Tag: Debt
The decline in the labor force in the Finnish economy continues, and certain sectors suffer the most
Ilmarinen's economic index, which tracks the development of more than 60,000 companies employing approximately 500,000 employees, provides up-to-date information on the state of the Finnish economy. Despite a slight improvement from December's 2.8% decline, January's numbers highlight ongoing economic concerns. Jouni VatanenIlmarinen's researcher emphasized the broad nature of the bill, which applies to almost all…
The financial prospects of companies are deteriorating, the entrepreneur survey reveals
In February, a survey that collected opinions from representatives of 1,339 SME companies showed that companies are feeling a shift towards a weaker economic situation, especially in the retail sector, where 22% reported that the situation was quite or very bad. This downturn comes as businesses face additional pressures, including the effects of union strikes…
The Romance Scams – A Million Dollar Industry | Part 2/3
Elias, 30, meets Russian Daria on a Christian dating site, just as Russia's war against Ukraine breaks out. Elias is young and knows how the internet works, he knows that you can be deceived. Nevertheless, he falls for Daria, the nice girl with whom he can have deep, intellectual conversations. Checking everything At first, just…
Orpo: The government will also decide on tax increases in the spring
“We have to also look at the income side, i.e. taxes. And we have to raise some taxes,” he admitted in an interview with the newspaper. He pointed out that the Ministry of Finance has published a forecast according to which the total tax rate will decrease during the election period without government measures. Government…
President Niinistö opens the parliament for the last time
The President of the Republic, Sauli Niinistö, spoke about cooperation between the parties on Finland's defense and the country's growing public debt.
Now the Riksbank's new interest rate announcement is coming – this is how you will be affected
The Riksbank's interest rate announcement will come on Thursday. A message that comes during economically grim times while Swedes are becoming increasingly indebted Hear savings economist and strategist Shoka Åhrman at occupational pension company SPP about what private individuals should listen to in the Riksbank's announcement.
This is how the Riksbank's announcement affects your wallet
The Riksbank's interest rate announcement will come on Thursday. A message that comes during economically grim times while Swedes are becoming increasingly indebted Hear savings economist and strategist Shoka Åhrman at occupational pension company SPP about what private individuals should listen to in the Riksbank's announcement.
Consumers are struggling with rising housing costs
Last fall, only one in four Finns thought their housing costs were too high, but now more and more homeowners are seeking help for over-indebtedness.
2023: A tough year for Finnish real estate, a positive turn at the end of the year
A key factor in this downturn was the dramatic drop in home purchase intentions in the summer of 2022, which was mainly due to changes in the European Central Bank's interest rate policy. In April 2022, the 12-month Euribor rate, which is generally tied to Finnish mortgages, turned positive for the first time after a…
Council of Economists: Five things for the government to improve economic policy
The government's policy is not enough to affect the state's indebtedness, according to the annual report of the Council of Independent Economists.
Record bankruptcies in Finland: More than 2,700 companies were closed in 2023
“The jump of nearly 500 bankruptcies over the previous financial crisis record is a clear indication of an exceptionally challenging year for the Finnish economy.” The combined turnover of these bankrupt companies approached two billion euros and affected more than 8,000 employees. According to Nors, these changes have significant national economic consequences, especially when the…
“Finland is a dangerously indebted country,” states Orpo
Orpo claimed that the government has no choice but to agree on new adjustment measures in its upcoming framework session if it is to achieve its goal of reducing the debt burden by six billion euros. The longer the measures are postponed, the more dramatic they will be. Greater financial room for maneuver, the prime…
Prime Minister Orpo's New Year's speech: Finland's debt level is dangerous
Prime Minister Petteri Orpo (NCP) points out that the economic outlook for the coming year has become even darker.
Purra: Finland will probably start the EU excessive deficit procedure in 2024
The excessive deficit procedure can be initiated by a member state whose budget deficit exceeds three percent or whose debt burden exceeds 60 percent of gross domestic product. Purra spoke to reporters after sitting down with his colleagues from the rest of the EU on Wednesday. According to the public broadcasting company, the finance ministers…
In Finland, bankruptcies reached 25 years, the construction industry is the biggest victim of the year
“Although the number of companies that went bankrupt in the last year is the highest in 25 years, it is still clearly below the bankruptcy figures of the 1990s recession,” he reminded. For example, in 1992, the courts declared a total of 7,391 companies bankrupt. Compared to the financial crisis, the number of bankruptcies has…
Bank of Finland: Finland will not see economic growth in 2023 or 2024
Finland's economy is expected to shrink by 0.5 percent in 2023 and 0.2 percent in 2024. The figures mean a decrease of 0.3 and 0.4 percentage points from the forecast published in September. Meri ObstbaumThe Bank of Finland's head of economic forecasting said that the forecast reflects a slowdown in economic growth in the euro…
Global bankruptcies exceed 2008 level FT
Rising interest rates and the end of the Covid subsidies have had a big impact on the companies, the outlet reports The world's corporate sector has been hit by a wave of bankruptcies occurring at a double-digit rate not seen in decades, the Financial Times reported on Monday, citing data from national statistics offices. Corporate…
This is how you protect yourself from your partner's debts
Lawyer Tove Lindgren explains how to protect yourself from your partner's financial problems. And budget and debt advisor Nadia Wallin talks about common warning signs that show that the partner can't handle money. Ekonamiakuten is the podcast that gives you the best tips for saving money and answers your questions about personal finances. Host is…
The trick if you can't afford to pay the monthly costs
Magnus Hjelmér, everyday economist at Ica banken and debt advisor Nadia Wallin talk about what you can do if you can't afford to pay the monthly expenses. Ekonomiakuten is the podcast that gives you the best tips for saving money and answers your questions about personal finances. Program manager is Maja Åström.
More than half of Finns spend as much as they earn, and 22 percent live for nothing
The average overspending of 22 percent of Finns who exceed their income is around 226 euros, which is slightly lower than the European average of 232 euros. The situation is exacerbated by inflation and rising borrowing costs across Europe, reducing consumers’ disposable income. In Finland, 47 percent of consumers reported that they have less money…
The yuan surpasses the euro and is the second most used currency in world trade
This move takes advantage of China’s low interest rates, as opposed to the rising cost of borrowing from Western banks. An explosion of borrowing by Chinese banks has pushed the yuan above the euro, which is in line with Beijing’s efforts to internationalize the yuan. The yuan’s share in international payments rose significantly and was…
Thursday’s papers: Russian border, municipal debts and Honka restart
Asylum seekers arriving in Eastern Finland have been at the top of the news for several days.
Etla: Downsizing of Finnish companies is more common than raising
According to a report from the Finnish Business Research Institute, strict regulations and the desire to avoid excessive debt are the most important obstacles limiting business development.
Less than 50% of Finnish adults exercise sufficiently, says THL
Compliance with the recommendation was highest among men aged 20–39, 52 percent, and lowest among the elderly, 31 percent for men and 23 percent for women. However, three-quarters of the participants reported doing some physical activity in their free time, such as cycling, gardening or walking. THL estimates that screen time reduces the amount of…
Finnish couples are well acquainted with each other’s finances: Younger couples talk, older couples agree
On the other hand, a small proportion (6%) admitted to knowing little or very little information about their partner’s financial status. Intriguingly, 9% admitted they were unsure or very unsure about the amount of debt their partner owed. Kaisa KivipeltoDanske Bank’s senior strategist, expressed his satisfaction with the results and stated: “We were positively surprised…
Finnish youth are getting into debt amid rising costs – many are worried about their ability to repay
This trend coincides with broader observations: in 2022, the average student loan debt of OP’s customers was around 10,000 euros per student, which reflects Kela’s figures. This is a significant leap from 2010, when, according to Kela’s data, the average student loan amount was more than 5,000 euros. “Although student debt is basically considered a…
Find the right loan when you need it
Since 2014, experts have worked to collect the best loan offers from safe banks and loan providers. Today we can confirm that you can now find a complete overview of all safe loan providers for Norwegians. This news must of course share, and if you need loans on the day you can choose between several…
The Minister of Finance blames the current borrowing on the previous government
The accumulated deficits during several election periods have inflated Finland’s national debt to around 150 billion euros.
Wednesday papers: The budget deficit grows, the storm arrives and the airport walkout ends
Next year, the Finnish government will take over state accounting to balance the state’s debt of almost 11.5 billion euros.
This is what you should teach your child about finances
Arturo Arques, private economist at Swedbank and Nadia Wallin, the savings banks’ and debt adviser, gives lots of concrete tips on how to talk about money with children. Ekonomiakuten is the podcast that gives you the best tips for saving money and answers your questions about personal finances. Program manager is Maja Åström.