To main content

Savings Barometer, 2nd quarter 2021

Households’ loans rose sharply

Statistical news from Statistics Sweden 2021-08-26 9.30

Households’ financial savings amounted to SEK 148 billion in the second quarter of 2021. High levels of savings in bank accounts as well as large net purchases of shares and funds were the main contributors. At the same time, households borrowed more than before.

In the second quarter, new savings in financial assets amounted to SEK 241 billion, while liabilities increased by SEK 93 billion. This resulted in SEK 148 billion in financial savings, which is SEK 20 billion less than in the previous quarter. Financial savings in the first quarter of 2021 noted the highest savings since the start of the time series in 1996. Savings in the second quarter of 2021 were on a par with the corresponding quarter in the past two years. Households’ financial savings exhibit a seasonal variation in which savings are normally higher in the first two quarters of the year.

Financial savings in the second quarter, transactions, SEK billions

Graph: Financial savings in the second quarter, transactions, SEK billions

Net deposits in bank accounts by households remained high and amounted to SEK 77 billion in the second quarter of 2021. Households also made large net purchases of shares and funds, at SEK 66 billion, which is SEK 27 billion more than in the corresponding quarter a year ago. Taken together, net deposits in bank accounts and net purchases of shares and funds contributed just over half of households’ new savings in financial assets in the second quarter of 2021. The other half of new savings mainly came from pension savings.

Although new savings in assets were high, net borrowing noted the highest level since the start of the time series in 1996 and amounted to SEK 94 billion.

Persistently high level of savings in shares and funds

Since the outbreak of the COVID-19 pandemic, households have saved in shares and funds to a larger extent than before, with the exception of the first quarter of 2020, which saw a sharp decline in the stock market and net sales of funds by households amounted to SEK 40 billion. In the second quarter of 2021, households’ net purchases of shares and funds amounted to SEK 66 billion. Net purchases of listed and unlisted shares amounted to SEK 38 billion, while net purchases of funds amounted to SEK 28 billion. Households primarily made net purchases of equity funds and other funds, at SEK 14 billion and SEK 11 billion, respectively.

Households’ net purchases/sales of shares and funds (left) and Stockholm Stock Exchange (right), transactions, and OMX Affärsvärlden general index, SEK billions and index

Graph: Households’ net purchases/sales of shares and funds (left) and Stockholm Stock Exchange (right), transactions, and OMX Affärsvärlden general index, SEK billions and index

Households’ bank accounts are growing

Net deposits, that is, deposits minus withdrawals on bank accounts continued to increase in the second quarter of 2021 and amounted to SEK 77 billion. In the most recent five-year period, households’ net deposits in bank accounts have amounted to nearly SEK 700 billion, despite low deposit rates. Deposits in banks amounted to SEK 2 282 billion at the end of the quarter, and accounted for just over one-tenth of households’ financial assets.

Net purchases of new tenant-owned apartments remained low

Net purchases of apartments with changing rights of tenancy to tenant-owned apartments and newly produced tenant-owned apartments amounted to SEK 11 billion in the second quarter of 2021, which is more than in the first quarter of 2021 but less than in the corresponding quarter a year ago. Households’ ownership of tenant-owned apartments is a financial asset and is included in the Savings Barometer. One- or two-dwelling buildings with ownership rights are not included, since they constitute real assets. Information about households’ total assets in housing is available in the National Wealth. Read more about National Wealth under More information.

Borrowing reached record level

Households’ net borrowing, that is, new loans minus amortisations, amounted to SEK 94 billion in the second quarter of 2021. This the highest level of net borrowing ever noted in a single quarter, while it was just under SEK 30 billion more than in both the previous quarter and the corresponding quarter a year ago. There is a seasonal variation in households’ net borrowing, and borrowing in the second quarter is normally high. In the past ten-year period, average net borrowing in the second quarter has been SEK 63 billion.

Households’ loans, which consist primarily of loans in banks and housing credit institutions, amounted to SEK 4 856 billion at the end of the second quarter of 2021. The annual growth rate for loans rose and was 6.3 percent, which is 0.5 percentage points more than in the first quarter of 2021 and 1 percentage point more than in the corresponding quarter a year ago. The last time the growth rate for loans was higher than 6 percent was at the end of the first quarter of 2018.

Households’ loans, transactions (left) and annual growth rate (right), SEK billions and percent

Graph: Households’ loans, transactions (left) and annual growth rate (right), SEK billions and percent

Net wealth continued to increase

At the end of the second quarter of 2021, households’ financial net wealth, that is, financial assets minus debts, amounted to SEK 14 177 billion. In the past year, households’ financial net wealth increased by SEK 3 077 billion, which corresponds to an increase of 28 percent. Positive financial savings accounted for just over one-tenth and value increase accounted for just under nine-tenths of this increase. The value increase mainly derived from value change of direct and indirect ownership of shares. Since the end of the second quarter a year ago, the Stockholm Stock Exchange has increased by 42 percent, according to the OMX Affärsvärlden general index.

Definitions and explanations

Financial savings is calculated as the difference between transactions in financial assets and transactions in liabilities.

The Savings Barometer does not publish any revisions or methodological changes other than the revisions introduced in connection with the latest publication of the Financial Accounts. The time series are revised in connection with the publication of the Financial Accounts, in which there is more scope for calculation and reconciliation with other sectors and in which revision documentation is published.

In connection with this publication of the Savings Barometer on the second quarter of 2021, the entire time series will be updated from the first quarter 2019 onward with the revisions introduced in the Financial Accounts’ publication on 17 June. 

More detailed descriptions of major revisions are described in the statistical news on Financial Accounts:

Financial accounts, quarterly and annual

For more information, see:

Nationalförmögenheten och nationella balansräkningar (pdf)

Statistical database;

Balance sheets (ESA2010), end of year, net, current prices in SEK million by institutional sector and type of assets. Year 1980 - 2019

Next publishing will be

2021-11-18 at 09:30.

Statistical Database

More information is available in the Statistical Database

Feel free to use the facts from this statistical news but remember to state Source: Statistics Sweden.

Statistical agency

Swedish Financial Supervisory Authority

Address
Box 7821
103 97 Stockholm

Producer

Statistics Sweden, National Accounts

Address
Solna strandväg 86
171 54 Solna
E-mail
nrinfo@scb.se

Enquiries

Frida Frånlund

Telephone
+46 10 479 58 25
E-mail
frida.franlund@scb.se

Nicolai Nystrand

Telephone
+46 10 479 45 45
E-mail
nicolai.nystrand@scb.se