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households unprepared for economic blows

Swedes like to spend, not save

Published tisdag 21 augusti 2012 kl 11.07

A recent study shows that only two out of ten households in Sweden would be able to survive without their income for a month, reports the newspaper Dagens Industri.

According to the study, conducted by insurance company Länsförsäkringar, one in ten households have less than US$ 1,500 in savings and most would not have enough saved up if they suffered an economic blow.

Of the 1,000 people who participated, who were between the ages of 20 and 69, 13 percent said they had no savings at all.

Not only low income households proved to be bad at saving – households with incomes over US$ 8,000 per month were just as unprepared for an economic setback.

70 percent of the participants said they would like to save more, because it would make them feel more secure about the future.

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