Norwegians saving in funds hits new high

Both the number of Norwegian retail investors using funds for savings purposes, as well as the average amount saved per person per month have grown in 2018, according to survey data from the Norwegian Fund and Asset Management Association.

With some 1.5 million individuals, or about 36% of the population, putting money into equity funds, the proportion has not been higher since 2011, the Association notes. It suggests that both the IPS (individual pension savings regime) and the ASK account regime (for buying and selling direct equities or equity funds tax free) have contributed to the growth.

The data suggest that the largest share, some 31%, are saving between NOK1,000-2,000 (€102-205) per month, but that those saving more than NOK5,000 (€514) per month has increased by 5% compared to 2017.

There is still a gender gap when it comes to saving via funds. While some 41% of men state that they invest in equity funds, for women the share is just 31%.

By age bracket, the fastest growth was seen in the 18-20 age group, where the proportion of respondents who said they use equity funds increased to 26% from 20% in 2017.

However, despite the growth in average amounts saved via funds, and the increase in more younger people using funds, it still remains the case that the bulk of individual wealth, on average, rests in residential property and deposit bank accounts.

As for factors that influence the choice of funds when such investments are made, the research suggests that risk levels of individual funds matter more than costs or historical returns.

To read the full research results (in Norwegian) click here: Fondsundersøkelsen-2018_hovedfunn
ABOUT THE AUTHOR
Jonathan Boyd
Editorial Director of Open Door Media Publishing Ltd, and Editor of InvestmentEurope. Jonathan has over two decades of media experience in Japan, Australia, Canada and the UK. Over the past 17 years he has been based in London writing about funds and investments. From editing the newsletter of the Swedish Chamber of Commerce in Japan in the 1990s he now focuses on Nordic markets for InvestmentEurope. Jonathan was awarded Editor of the Year at the Professional Publishers Association (PPA) Independent Publisher Awards 2017. Shortlisted for the same in 2016, he was also shortlisted in 2017 and 2015 for the broader PPA Awards category Editor of the Year (Business Media).

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