The case summarized Despite rising prices, Norwegians continue to save, with an increase of over NOK 15 billion in funds in 2023 compared to last year. Nordnet has seen an increase of NOK 5 billion in fund purchases so far this year compared to the whole of last year, and has gained 30,000 new customers in 2023. Economic expert Hallgeir Kvadsheim believes that many people are saving more because they have had good wage growth, and because they are tired of low bank interest. 84% of the money that Nordnet customers have spent on funds has been invested in fixed income funds, which give better returns and have low risk. The cryptocurrency exchange NBX reports great activity and expects an increase of between 60 and 75 percent in trading volume compared to the fourth quarter of last year. Kvadsheim encourages savings to be prepared for potentially bad times in the labor market. The summary is made by an AI service from OpenAi. The content is quality assured by news’s journalists before publication. If one were to summarize the news picture in 2023, then perhaps the price increase is something many will mention. Interest, electricity, fuel, housing and daily necessities all have this in common: Price growth. And who does it concern? You and your wallet … … But the savings continue Verdipapirfondenes foreining (VFF) has given news access to figures for Norwegian customers’ total trading in mutual funds. So far in 2023, Norwegians have bought funds worth NOK 13.5 billion. That is an increase of over NOK 15 billion from last year (last year there were many who sold. The total trading sum was still negative at minus NOK 1.7 billion). – It is good to see that Norwegians are largely maintaining their savings in funds even in the difficult economic times we are currently experiencing, says director Christian Henriksen of VFF. Christian Henriksen is director of Verdipapirfondenes foreining (VFF). He says it is good to see that Norwegians are largely keeping up their savings in funds, even in the difficult economic times we are now experiencing. Photo: Irene Sandved Lunde But the big growth will come from a big dip in 2022. Now the level is about the same as it was before the corona. Norwegians therefore set a lot of money aside for savings at the moment. Although I have seen a big price increase. 30,000 new customers Nordnet’s customers have bought funds worth NOK 5 billion more so far this year compared to the whole of last year. – We are happy to see that the interest in savings and investment continues in 2023, despite price increases, says the country manager of Nordnet in Norway, Mari Rindal Øyen. Mari Rindal Øyen is the country manager for Nordnet Noreg. Last year, more people sold funds. Norwegians to buy this year. Photo: Privat Nordnet is a trading platform for buying and selling shares and funds. They have almost 400,000 customers in Norway. So far in 2023, they have gained 30,000 new customers. – Compared to last year, our customers are a little less active in the stock market this year. But in the fund market the situation is completely different, she says. Fund growth Economic expert Hallgeir Kvadsheim has advised Norwegians to set aside money for savings for a number of years through the reality series Luksusfellen. He believes the reason why Norwegians save in times of high prices is twofold: – Many have received good wage growth and therefore have the opportunity to set aside money for savings. There are also probably many who save in other ways than before, he says. Economic expert known from the TV program Luksusfallen, Hallgeir Kvadsheim. He advises you to save money if you have the opportunity. Photo: Tuva Skei Tønset Rentefond Kvadsheim believes that many people have grown tired of keeping their money in the bank, where interest rates move slowly. – Many people may have invested their money in fixed-income funds, which give a better return and have low risk. And that’s probably true. 84 per cent of the money that Nordnet customers have spent on mutual funds was invested in fixed-income funds. According to VVF, Norwegians have bought fixed income funds for NOK 9.6 billion so far this year. It is a strong increase. – Short-term investments in fixed-income funds are for many a very good alternative to keeping the money in the bank, says director Henriksen of VFF. He believes that many people choose fixed income funds now because of the rising interest rate. More money in cryptocurrency There are also other ways to save than in shares and funds. You can do it in the safest way by putting some money in the piggy bank. Or you can go a bit more risky: Cryptocurrency. The Norwegian cryptocurrency exchange NBX (Norwegian Block Exchange) reports great activity on their platform this autumn. – If we compare the fourth quarter of last year with this year, it looks like we will land on an increase of between 60 and 75 percent in trading volume, says NBX CEO, Stig Aleksander Kjos-Mathisen. Stig Aleksander Kjos-Mathisen in the Norwegian cryptocurrency exchange NBX. He believes that NBX’s recently launched credit card with bitcoin cashback is also one reason why activity has been high on the platform this autumn. Photo: NTB – Good time to invest The NBX manager believes the reason for increased activity is expectations of price increases in the market. – If you have a long perspective, then this can certainly be a good time to invest in, for example, bitcoin and Ethereum, says Kjos-Mathisen. But he warns not to deposit more money than you can afford to lose, as cryptocurrency fluctuates a lot in value. Advise you to save Economic expert Kvadsheim advises you to save to be a precaution. – If you manage to save despite price increases, it is more important than ever to do so today. You become less vulnerable. He reminds us that there are good times in the labor market these days, but that it probably won’t last forever. – If times are bad, several companies will have to make people redundant. That is why it is important to have something in reserve, he says.
ttn-69
Norwegians have spent 15 billion more on funds this year – news Rogaland – Local news, TV and radio
