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A quarter of people in Finland have no money set aside in savings, according to a survey published by Danske Bank.
The study found that 32 percent of women and 24 percent of men reported having no savings. More than half of respondents said their savings would only cover up to three months of expenses in the event of a loss of income.
Kaisa Kivipelto, private economist at Danske Bank, said the prolonged cost of living crisis has diminished household reserves.
“Finnish households have had exceptional years with bad news from every direction. The sharp increase in living costs over the last three years has especially weakened the financial position of middle-income households,” Kivipelto said.
The bank noted that the rate of private consumption in Finland has remained sluggish compared to other Nordic countries.
The survey also found that just 35 percent of respondents had savings covering at least four months of living expenses. That level is considered a minimum buffer by the bank.
Kivipelto said that signs of improvement are emerging. “Interest rates are expected to fall this year, employment is forecast to improve, and wages are set to rise faster than inflation in the coming years,” she said. “Much of the recent economic strain is expected to ease.”
HT
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Source: www.helsinkitimes.fi
