Interest rates can be higher than a certain percentage, we have learned that since last summer. This applies to both loans and savings.
– We have had no interest on savings accounts for 15 years. The only opportunity for return has been shares. But now it is possible to get a return on savings without taking risks, says Shoka Åhrman, savings economist at SPP.
Robert Bergqvist, senior economist at SEB, sees that this also affects large investors.
– I also hear from large investors that there is a new option for investments now in long interest rates. It is a new behavior.
Disloyalty to the bank
Weighted down by mortgage interest rates, Swedes have seen the banks make record profits.
– It depends on the so-called net interest rate, the difference between deposit and lending rates, says Jan Bertoft, Secretary General of Sweden’s Consumers.
The big banks give low interest rates on savings. But it is possible to get better interest rates at the niche banks, he notes, and more and more bank customers are waking up to that.
– There is a greater awareness now among bank customers, they don’t use that money for the banks’ profits anymore. You don’t have to keep your money with your house bank, says Jan Bertoft.
Weak crown
We have also had reason to familiarize ourselves with the effects of the krone exchange rate. Partly understood as more expensive imported stuff and holiday trips abroad, partly the effects for savers.
– The weak krona against the dollar has actually benefited many savers who have money in global funds. Then the krone exchange rate is not only a disadvantage, says Shoka Åhrman.
Air-bag
We are probably a little more prepared for the fact that various problems may arise now, Shoka Åhrman believes, and many have benefited from having savings to draw on.
– We have been talking about buffers and airbags for a long time. Many have also had it after the pandemic. That is probably why the economy has been ticking along so well.
But household mortgage interest rates have multiplied in a short time, and many are directly affected because they have variable interest rates.
– It may happen that more people choose a fixed interest rate on some loans when the interest rate starts to be lowered next year. Now many people probably think it is too expensive. But it’s a way to get an airbag in your finances, she says.
Save energy
We can save on electricity when we have to, notes Shoka Åhrman.
– We learned to improve energy efficiency. That’s one of the most important things we learned.
Jan Bertoft is on the same line. The energy saving had major effects.
– There was talk of rationing, but it turned out that when we had to save, we could. The rationing came to shame, and it got better for everyone, he says.
Keep an eye on the food
We have more focus on the food and what it costs these days, states Jan Bertoft, Secretary General of Sweden’s Consumers.
– We have become more multi-loyal. We don’t just shop in a chain because we have cards there, but we go to several stores and hunt for extra prices, he says.
We have also gradually gotten better at not throwing away so much food. At least in households, he says. The Swedish Environmental Protection Agency’s statistics up to and including 2021 point to that. Jan Bertoft believes that trend will continue.
The hypothesis is that we have learned to take care of our food waste, he says.
Used
We have learned to both buy and sell more used, according to Sofia Hagelin, communications manager at the buying and selling site Tradera. This is often the case in bad times, and since the pandemic, sales have increased. But now it’s a record.
– Despite a strong increase recently, October is our best month ever, she says.
What is increasing the most is the sale of men’s clothing, but also women’s clothing, collectibles, television and computer games.
At the Red Cross, which sells donated items, sales have also increased. But Magnus Lindén, unit manager for second hand, cannot say for sure whether the increase is due to the economy.
– Second hand sales have increased for several years.