Fewer Norwegians save their money

Bookmark and Share

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