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Most families save for a financial buffer

Money management is a part of every family’s daily life. Our survey shows that saving is critical for the overall well-being of the family. So, how should your family save?

Financial security is what most Finnish families want to save for. Families with children often need to be prepared for unexpected expenses. More than half of the survey respondents use a savings account to build a financial buffer. About 40% say that they invest their savings in a fund to give them a chance to grow.

The second most popular savings goal listed by families is saving for their children. Especially parents of children under school age set aside money for their children, either in a savings account or a fund. As children grow older, parents often reduce the amount they save for them.

However, life is not just about preparing for a rainy day – families also save for travel and holidays. Well over half of the respondents put money aside in an account for holidays, but fund savings can also be spent on leisure activities for the whole family.

Beyond tangible financial security, saving can also bring peace of mind and reduce everyday stress. It’s reassuring to know you have savings to tap into if a family member falls ill or the car suddenly needs repairs.

Three tips for regular saving

  1. Start small. You only need as little as 10 euros a month, which you can put into a savings account or an investment fund, whichever you prefer.
  2. Make saving automatic. Put a portion of your salary away as soon as you get paid by setting up a recurring transfer.
  3. Set concrete goals. Saving becomes more meaningful when you’re planning a family holiday, for example.

Once you have a plan in place, it will help you get into the habit of saving without even noticing it. 

Read more about regular saving

What if there is no money left to save?

Sometimes the family’s income is too small for regular saving. Single-parent families and those with several children may have less financial flexibility. About 30% of the survey respondents said that they would like to save if their income was higher. Unexpected expenses, such as a broken household appliance, may also make it difficult to save money.

Even with limited financial flexibility, we encourage families to save small amounts for a rainy day. When the amount is small enough, it does not burden the family’s finances and becomes part of everyday expenses. By saving regularly, families can build a buffer almost without noticing. The savings can be an important buffer for unexpected expenses or a bigger purchase.

About the survey

The survey was conducted as an online panel by Norstat between 7 and 21 October 2024 with 1,976 Finnish respondents aged 18–74. The responses are weighted based on the respondent’s age, gender and place of residence. The margin of error is ±2 percentage points at a confidence level of 95%, depending on the answer.

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