World Savings Day
31 October, World Savings Day
Last year, households in Slovenia saved less on average than in the previous year. The growth of household financial assets slowed slightly, but still exceeded the growth of liabilities.
World Savings Day was declared on 31 October 1924 at an international congress in Milan, which brought together representatives of savings banks and their branches from 27 countries, including the territory of present-day Slovenia. The main goal of the congress was to encourage people to save, primarily in the form of deposits on accounts in commercial banks and savings banks.
Households spend part of their disposable income on the purchase of durable and non-durable consumer goods, and services, which represents household final consumption expenditure, while the remaining part is allocated to saving. The gross household saving rate is the share of gross saving in gross disposable income.
In 2024, the gross household saving rate in Slovenia was 13.3%
The share of disposable income saved in 2024 was 13.3%. According to the latest Eurostat data, this saving rate places Slovenia around the middle of the countries for which these data are available. The lowest gross saving rate was recorded in Slovakia (5.9%) and the highest in Germany (20.0%). This time, the rates for the EU average (14.6%) and the euro area average (15.3%) were both higher than Slovenia’s rate.
Growth in household financial assets lower than in the previous year
According to data from the Bank of Slovenia, household financial assets in Slovenia (cash, deposits, shares and other) amounted to EUR 87.2 billion in 2024. Compared to the previous year, their growth rate decreased slightly, from 8.5% to 8.4%. As in previous years, the largest increases were recorded in household deposits with banks, shares and other equity, and assets in the form of insurance and pension schemes.
The structure of saved financial assets did not change significantly compared to previous years, with bank deposits accounting for the largest share (35.8%), followed by shares and equity (35.2%), and assets in the form of insurance and pension schemes (11.2%). The share of currency was 9.1%.
In comparison, euro area households had on average the largest share of financial assets in the form of shares and equity (35.7%), followed by assets in the form of bank deposits (28.7%). The share of assets in the form of insurance and pension schemes was noticeably higher than in Slovenia (26.6%), while the share of cash was lower (2.9%).
Household financial liabilities grew faster than a year earlier
According to the data from the Bank of Slovenia, household financial liabilities (loans and other liabilities) amounted to EUR 18.5 billion last year. Their growth rate increased from 4.7% to 5.6%, almost entirely due to the accelerated growth of long-term loans, which increased by 3.3 percentage points compared to 2023.
At the same time, long-term loans represented by far the largest share in the structure of household financial liabilities (82.3%), followed by liabilities from commercial loans and advances (6.6%), and short-term loans and other liabilities (5.5% each).
On average, euro area households had a similar structure of financial liabilities. Long-term loans accounted for the largest share of liabilities (87.1%), followed by short-term loans (3.2%) and trade credits with advances (3.1%). The share of other liabilities was 6.6%.
Consumer loan growth has approached housing loan growth
According to data from the Bank of Slovenia, household housing loans have grown continuously over the past ten years. With the exception of the 2020–2022 period, the growth has been fairly steady. Last year, liabilities from housing loans were 60.8% higher than in 2014.
Consumer loans to households moved somewhat more unevenly in the observed period. In addition to 2019, a notable increase was recorded in the 2022–2024 period. Last year, liabilities from consumer loans were 58.3% higher than in 2014, thus approaching the growth of housing loans.
Other loans also grew continuously during the period under review, recording a 33.9% increase by 2024. However, this was much less than the growth rate in housing and consumer loans.
The structure of loans did not change significantly throughout the 2014–2024 period, with housing loans accounting for the largest share (on average 62.5%), followed by consumer loans (23.9%) and other loans (13.6%).
The average indebtedness of households in Slovenia slightly higher last year
Household indebtedness in Slovenia (measured as the ratio of financial liabilities from loans and gross disposable income) amounted to 40.4% in 2024. Compared to the previous year, it increased by 0.9 of a percentage point, but remained at less than half the average household debt in the euro area (82.2% in 2024).
Households spend part of their disposable income on the purchase of durable and non-durable consumer goods, and services, which represents household final consumption expenditure, while the remaining part is allocated to saving. The gross household saving rate is the share of gross saving in gross disposable income.
In 2024, the gross household saving rate in Slovenia was 13.3%
The share of disposable income saved in 2024 was 13.3%. According to the latest Eurostat data, this saving rate places Slovenia around the middle of the countries for which these data are available. The lowest gross saving rate was recorded in Slovakia (5.9%) and the highest in Germany (20.0%). This time, the rates for the EU average (14.6%) and the euro area average (15.3%) were both higher than Slovenia’s rate.
Growth in household financial assets lower than in the previous year
According to data from the Bank of Slovenia, household financial assets in Slovenia (cash, deposits, shares and other) amounted to EUR 87.2 billion in 2024. Compared to the previous year, their growth rate decreased slightly, from 8.5% to 8.4%. As in previous years, the largest increases were recorded in household deposits with banks, shares and other equity, and assets in the form of insurance and pension schemes.
The structure of saved financial assets did not change significantly compared to previous years, with bank deposits accounting for the largest share (35.8%), followed by shares and equity (35.2%), and assets in the form of insurance and pension schemes (11.2%). The share of currency was 9.1%.
In comparison, euro area households had on average the largest share of financial assets in the form of shares and equity (35.7%), followed by assets in the form of bank deposits (28.7%). The share of assets in the form of insurance and pension schemes was noticeably higher than in Slovenia (26.6%), while the share of cash was lower (2.9%).
Household financial liabilities grew faster than a year earlier
According to the data from the Bank of Slovenia, household financial liabilities (loans and other liabilities) amounted to EUR 18.5 billion last year. Their growth rate increased from 4.7% to 5.6%, almost entirely due to the accelerated growth of long-term loans, which increased by 3.3 percentage points compared to 2023.
At the same time, long-term loans represented by far the largest share in the structure of household financial liabilities (82.3%), followed by liabilities from commercial loans and advances (6.6%), and short-term loans and other liabilities (5.5% each).
On average, euro area households had a similar structure of financial liabilities. Long-term loans accounted for the largest share of liabilities (87.1%), followed by short-term loans (3.2%) and trade credits with advances (3.1%). The share of other liabilities was 6.6%.
Consumer loan growth has approached housing loan growth
According to data from the Bank of Slovenia, household housing loans have grown continuously over the past ten years. With the exception of the 2020–2022 period, the growth has been fairly steady. Last year, liabilities from housing loans were 60.8% higher than in 2014.
Consumer loans to households moved somewhat more unevenly in the observed period. In addition to 2019, a notable increase was recorded in the 2022–2024 period. Last year, liabilities from consumer loans were 58.3% higher than in 2014, thus approaching the growth of housing loans.
Other loans also grew continuously during the period under review, recording a 33.9% increase by 2024. However, this was much less than the growth rate in housing and consumer loans.
The structure of loans did not change significantly throughout the 2014–2024 period, with housing loans accounting for the largest share (on average 62.5%), followed by consumer loans (23.9%) and other loans (13.6%).
The average indebtedness of households in Slovenia slightly higher last year
Household indebtedness in Slovenia (measured as the ratio of financial liabilities from loans and gross disposable income) amounted to 40.4% in 2024. Compared to the previous year, it increased by 0.9 of a percentage point, but remained at less than half the average household debt in the euro area (82.2% in 2024).
METHODOLOGICAL NOTE
The release presents data for the household sector together with the sector of non-profit institutions serving households (NPISH). For the sake of comparability with the EU-27 indicator and the euro area indicator, we took into account households together with the NPISH when calculating the gross household saving rate. The saving rates for the EU-27 and the euro area are only available for both sectors together. The value of the NPISH data has a small, negligible impact on the total value with households.
Additional explanations are available in the methodological explanations.
Additional explanations are available in the methodological explanations.
When making use of the data and information of the Statistical Office of the Republic of Slovenia, always add: "Source: SURS". More: Copyright.
.jpg)
.jpg)
.jpg)
