In September 2024, households invested more in investment funds and equities
At the end of September 2024, households’ investments in domestic investment funds were at their all-time highest level (EUR 37.9 billion). At the end of September, households’ holdings of quoted equities totalled EUR 51.0 billion, representing an increase of 17% year-on-year.
In September 2024, households made more subscriptions in Finnish investment funds[1] than they redeemed from them. In net terms, the new investments amounted to EUR 190 million. Since the beginning of 2023, the monthly investment inflow has been positive. In September, the largest net investments were made in bond and equity funds, both reaching almost EUR 85 million. Most of the bond fund subscriptions were made in short-term bond funds (EUR 53 million). Households have now made net redemptions from real estate funds for 17 months in a row. However, in September 2024, the redemptions from real estate funds were low in net terms (EUR -0.3 million).
In addition to new investments, the value of domestic investment fund holdings appreciated by EUR 300 million in September. In September, the largest appreciation took place in equity funds (EUR 150 million) and bond funds (EUR 95 million). At the end of September, households’ investments in domestic investment funds were at their all-time highest level (EUR 37.9 billion). Most of the holdings were in equity funds (43%), bond funds (28%) and mixed funds (19%). In addition, households have a significant amount of holdings in domestic investment funds through unit-linked insurance policies.
In September 2024, Finnish households also invested a further EUR 80 million in foreign investment funds[2]. In September, foreign investment fund units held by households exceeded EUR 8 billion, in contrast with EUR 5.9 billion a year earlier.
Households acquired more quoted equities
At the end of September 2024, households’ holdings of quoted equities[3] totalled EUR 51.0 billion, representing an increase of 17% year-on-year. Foreign equities held by households have outperformed Finnish equities in the past year. Lately, the allocation to foreign equities in households’ portfolios of quoted equities has increased. In end-September 2024, foreign equities accounted for 14%, as opposed to 12% year earlier. In the September 2024, households invested a further EUR 600 million in net terms[4] in quoted equities. In addition, the value of the equity holdings increased by almost the same amount. So far, the highest total value of equity holdings was seen in August 2021, at EUR 56.1 billion.
Households’ financial assets exceeded EUR 400 billion – deposits accounted for 28%
At the end of September 2024, the stock of Finnish households’ deposits stood at EUR 110.7 billion. In recent months, the deposit stock has resumed positive year-on-year growth. In September, the annual rate of change of the deposit stock was +0.5%. In the wake of rising interest rates, Finnish households have moved their funds to higher-interest deposit accounts. At the end of September, 60% of the assets on deposit accounts were overnight deposits (incl. current accounts), 13% had an agreed maturity and 26% were investment deposits[5]. The average interest rate on the deposit stock was 1.33%. In September 2024, deposit accounts had net inflows of EUR 43 million.
According to Statistics Finland’s financial accounts, households’ financial assets stood at their all-time high level at the end of June 2024. During the second quarter of 2024, the financial assets exceeded EUR 400 billion for the first time. Deposits accounted for 28% of households’ financial assets.
Finnish deposits and investments (EUR million), 2024Q3 |
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All** |
Households |
Employment pension schemes |
||||
| stock (flows) | change in valuation | stock (flows) | change in valuation | stock (flows) | change in valuation | |
| Finnish investments | ||||||
| Listed shares | 252 892 | 6 064 | 51 002 | 1 734 | 46 722 | 1 180 |
| (8 274) | (734) | (-187) | ||||
| - in domestic shares | 125 570 | 4 728 | 44 053 | 1 722 | 18 487 | 728 |
| (345) | (665) | (115) | ||||
| Bonds | 227 002 | 3 749 | 2 303 | 36 | 30 638 | 518 |
| (4 023) | (-84) | (1 081) | ||||
| - in domestic bonds | 91 838 | 2 132 | 1 860 | 34 | 4 554 | 108 |
| (-926) | (-39) | (15) | ||||
| Fund shares | ||||||
| Domestic investment funds | 130 285 | 2 675 | 37 923 | 721 | 5 740 | 115 |
| (619) | (381) | (-67) | ||||
| Foreign funds | 180 574 | -185 | 8 061 | 139 | 130 155 | -1 103 |
| (2 310) | (269) | (664) | ||||
| Finnish bank deposits | ||||||
| Overnight deposits (transaction accounts) | 137 955 | -105 | 66 788 | -6 | 5 769 | 0 |
| (164) | (-1 296) | (1 476) | ||||
| Other deposits | 52 983 | -10 | 43 897 | -1 | -* | -* |
| (735) | (1 205) | -* | ||||
* Confidential.
** Insurance corporations' securities and mutual fund information is missing.
Related statistical data and graphs are also available on the Bank of Finland website: https://www.suomenpankki.fi/en/Statistics/.
The next news release on saving and investing will be published at 10 am on 10 February 2025.
[1] Including UCITS and non-UCITS investment funds registered in Finland.
[2] Investment fund units held in custody in Finland.
[3] Held in custody in Finland.
[4] Purchases – sales
[5] Investment deposits are deposits redeemable at notice. They do not have a fixed maturity date (unlike deposits with an agreed maturity), but they have a notice period, during which the deposit cannot be converted into cash without consequences (unlike overnight deposits). This category also includes investment accounts without a period of notice or agreed maturity but which have restrictive drawing provisions.