Five out of six Norwegians surveyed think the economy will be unchanged, or better, in 2018 than it was this year, according to SpareBank 1. Eight out of ten workers feel that their job is safe.
28% believe that they will have a better economy in 2018 than this year, while 55% believe they’ll have unchanged finances.
This was shown in a survey of 1,030 people conducted by Respons Analysis for Sparebank 1. After the sharp oil price drop of 2014 and 2015, only 18% believed in better times.
‘The vision of our economic future is back where we were before the oil price drop. We are well aware of what may be said to be a ‘normal’ state for most people. The main picture is that people are seeing a decline in unemployment, jobs are coming back, and even if we have a weak currency, people are seeing better things,’ said economist, Magne Gundersen of SpareBank 1 to NTB news.
The survey revealed that men have more faith in their own finances than women, and younger people are more optimistic than older. 33%, one in three men, think they will have better finances next year than in 2017, against 24% of women.
‘It may be due to the fact that men are consistently more optimistic, they take greater chances, and higher risks,’ said Gundersen.
‘What do you think about 50% of young people between the ages of 18 and 24 believing in better finances?’
‘It is a good sign that those who would like to switch from study to work, or change jobs, seem to see opportunities. It would be stupid if they did want to get a better economy’, Gundersen noted.
Approximately 14%, equivalent to almost 390,000 workers, didn’t feel that their job will be safe in the future. The lower the education and wage levels, the more people felt insecure. However, the vast majority of people in work feel pretty safe in keeping the position, and Gundersen believes people are being realistic.
‘Most people know their own situation quite well, they know if they might receive a promotion, a wage increase, or another change next year. At the same time, we see that they follow what is happening in the financial markets otherwise’, he said.
Very few believe there will sharp fluctuations in house prices next year, and they believe that the higher prices have fallen sharply, from 75% in 2014, to 60% now. The percentage that believe housing prices will fall in the coming years has increased from 4% last year, to 25% this year.
‘This shows that people are absorbing the changes in house prices, and accommodating them. At the same time, I think they are observing well when they don’t think general housing price changes will affect their private economy to any great extent. Most people, luckily, have a positive opinion, and are good at managing their own wallet’.
© NTB Scanpix / Norway Today