On Thursday, Statistics Sweden reported the financial accounts for the second quarter of 2022. The statistics showed that households saved a record amount of money in bank accounts, instead of in stocks and funds.

Arturo Arques, private economist at Swedbank, sees the economic situation as the underlying cause of households' changed saving habits.

- I'm not surprised.

I think it is mainly due to a concern and fear of what will happen to the economy.

He believes that inflation, electricity prices and interest rates are things that affect people.

- People are holding their wallets now.

They don't consume in the same way as before, but cut back on what they can and then save up a buffer.

Arturo Arques emphasizes the importance of having a buffer and thinks that households are right to put extra money in the bank account.

- As a household, it is incredibly important to think about the buffer.

One should have at least two to three months' salary after tax.

We see high inflation and high electricity prices - it's no wonder people are hoarding money, because it will be needed.

"We are heading for the worst stock market year since the financial crisis"

Nicklas Andersson, savings economist at Avanza, is also not surprised that people put their savings in a bank account instead of on the stock market.

- We are heading for the worst stock market year since the financial crisis in 2008.

The Stockholm Stock Exchange has fallen roughly 23 percent this year, and Nicklas Andersson believes that this is scaring savers.

- Collectively, people buy during an upswing and sell during a downturn.

Actually, you should do the opposite, but we humans let our gut feel.

Good with a buffer - but don't take long-term money from the stock market

Nicklas Andersson thinks, just like Arturo Arques, that it is important to have a buffer and to now gain some altitude for a tougher autumn and winter.

But he also points out that you should not move money from your long-term savings from the stock market if you don't have to.

- If you save for the long term, you should stay in the market and even increase your savings if you can.

Now is a much better time to invest your money than it was when the stock market was at its peak.

Historically, we have seen that there will be recovery.

See what Nicklas Andersson thinks you should think about with your savings in today's situation in the player above.