Finns' financial confidence hits record low: survey-Xinhua

Finns' financial confidence hits record low: survey

Source: Xinhua| 2024-06-24 22:33:31|Editor: huaxia

HELSINKI, June 24 (Xinhua) -- The financial confidence of people in Finland is at an all-time low, unlike in other Nordic countries, according to the Financial Peace of Mind 2024 survey commissioned by Danske Bank.

The overall economic confidence index in Finland, derived from nine questions, stands at 5.9 (out of 10) -- a 10-percent drop from last year. This is the lowest score recorded since the survey began in 2018, Danske Bank, Denmark's largest bank and financial group, said on its Finnish website on Monday.

Among the Nordic countries, Denmark leads with the highest economic confidence index at 6.6, followed by Norway at 6.3 and Sweden at 6.1. Last year, Sweden's score was on par with Finland's.

The primary reason for Finland's low financial confidence level is concern over having sufficient funds to cover basic living expenses. Some 59 percent of Finns worry about having enough money for necessities each month, compared to 34 to 40 percent in other Nordic countries.

While economic concerns are easing in other Nordic nations, Finns are increasingly anxious about their financial situation. The survey period coincided with a governmental framework crisis, characterized by public debates on necessary adjustments to public finances, and on spending cuts and tax increases.

"The Finnish economic debate has been particularly bleak this spring, especially concerning the state's economic adjustments and the struggles of the construction industry," Pasi Kuoppamaki, Danske Bank Finland's chief economist, said.

Danske Bank was founded in 1871 and is headquartered in Copenhagen. The Danske Bank group operates various local banks across the Nordic region.