Norway: Where wealth brings worries

[unhappycamper]

http://www.dw.com/en/norway-where-wealth-brings-worries/a-18559235

Norway may appear to be a rich country, but are oil rich Norwegians living far beyond their means? The OECD says they are, and the problem is particularly rife among young Norwegians, as Lars Bevanger reports from Oslo.

Norway: Where wealth brings worries
Lars Bevanger
04.07.2015

Personal debt levels are higher in Norway than anywhere else in Europe. A ballooning housing market gets much of the blame and many Norwegians also build up consumer debt and lack the ability to plan ahead.

Norway's wealth might not be as evident as in Beverly Hills or Dubai, but a feeling of affluence pervades the country. All around Oslo's city center, people drive expensive SUVs, the harbor is full of nice boats and owning a second holiday home in the mountains or by the sea is commonplace.

The money is largely due to the Norwegian oil fund, which was established by law to support the government's long term management of petroleum revenues.

~snip~

Too complacent?

That fund is currently worth more than 800 billion euros ($887 billion). But despite all this wealth, according to the OECD, Norwegians now have the highest personal debt in Europe. Norwegians have simply become too complacent about the money flowing into state coffers and believing it will secure their future, according to Trond Bentestuen, head of the personal banking division at Norway's largest bank DnB.