Holidays on borrowed money

A family cruise Credit: Brian Summers, Flickr

Almost every third of Swedish families aim to save money this summer; a significant change from last year.

Many are taking out personal loans to afford a holiday.

A recent survey by Länsförsäkringar showed that Swedish families with children are spending an average of 18,522 SEK (€1,646) on summer holidays this year, and 20 per cent are considering taking out a personal loan to afford it.

A private economist at Länsförsäkringar, Stefan Wesberg emphasised the dangers of taking out loans for holidays; “There is a risk that you borrow for a lifestyle that you cannot afford.”

He argued that summer holidays are “Not a necessity for survival,” and that “it is better to take out a loan for things you need; a car or a new freezer.”

Figures from the Financial Services Agency show that the total amount of debt nationwide is now at a historically high, increased by 15 per cent from 2023.

At the same time, the prices of accommodation, restaurants and travel have grown in prices; Swedish economists advise families to book flight and train tickets as early as possible and abstain from travelling altogether if they don´t have sufficient funds.

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Written by

Anna Akopyan

Originally from Moscow, with Russian and Armenian origins, Anna has lived in Costa Blanca for over ten years. She is passionate about singing, acting and traveling.