Norwegians’ personal finances on the rise

Snus spat erupts in NorwayNew figures have revealed that the personal bank accounts of Norwegians are looking healthier than ever before. According to the latest report from Statistics Norway, the average Norwegian’s bank balance at the start of 2103 was more than NOK 200,000 (EUR 27,091). The figure, the average of the accounts of all Norwegian’s aged 17 or above, marks the highest ever on record.

Residents of Oslo have seen the largest increases, although those living in the country’s southwestern region have also done significantly better at saving money in recent years.

According to a recent report from the Stavanger Aftenblad news agency, residents of Rogaland County nearly doubled their average deposits between 2002 and 2012; 10 years ago the figure stood at NOK 116,200 (EUR 15,740), but by 2012 the average grew to NOK 213,700 (EUR 28,947).

Silje Sandmæ, a consumer economist from DNB, told The Foreigner that Norwegians aged 40 to 50 have done the most saving in recent years.

She said, “We know that 80 percent of us save in the bank, and are well on the way to paying down on their debts when people have entered into the housing market and have had children. This is when they also put more money in the bank.”

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