Fewer Norwegians save their money

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A new survey reports that 10 percent of the Norwegian population never puts portions of their income into savings accounts, but that men save more than women. The study worries economists at a time of job and interest rate uncertainty.

The study, conducted by TNS Gallup for Nordea Bank, noted that the amount of those not saving rose from 7 percent in 2011.

“This is a bit worrisome,” Elin Reitan, a consumer economist at Nordea, told news bureau NTB. “Low interest rates lead to more money in people’s wallets, and what ideally would be a higher level of savings.

“But it seems the extra money goes towards increased consumption. That can lead to problems when the day comes that interest rates rise.” Norway’s central bank board will meet again next week to revaluate interest rates at its last meeting before the summer holidays.

newsinenglish.no staff

  • Johan Åsenheim

    “Norway’s central bank is widely expected to raise rates next week at its board’s last meeting before the summer holidays.”

    I beg your pardon, widely expected by whom? I think she meant lower rates, or maybe this is an incorrect translation of her quote?

  • Jen

    what is the point of saving when the government will tax on it???? MIght as well spend it on consumption to keep it out of government’s reach….or learn from old grandma, keep cash in biscuit tin under the bed.

    • frenk

      Spend it in Sweden…..

  • Stuart Spitz

    Perhaps a contributor to this issue is that Norway has a crazy tax system that infantilises its citizens with “tax free month” and “half tax month” which means that people don’t need to budget for major expenses (summer holidays, Christmas).

    Add to that the high % employment, generous welfare and firm employment rights it means people never need to really consider saving.

    Then we have government mismanagement of the “oil fund” and taxation system in failing to leverage these to create new (competitive) export growth industries away from oil & gas, so that the job market does not collapse when someone in Texas decides to accept $65/bbl.

    Financial illiteracy from the bottom to the top.