing more than its assets
Financing of non-financial corporations
In the fourth quarter of 2025, non-financial corporations financed themselves with net borrowing, i.e. new loans minus amortisation, with monetary financial institutions to a value of SEK 1 billion. In the previous year, the value of the corresponding quarter was SEK -33 billion, which means that the companies then amortized more than they borrowed.
Financing through interest-bearing securities, new issues minus maturities and repurchases, amounted to SEK -42 billion in the fourth quarter of 2025. In the corresponding quarter of 2024, they increased their interest-bearing securities debt by SEK 13 billion.
Total loans from monetary financial institutions at the end of the quarter amounted to SEK 2,895 billion. The value of issued debt securities amounted to SEK 1,464 billion.
Non-financial corporations decrease their financing through interest-bearing securities
Revisions
In the publication of the financial accounts for the fourth quarter of 2025, revisions have been made back to 2022 in order to improve the statistics where new data have become available. The revisions affect both annual and quarterly time series.
The rest of the world sector has been revised back to 2022 with new data from the Balance of Payments, which has resulted in revisions in financial transactions and balances.
Municipalities and regions have revised from 2022 onwards due to financial leasing, the quarters of 2025 have also been revised as the quarterly sources have been updated.
The central government sector has been revised from 2023 due to new underlying data inputs.
Definitions and explanations
In the statistical news, reference is made to the liquid financial savings of households. It is calculated as the difference between transactions in financial assets and liabilities excluding accruals (tax accruals, occupational pensions and other technical provisions). For more information, see the Financial Accounts Quality Declaration, section 1.2.2.
The aim of financial accounts is to provide information on financial assets and liabilities as well as changes in financial savings and financial wealth for different sectors of society. The statistics are presented in current prices and do not take inflation into account.
The financial savings in financial accounts is calculated as the difference between transactions in financial assets and liabilities. In the Real Sector Accounts, which, like the Financial Accounts, are part of the National Accounts, financial savings are calculated as the difference between income and expenses. However, financial accounts and real sector accounts are based on different sources, which gives rise to differences between these two products.
In the Financial Accounts, the government debt is calculated differently from the government debt metric that is most frequently reported and which is calculated according to the convergence criteria – the ‘Maastricht debt’. The definition of the Maastricht debt does not include all financial instruments, the instruments are presented in nominal value and the liabilities for government administration are consolidated. The government debt in the Financial Accounts is unconsolidated and includes all financial instruments at market value.
In addition to the government agencies, the government administration sector also includes certain state foundations and state-owned companies. Government administration does not include entities within the retirement pension system. Instead, they make up the social security funds sector. Municipal administration includes primary municipal authorities, regional authorities (formerly county council authorities), municipal associations and certain municipal foundations and certain municipally or regionally owned companies.
More information: National wealth
The National Wealth, which contains annual data on non-financial and financial assets, is also published in connection with the publication of the Financial Accounts. Financial assets and liabilities are collected from the Financial Accounts and are thus consistent with the values published in the Financial Accounts.
For further information, see:
National assets and national balance sheets (pdf)
Comments
Information on the collateral for the loans from MFI comes from the Financial Market Statistics at Statistics Sweden (SCB). www.scb.se/fm5001