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Finns eager to save and invest

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​Finns are showing an increasing interest in saving and investing, as evidenced by the survey “Saving, borrowing and paying in Finland”, published by Finance Finland (FFI) in June. Investment funds and equities seem to particularly attract people at the moment, although savings accounts still rank at the top in popularity. Finns typically save “for the rainy day”.

​A clear majority (57%) of Finns who save, invest or otherwise plan to accumulate more wealth within the next year do so "for the rainy day" or to secure reserve funds.

As many as 48% of the survey respondents plan to save or invest in the near future. According to Esko Kivisaari, Acting Managing Director of FFI, this is a sign of the balanced financial status of Finnish households. "Finns now want to secure their finances and build a buffer against future risks. This is healthy behaviour: for example, 77% of Finns with housing loans have prepared for rising interest rates in one way or another – mostly through savings or investments," Kivisaari notes.

Finns also prepare for future retirement. According to the survey, this was the second most frequent motive (28%) for saving and investing. Another popular motivation was saving for a house or an apartment (22%) – a figure that has been growing steadily since 2009. The majority of home savers are under 35 years old.

Ordinary people taking an interest in saving and investing is an all-around positive phenomenon. It not only helps the individuals and households themselves, but society as well. Even small investments are significant for companies seeking funding and growth and thereby employing people,” Kivisaari continues.

In contrast with the previous survey conducted in spring 2015, investments in funds and equities have become considerably more popular. A total of 28% of Finns now own fund units and 19% own equities, bringing both figures up by 5 percentage points. Bank accounts remain the most popular method of saving, however, with 40% of Finns using current accounts and 38% using saving or investment accounts.

“Finns prefer to avoid risks. Safety is the number one priority when choosing where to save or invest. The next priorities are low risk and ease of use. Profits rank only fourth in this regard, although they’re now valued slightly more than before,” Kivisaari observes.

At the moment, 62% of Finns have some form of savings or investments. The figure is up by two  percentage points from 2015. The survey respondents correspond to the general Finnish population aged 15–79, and the 62% of savers or investors reflect approximately 2.7 million Finns.

The survey was conducted by IROResearch and commissioned by FFI.