There are many indications that the Swedes have begun to remove their buffer savings.

Among the niche banks Avanza and Nordnet's roughly two million customers, savings decreased in December, and according to SEB's survey, average savings fell by more than SEK 400 a month during the last three months of last year compared to the previous quarter.

- There are many arguments and explanations why households are starting to pull the handbrake, which we didn't really see last year, says Américo Fernández.

He describes 2022 as a "year of adjustment" where everything changed for the worse - interest rates, energy and food prices.

Confidence in the economy was at a "record low", but consumption did not fall as much as experts had thought.

- Many teddy bears from the savings built up during the pandemic when customers do not travel or consume.

Big differences within the country

At the same time, there are large regional differences, which Américo Fernández notices when he travels around Sweden and talks to customers.

In the north, people are less indebted and less sensitive to interest rate increases as a result of cheaper housing.

In addition, both electricity prices and concerns about unemployment are lower.

- There, employers are crying out for labour.

He also notices clear generational differences.

The younger generation was shocked by the changed economic situation and has difficulty adjusting their wallets.

- It was assumed that you would get real wage increases and stronger purchasing power every year.

Pause repayments and skip the lunch out

Américo Fernández emphasizes that there is no single solution if personal finances feel heavy.

He mentions several things - skip the lunch out, review subscriptions to streaming services and sell things you have in your closet.

- You can try having a "white financial month", to buy only the essentials to find balance and reduce stress.

There is no longer a broad possibility to avoid amortizing the mortgage, but there is a "valve" that gives those who have financial difficulties the right to pause the payments.

- If your finances have been drastically affected by the high electricity prices, you can apply for up to three months of amortization freedom, he says, adding that unemployment and illness are also valid reasons according to the Financial Supervisory Authority.