Putting aside a penny each month can be challenging. It requires discipline and that you don’t have too many expenses compared to how much money you bring in.
But if you manage to put away a little money every month, it can turn into a lot of money over time, which you can spend on, for example, a house, a car or take out in retirement.
Photo: Fredrik Sandberg/TT
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The economist: The sooner the better
Saving for retirement is particularly important to start with early, as Avanza’s private economist Felicia Schoen previously explained in an interview with News24.
– The earlier you start, the greater the opportunity you have to influence your pension. If you have the opportunity, you should start saving as soon as you enter working life. You don’t have to save thousands every month, but getting started and making it a habit is what’s important.
Felicia Schoen. Photo: Avanza/Press Bild
Felicia Schön also noted that it is important to dare to take risks in order to make money grow faster than inflation. The easiest way to do this is to put the money away in shares or funds.
– It is important for long-term savings to dare to expose the savings to some form of risk. If you don’t do that, the value of the pension will be eaten up by inflation. If you start saving for a pension around the age of 25-30, or maybe even earlier, it can add up to millions of kroner over time as long as you save for a pension, she said in the interview.
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How much should you save for retirement?
Saving for a pension can thus pay off well in the long run. But how much should you really put aside for your pension every month?
It varies, of course, depending on your financial situation. But a good way to get inspiration can be to look at how much other people are saving for retirement.
It is good to start saving for retirement early. Photo: Janerik Henriksson/TT
DON’T MISS: This is how much Swedish pensioners save – every month
This is how much Swedes save for retirement
In SEB’s new survey The savings accountwhich refers to the third quarter of 2024, new figures appear about Swedes’ savings habits, including how much money people put away on average in different forms of savings.
The most popular form of savings is saving money in the bank account. There is an average of SEK 2,555 saved per month. Next come repayments and funds.
The pension is the fourth most popular form of savings. Among participants in the survey, the average is 837 kroner saved each month.
Here is the full list of monthly savings per savings form:
Demoskop conducts the Sparkollen survey every quarter on behalf of SEB.
The Savings Score is based on approximately 2,000 web interviews about Swedish households’ view of their savings.
The survey was conducted during the period 28 August to 13 September 2024.
Source: SEB
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