Norges Bank

Staff Memo

Household financial saving since the Global Financial Crisis

Kjersti-Gro Lindquist og Magdalena D. Riiser
Staff Memo


Net lending varies considerably over time and contributed to lower household saving prior to both the banking crisis and Global Financial Crisis (GFC), but to higher household saving during the pandemic. Net lending is defined as transactions in  financial assets, such as bank deposits and securities, less changes in debt. After the coronavirus outbreak in 2020, net lending increased considerably for all age and financial wealth groups. The 10 percent wealthiest households accounted for most of the increase. A distinctive feature of the pandemic years is that the shift in net lending occurred mainly due to an accumulation of financial wealth and not due to reduced borrowing. A dichotomy in saving behaviour can be observed in 2021. For younger households and households with lower financial wealth, net lending fell as a share of disposable income, but increased for the other groups.  

Staff Memos present reports and documentation written by staff members and affiliates of Norges Bank, the central bank of Norway. Views and conclusions expressed in Staff Memos should not be taken to represent the views of Norges Bank.

ISSN 1504-2596 (online)

Published 2 February 2024 11:00
Published 2 February 2024 11:00