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Men borrow more money than women

Press release   •   Mar 10, 2016 11:02 CET

Men take out loans more often and borrow higher amounts than women. Car purchases and home renovation are the main reasons why Swedes choose to borrow money. This according to a new report that looks at the consumer credit market in Sweden. The report is compiled by Zmarta Group, owners of the largest Nordic loan broker Freedom Finance.

At the end of 2015, Swedish household borrowing for consumption, also known as unsecured loans, amounted to a total value of almost 206 billion SEK, according to statistics from Statistics Sweden. This is an increase of 20 percent over five years. The report has surveyed the consumer credit market by analyzing over ten thousand loans disbursed during 2015.

The report shows that nearly 60 percent of the borrowers are men, and that they are lending an average 16 000 SEK more per loan than women. The average loan for males is 88 000 SEK and for women 72 000 SEK. Swedes borrow more money before summer and during autumn. The highest average loan amount is in November (85 000 SEK) and the lowest in January (77 000 SEK).

“The largest proportion of Swedish household loans consist of mortgages, but consumer loans are increasing. We see it in all ages and income groups, and people borrow money because of varying reasons", says Björn Lander, CEO of Zmarta Group.

Men borrow money to buy cars, women to visit the dentist
The most common reason to take out new loans are car purchases ( 22.2 percent ), followed by home renovation ( 18.5 percent ) , furniture purchases ( 8 percent ) , vacation ( 6.1 percent ) and housing ( 6 percent ). There are clear differences between women and men. To a larger extent than men, women take loans to pay for vacation, dental visits and surgeries. Men borrow to buy cars, and to pay for home renovation and investments, to a higher degree than women. Among those who earn below the Swedish average income, borrowing for a car purchase is the most common cause of borrowing money, while loans for home renovation is more common among those who earn above the average income.

"There are a multitude of reasons for why people choose to take out consumer credits, and loans are taken by people with different preconditions. With this report we hope to provide insights into Swedes' borrowing behavior and provide a more nuanced picture of the combined household borrowing", says Björn Lander.

Why Swedes lend money:

Purpose Percentage Avarage loan
Car 22,2% 78 991 SEK
Renovation 18,5% 93 720 SEK
Furniture 7,9% 51 130 SEK
Vacation 6,1% 41 970 SEK
Home 5,6% 179 087 SEK
Business 4,3% 167 190 SEK
Investments 4,0% 131 203 SEK
Dentist 3,6% 30 498 SEK
Operation 1,2% 57 658 SEK
Wedding 1,2% 104 178 SEK
Studies 0,7% 56 990 SEK
Boat 0,6% 124 795 SEK
White goods Appliances 0,5% 33 930 SEK
Other 23,5% 57 776 SEK

Get the full report (in Swedish) here:

For further information, please contact:
Björn Lander, CEO, Zmarta Group
+46 736 73 18 99,

About the report (Swedish “Lånebarometern”)
This report aims to provide a better understanding of the market for consumer credits in Sweden. The report is unique in its kind as it is based on real data from tens of thousands of loans disbursed during 2015. The report doesn’t examine mortgages but consumer credits based on disbursed loans from established borrowers after a credit review. The report does not include the type of loan usually called pay day loans.

Zmarta Group offers a range of services within consumer finance. The group is comprised of a range of brands including Zmarta, Freedom Finance and Centum. The company was founded in 1999, has 200 employees and has offices in Stockholm, Ängelholm, Helsinki, Oslo and Munich. Zmarta Group is owned by H.I.G. Capital.

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