The seasonal variation in households’ financial savings means that savings in the third quarter are normally lower than in the first and second quarters. Households’ savings amounted to SEK 445 billion in the first three quarters of 2021, compared with SEK 271 billion in the corresponding quarters a year ago.

Major positive effect of tax accrual contributed to savings progression

The positive effect of tax accrual contributed SEK 83 billion to savings, which is the largest effect of tax accrual noted since the start of the time series. Tax accrual refers to taxes and social contributions that are booked at the time they arise rather than when they are actually paid.

Households’ private insurance savings were considerable and amounted to SEK 17 billion during the quarter. Private insurance savings have been large throughout 2021, with a peak in the first quarter at roughly SEK 25 billion. Savings in occupational pensions in the third quarter were on a level with the corresponding quarter a year ago and amounted to SEK 39 billion.

Sustained high level of savings in bank accounts

In the third quarter of 2021, savings in bank accounts amounted to SEK 42 billion, which is high for a third quarter. Savings in bank accounts have been high in recent years in general, despite low or nonexistent deposit rates. Households’ net deposits in bank accounts have remained high in 2021, although they have not reached 2020 levels. In the first three quarters of 2021, households’ net savings in bank accounts amounted to SEK 148 billion, which is SEK 28 billion less than in the corresponding period in 2020, but SEK 59 billion more than in 2019.

Households sold shares and purchased funds

Households’ net purchases in investment funds were similar to previous quarters, while net sales of directly owned shares were noted for the first time in more than a year. In the third quarter of 2021, households’ net purchases of other funds, which includes hedge funds and fund-of-funds, amounted to SEK 18 billion, while net sales of equity and bond market funds amounted to SEK 1 billion. During this period, households’ net sales of shares amounted to SEK 17 billion, following net purchases of shares throughout 2020 and the first six months of 2021. In the third quarter of 2021, households sold mainly Swedish listed shares, which resulted in net sales amounting to SEK 20 billion, making it the largest amount in net sales registered during a single quarter since the start of the time series in 1996.

Savings levels in new tenant-owned apartments were low

Households’ net purchases of new tenant-owned apartments amounted to SEK 6 billion, which is SEK 5 billion less than in the corresponding quarter a year ago and is the lowest figure in five years. Compared with the record-high figure in the fourth quarter of 2019, in which savings amounted to SEK 25 billion, this is a decrease by three-quarters. New tenant-owned apartments consist of apartments with changing rights of tenancy to tenant-owned apartments and newly produced tenant-owned apartments. Households’ assets in apartments amounted to SEK 3 245 billion at the end of the third quarter.

Households’ ownership of tenant-owned apartments is a financial asset and therefore 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.

Annual growth rate of loans rose

Households’ net borrowing, that is, new loans less amortisations, amounted to SEK 80 billion in the third quarter of 2021, which is SEK 20 billion more than in the corresponding period a year ago. Net borrowing has been high in recent quarters. This higher level of net borrowing can partly be explained by banks’ temporary relaxations on amortisation requirements that applied until the end of August. This has meant that some households have refrained from amortising loans.

The growth rate of households’ loans has increased consistently since the outbreak of the COVID-19 pandemic. The annual growth rate of loans was 6.6 percent in the third quarter, which is 0.3 percentage points more than in the previous quarter. Households’ loans, which consist primarily of loans in banks and housing credit institutions as well as student loans, amounted to SEK 4 935 billion at the end of the third quarter of 2021.