Funds shine in Swedish child savings data
Data published by Swedbank suggest that investment funds constitute the most popular form of savings used by parents on behalf of their children in Sweden.
Some 84% of parents to children aged 10-17 are saving in some form or other, the Swedish bank’s latest report into child savings suggests.
Of these, savings in funds are the most commonly used method. Almost eight in 10 children are exposued to savings via funds. Another key finding has been the averaged amounts saved: the bank said its data points to an average pot worth SEK65,000 (€6,951) per child in the age bracket analysed.
Swedbank’s findings about child focused savings reflects the broader trend of Swedes saving through collective investments.
Figures from the Swedish Investment Fund Association suggest the value of total investment fund assets equates to 78% of Sweden’s GDP, with 80% of people invested in funds. This rises to 100% market penetration once investments through the Swedish Pension Agency’s PPM platform are included in the data.