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Swedish households increased savings despite hard timesThursday, 22 September 2011
Despite significant sales of shares and equity funds as well as an increased borrowing, Swedish households showed a positive financial savings.
Households' financial savings, transactions in financial assets minus liabilities, amounted to SEK 31 billion in the second quarter of 2011 reports statistic Sweden.
AdvertisementHouseholds' high financial savings are largely due to increased bank deposits and insurance savings. Bank deposits have historically been large during the second quarter, and can be explained by payments of share dividends and tax refunds that occur during the quarter.
The Swedish households further made net sales (purchases minus sales) of Swedish listed shares for SEK 13 billion in the second quarter. This is the largest sales amount during a single quarter since 2006. At the end of June the shareholdings of quoted Swedish shares amounted to SEK 540 billion. During the quarter households also made net sales of equity funds corresponding to SEK 3 billion, where holdings amounted to SEK 287 billion.
They increased their loans, new loans minus those that have become due, by SEK 43 billion. The increase in loans was larger than the previous quarter, but still low compared to the same quarter in previous years. Households' total debt in loans amount to SEK 2 784 billion, most of which are in banks and housing credit institutes.
By Scancomark.se Team / source: Statistic Sweden