“Norwegians withdrawing more money than depositing for the second consecutive month: Statistics Norway”

(The online newspaper🙂 On Tuesday, Statistics Norway presented new figures which show that, for the second month in a row, Norwegians are now withdrawing more money from their bank accounts than they are depositing.

According to Statistics Norway, there is now 1.5 per cent less money in Norwegians’ bank accounts than a year ago.

Save a little in other ways

Despite this, Statistics Norway believes that Norwegians as a whole still save a little money. The reason is that more money is still being put into longer-term investments, such as funds and fixed-term deposits.

Overall, these are still historically bad numbers. Statistics Norway shows that there has not been a worse development in recent times during the 14 years they have statistics for the development.

– Generally higher prices and higher interest costs are some of the reasons why households do not increase their deposits as much as in previous years, says senior advisor Even Oppedal at Statistics Norway in a message.

– The money is no longer enough

Chief strategist Anders Johansen at Dansk Bank says that they have seen this development for a while.

– People built up a little extra on their account during the corona, and the extra on their account is now about to be eaten up. Inflation is high, and the money that was used to be used to buy a certain amount of goods and services is nowhere near enough anymore, he tells Nettavisen.

The fact that money is taken out of accounts, but still something is saved, he believes can be linked to who is hit hardest:

– Those who could afford the best and saved a lot, now perhaps save a little less, and put it in a fund. Those who can’t afford it eat away at their savings account. This is the reason why the central bank is trying to limit inflation, because it hits the wrong way, he says.

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