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We have too bad a track on savings

We Swedes like to save, but unfortunately we do not have enough control over savings and the various alternatives available to make active choices. It shows a survey made by SPP in August this year.

Get a good return on savings

money savings

According to it, as many as 8 out of 10 have some type of savings, but only 2 out of 10 think they can do enough to make conscious decisions about their savings. It is also not easy to get good independent help, which makes it harder to improve on the knowledge.

The survey in question was conducted as stated by SPP and as many as 1255 people in Sweden, ages 20 to 70, have answered questions about their savings. It is most common to save on a savings account, which 7 out of 10 does and about half also save in some kind of funds. Only 4 out of 10 saves in pension insurance.

There are quite a few options for those who want to save and to get a good return on their savings, you have to make the right choice. It is also about trying to find a good balance between risk and return so that the money can multiply well while the risk is acceptable. It is also a matter of long-term or short-term savings as the choices of savings form can vary depending on when you want to spend your money.

One problem is that it is difficult to get good independent advice on their savings

One problem is that it is difficult to get good independent advice on their savings

Banks and others who deal with savings often want to sell their own products and therefore it can sometimes be a bit tricky to talk to them and ask for advice on investments. Of course, they will recommend savings that they think will benefit you, but would a bank recommend another bank’s funds if they were actually better or more appropriate? The answer is probably no.

The answer is to try to get information from different sources, look around for different alternatives and be a little bit critical. Don’t take the first best fund or other alternative, but be prepared to look at different types of savings. Decide how much risk you want and try to keep track of when you intend to spend your money.

Sell stocks or funds

Sell stocks or funds

More short-term savings may require you to sell stocks or funds, even if that would mean a loss, and then put them in a savings account. Long-term savings are more stable and sooner or later there will be a rise again and should you not withdraw your money for a long time you can afford to ride out the storm and wait for the downs. Also, make sure you spread the risk if you can so that you don’t put all the money on a card.

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