Norwegians save less and less money in BSU – news Lifestyle – Tips, advice and insight

Strictly speaking, there is no lower age limit for opening a BSU account in a Norwegian bank. Because it’s never too early to start saving for a home, isn’t it? Nevertheless, it’s only when you earn enough to be able to get a tax deduction that this scheme becomes really beneficial. And then most economists will probably advise you to jump on the train as soon as you can. Are you saving in BSU? Yes, of course! 💰 I’d rather save in funds 📈 A little, but I think there are better savings schemes 🤑 I don’t know what BSU is 🤷🏼‍♀️ Show result Test your BSU knowledge in the quiz at the bottom of the article. Less lucrative You get less tax and favorable interest. In addition, it looks good to have saved equity in BSU when you ask the bank for a home loan. Nevertheless, young Norwegians save less and less money in this way. In July this year, there was almost NOK 15 billion less in BSU than in January 2021. In recent years, there have been several rule changes that have made the BSU scheme less lucrative. Not equally favorable for everyone Until 2022, young people who bought a house could, without taking a hole in their account, continue their savings and enjoy the tax deduction until the age of 34. But this is no longer the case. And last year the tax deduction was halved, from 20 to 10 per cent. Derya Incedursun, consumer economist at Nordea. Photo: Nordea – Although it is still a good savings scheme, this may have led to fewer choosing to save in BSU, says Derya Incedursun, consumer economist at Nordea. In addition, she points to higher housing prices as another possible reason for the decline: – Higher prices have made it more difficult to save enough equity only through BSU. This may have contributed to someone choosing alternative forms of savings, such as funds. Furthermore, the scheme is not equally beneficial for everyone. Persons with low or no taxable income, such as students or part-time employees, do not benefit from the tax deduction. Published 01.10.2024, at 05.14



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