Deposit savings are unevenly distributed among Finnish households, according to a wealth survey commissioned by Fin Survey. Most of the € 85 billion in account deposits are in the hands of the rich. More than half of Finnish households have less than € 5,000 in their accounts.
Household account deposits
The latest wealth survey conducted by Fin Survey for 2013 examined the distribution of Finnish deposits. According to it, the median of Finnish household account deposits is EUR 5,000, which means that if all these households were ranked from the smallest to the largest, the average would be EUR 5,000 in their account. The richest quarter of Finns have at least € 20,000 in their accounts, while the poorest quarter have only € 1,400 or less. It is noteworthy that the average of all savings on deposits is € 30,000.
The average savings of Finns have increased over the last 20 years. In 1998, the median household savings rate was 3,168, almost EUR 2,000 less than today. On this basis, the median deposit volume has increased by about 37 percentage points over 20 years. For the rich, deposit growth has been even faster, at around 45 percentage points.
62% of Finns currently have invested or saved assets in some location. Growth has increased by two percentage points over two years. However, saving on an account has retained its popularity as the most common form of saving at 40%. The high proportion of savers on the account reflects the safety-mindedness of saving to keep money safe for a bad day.
Saving seems to be growing
According to a survey by the Good Finance Services, Finns’ enthusiasm for saving seems to be growing all the time. Growth has continued since 2004. Recently, the most enthusiastic have been those under the age of 35, while those aged 55-74 have been saving less.
In addition to increasing savings and the enthusiasm for saving, the total wealth of Finns has continued to grow and is now around EUR 300 billion, down from EUR 100 billion ten years ago.