43% of Swedes carry cash in their wallets – an increase of six percentage points since 2021.
On behalf of Bankomat, Kantar Sifo has asked Swedes for the fourth time whether they carry cash in their wallets. In 2021, 37% said they carried cash. In 2022, two surveys were conducted, the first before the war in Ukraine started, and 40% answered that they had cash. A few months later, another survey was conducted and 44% said they had cash in their wallets.
When the same survey was conducted in April 2023, 43% said they carried cash in their wallets.
– External events such as the pandemic and the invasion of Ukraine temporarily affect Swedes’ relationship with cash, but it is not self-evident that this leads to lasting changes in behavior. In this context, it is interesting that even a year after the war, more Swedes choose to carry cash, says Johan Nilsson, Customer and Marketing Manager at Bankomat AB, in a press release.
The biggest change between May 2022 and April 2023 was in the 65-79 age group, where the number of people carrying cash dropped from 65 percent to 58 percent, which partly means a return to the level before the war in Ukraine. In other age groups, the proportion of people carrying cash either increased or remained the same.
– Cash remains important for many people who are unwilling or unable to use digital payment solutions. Cash management must also work in everyday life if it is to function in crisis situations when digital payment systems may fail. The state must now take financial responsibility for ensuring cash management, says Johan Nilsson.
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Food prices in Sweden have risen by 25% over the past three years, according to a new report from Matpriskollen, a Swedish consumer price tracking organization. In 2024, the most significant price increases were seen in chocolate, olive oil, coffee, and dairy products.
In 2024, food prices increased by 2.8%. If other grocery products are also included, the increase is 2.1%.
Overall price increases have reached 25% since January 2022, according to the report.
The increases vary between stores, and last year they were most noticeable at City Gross, Ica Kvantum, Hemköp and Ica Supermarket. At the same time, some stores are trying to compete by keeping prices lower.
– Maxi is chasing Willys for low prices and in many cases trying to match prices.The price difference on comparable items is around 4% between Willys and Maxi.Lidl, which also offers low prices, has the same price level on directly comparable items as Willys, says Ulf Mazur, CEO and founder of Matpriskollen in a press release.
36 000 products became more expensive
In 2024, the price of almost 36,000 products increased. The increase was particularly marked for cocoa, which has made chocolate on average 17% more expensive. Vinegar and oils also rose by 12%, with olive oil in particular recording a sharp price increase.
Coffee prices have reached their highest level since 1972, with an 18% increase over the year. Dairy products, meanwhile, have risen by 4.7%.
Organic goods rose by 3.6% over the year, according to Matpriskollen.
Russian companies have started using bitcoin and other digital currencies for international payments following the entry into force of legislative changes allowing such use to counter the effects of Western sanctions. This is confirmed by the country’s Finance Minister Anton Siluanov.
The extensive sanctions have made it more difficult for Russia to trade not only with Western countries, but also with key partners such as China and Turkey. This is because local banks today are often very cautious or negative about Russia-related transactions as they themselves do not want to face retaliation or investigations from Western regulators.
Earlier this year, Russia therefore allowed the use of cryptocurrencies in foreign trade and has taken several steps to make it legal to mine cryptocurrencies.
– As part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia, the finance minister explained to the Russia 24 television channel.
Putin believes in bitcoin
– Such transactions are already occurring. We believe they should be expanded and developed further. I am confident this will happen next year, he continued, adding that international payments in digital currencies are the future.
Earlier in December, President Vladimir Putin also accused the US government of undermining the role of the US dollar as a reserve currency by using it for political purposes – forcing many countries to seek other alternatives.
Pointing to bitcoin as one such example and saying that no one in the world can regulate or control the cryptocurrency, the president’s comments suggest that the Russian leader supports the idea of increasing the use of cryptocurrencies.
Yesterday, electricity prices in southern Sweden were at times 18,000% higher than in central Sweden – because there was no wind in Germany.
Economy reporter Andreas Cervenka notes that Swedish electricity customers have been overcharged by more than SEK 300 billion (€26 billion) via their electricity bills, and says the Swedish electricity market is “starting to look like a very failed joke”.
“Anyone living in Malmö or “Electricity Area 4”, which is apparently this nation’s new name, can expect to pay just over SEK 31, including VAT, for a ten-minute shower at five o’clock today,” he writes in the tabloid Aftonbladet, while seeing how electricity customers in Sundsvall only have to pay SEK 0.17 for the same shower.
“That’s a price difference of 184 times or 18,000%.In addition, there are various fees, so it’s actually even more expensive.It’s as if Malmö residents were to pay SEK 3,700 for a liter of milk and Sundsvall residents a twenty.Where is this even going?” he asks.
According to observers and analysts, it’s Germany’s fault, and they are extremely dependent on wind power. When there is no wind there, Sweden is instead drained of electricity via the export cables, and electricity becomes more expensive here at home.
“A proof of poverty”
Cervenka points out that the mechanisms behind electricity prices are very confusing and that the soaring electricity prices have made Swedes sit down and Google the current day’s or hour’s prices before turning on the shower, for example
“Somewhat of a proof of poverty, you might say, for one of the world’s richest countries, which last year actually produced more electricity than we used.The difference was quite large, as much as 28 terawatt-hours, according to the Swedish Energy Agency, which corresponds to 5.6 billion ten-minute showers, for those who are wondering”, he states.
Andreas Cervenka. Photo: faksimil/AB/YT
In the past, policymakers have blamed the extreme price differences on a lack of transmission capacity in the electricity grids, and EU directives recently introduced the new “flowbased” model, which was supposed to make more efficient use of the electricity grids.
Analysts and experts were critical of the new model and warned that prices would soar further – and by all accounts, they were right.
“A masterless grid monopoly”
According to electricity market analyst Bengt Ekenstierna, the Swedish electricity market will be even more closely linked to Germany than before, and he is saddened that Swedish politicians seem to have abandoned all attempts to influence other EU countries’ views on the electricity market.
“It is the duty of every politician to put their fist on the table and work to change when applied EU regulations lead to such effects as it has had on the electricity market in Sweden over the past 3 years.Electricity customers have been overcharged by more than SEK 300 billion via their electricity bills”, he states in a newsletter.
“… and that doesn’t even account for the 100 billion in overcharges occurring through skyrocketing and uncontrolled electricity grid fees from a masterless grid monopoly”, he continues.
300 billion is a sum so large that it is difficult to grasp, according to Cervenka, who concludes by announcing that he will take a “long, expensive shower” and try to forget what he just read.
The Swedish Financial Supervisory Authority (FI) has determined that Klarna has failed to comply with Swedish anti-money laundering regulations and has therefore issued the payment giant a warning along with a sanction fee of 500 million SEK ($43 million).
The Swedish Financial Supervisory Authority has investigated Klarna’s compliance with anti-money laundering rules, including the requirements for general risk assessment and customer due diligence procedures and guidelines, during the period April 1, 2021 through March 31, 2022, and concluded that Klarna has failed to comply with the statutory requirements.
“The general risk assessment has had significant shortcomings, for example, it has completely lacked assessments of how the bank’s products and services can be used for money laundering or terrorist financing.In addition, the bank has lacked procedures and guidelines that capture all situations where customer due diligence measures should be taken, in relation to customers using the invoice product,” it says.
– Money laundering rules must be followed.This is important to counter the risk of the company’s business being exploited by criminals.Our investigation shows that Klarna has not complied with the requirements for, among other things, general risk assessment and procedures and guidelines for customer due diligence.It is therefore justified to intervene against the bank, comments Daniel Barr, Director General of FI, in a press release.
“Taking this very seriously”
Even though the penalty is high, it is not currently considered that there are sufficient grounds to issue a warning to Klarna or revoke its license.
The payment giant has commented on the decision and emphasizes that “it is important to point out that the decision concerns the interpretation and application of the rules and not actual cases of money laundering”.
“Together with authorities and the rest of the industry, we have a shared mission to combat money laundering and terrorist financing.We take this responsibility very seriously and will continue to do our utmost to contribute to a strong and resilient financial sector”, the statement continues.
