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Increase in household net financial assets
statistikk
2016-12-20T08:00:00.000Z
National accounts and business cycles
en
finsek, Financial accounts, financial investments, households and non-profit organisations, general government, abroad, balance sheets, FINSEFinancial accounts , National accounts and business cycles
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Financial accountsQ3 2016

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Increase in household net financial assets

Households’ net financial assets are increasing and amounted to almost NOK 1 000 billion at the end of the third quarter 2016. At the same time, household net lending is negative. Net positive gains in securities explain the increase in net financial assets.

Financial accounts for households. Key figures. Million NOK and percentage
3rd quarter 20154th quarter 20151st quarter 20162nd quarter 20163rd quarter 2016
1Seasonal adjusted
Assets3 962 7544 052 9984 087 1374 182 8054 217 792
Liabilities3 053 7733 119 8823 131 3943 211 2323 234 803
Net financial assets908 981933 116955 743971 573982 989
 
Net lending-24 9653 26412 736-7 487-20 273
Other changes5 92020 8719 89123 31731 689
 
Debt to income ratio1226.6230.4232.4235.8236.4
Debt growth (per cent)16.46.15.85.85.9

Households’ net financial assets are estimated to NOK 983 billion at the end of the third quarter 2016. This is an increase from NOK 909 billion at the end of the third quarter 2015. Net lending over the last four quarters is computed to NOK -12 billion, which means that net borrowing has been larger than net investments in financial assets. The increase in net financial assets is therefore explained by positive gains in securities, which amounted to NOK 68 billion the last four quarters. 

Unlisted shares and insurance technical reserves constitute more than 50 per cent of households’ financial assets, but these financial instruments are illiquid and unlisted shares are unevenly distributed among households. Net financial assets except these to financial instruments have a different development and amounted to NOK -1 227 billion at the end of the third quarter 2016, compared to NOK -1 151 billion at the end of the third quarter 2015. 

Households’ assets for previous periods are revised in this version of the financial accounts. The stock of unlisted shares is revised upwards in the period from 1995 to 2016 and the transactions in unlisted shares, insurance technical reserves, loans (assets) and other assets are also revised upwards, but the revisions in transactions are mainly limited to the year 2015. The revisions are cause by updated data sources and an adjustment of the calculation of unlisted shares.