New Sifo Survey by Kantar Media: One in Five Swedes Do Not Know that an Installment Plan is a Loan

Stockholm, 14 May 2024 – A new survey from Sifo, conducted on behalf of fintech company Anyfin, reveals that many Swedes feel ashamed of their personal finances and find it difficult to discuss them with others. The survey also shows that one in five Swedes do not realize that an installment plan is a loan.

A recent Sifo survey examines how Swedes' personal finances affect their well-being and their knowledge of financial concepts. The results show that 1 in 10 Swedes are ashamed of their personal finances. Additionally, 16% find it difficult to talk to others about it.

"It is sad that one in ten Swedes feels ashamed of their personal finances. I believe many would feel relieved just by talking to others about it. They are far from alone in feeling this way," says Felix Sjöholm, financial health expert at Anyfin.

It is not just the social aspect that impacts Swedes' financial situations. Eighteen percent feel bad, mentally or physically, or both, due to their finances—worry, headaches, stomach pains, and sleep disturbances are common symptoms. The impact varies among age groups, with more young people (22%) aged 18-34 affected compared to those aged 35-54 (15%).

The survey highlights a knowledge gap regarding key financial concepts. The results also show that 20% do not know that an installment plan is a loan. Among young people, that figure is higher at 26%. Furthermore, many Swedes cannot differentiate between nominal and effective interest rates. Only one in four Swedes correctly identified the following statement as false: “The nominal interest rate is the total cost of a loan over a year, including fees.”

"The figures speak for themselves. There is a knowledge gap when it comes to loans and credits. We need to get much better at teaching this information early on, and we see how the school system has failed in this regard," says financial health expert Felix Sjöholm.

In a YouGov survey from last year, conducted on behalf of Anyfin, 91% of Swedes responded that they did not learn about personal finance in primary school.

About the Study The survey was conducted in Kantar Media's web panel (Sifopanelen) during the period of 22-28 March 2024. A total of 1,035 people aged 18-54 were interviewed. The web panel is recruited nationally based on random sampling. There is no self-recruitment in Kantar Media's web panel (Sifopanelen). The Sifopanel is compared against updated weighting matrices based on official statistics from SCB. The survey was conducted on behalf of Swedish fintech company Anyfin.