Swedish Households Boost Savings Despite Rising Debt in Q3 2025

In the third quarter of 2025, Swedish households significantly increased their liquid savings and investments even as their debt levels continued to grow. According to Statistics Sweden (SCB), liquid savings rose to 30 billion kronor in Q3, up from 17 billion kronor the previous year. This surge is mainly due to increased activity in financial markets, with households making net purchases of fund shares worth 27 billion kronor—an increase of 15 billion kronor from last year. Investments in listed stocks also grew, totaling 5 billion kronor during the same period.

However, household borrowing simultaneously increased, with net borrowing reaching 40 billion kronor in Q3, 19 billion more than the year before. This pushed the annual growth rate of household loans up to 2.5%, compared to 2.2% previously. Economist Camilla Gylfe from SCB highlighted the paradox of rising savings alongside rising debt. Jonas Hallberg, also an SCB economist, noted that despite this uptick, household debt remains below the higher levels seen before recent inflation and interest rate hikes. From 2015 to 2020, household borrowing grew by about 60 billion kronor per quarter, with further increases during the pandemic.

This dual trend reflects complex financial behavior among Swedish households—balancing increased investment and savings with higher borrowing. The data points to households cautiously building wealth while still relying on credit, maintaining debt at historically moderate levels despite current economic pressures.