Household wealth and debt Per cent of disposable income 350  350 Financial wealth (excluding tenant-owned apartments and collective insurance schemes) Real wealth  300  300  Debt  250  250  200  200  150  150  100  100  50  50 70  80  90  00  10  Note. The broken line is the Riksbank’s latest forecast (from the Monetary Policy Report, February 2013). Sources: Statistics Sweden and the Riksbank. 10  BIS central bankers’ speeches  Developments on the Swedish housing market thus appear to be much calmer now than before the financial crisis. However, it is of course important to constantly analyse whether developments can pose risks to financial or macroeconomic stability. The development of household indebtedness could lead to problems if housing prices began to fall for some reason or if unemployment began to increase sharply in connection with a downturn. In order to assess to what extent this constitutes a risk we need to analyse the risk of a fall in housing prices and the extent to which the level of debt makes the households vulnerable. In the case of the latter, it is important to determine what assets the households have in addition to their housing. The relatively high level of private saving in Sweden is an advantage here as it has led to a situation in which the households have relatively substantial financial assets (see Figure 9).
MAS has stepped up its monitoring of the cyber threat landscape and issued a number of advisories to financial institutions on: 9 / 15  BIS central bankers' speeches  ensuring their IT infrastructure is secure and resilient; adopting additional risk mitigating measures and precautions; staying vigilant against new types of cyber attacks; reminding staff working from home to observe cyber security; and advising customers of safeguards that they should take to protect themselves against phishing attacks and online scams. POSITIONING THE FINANCIAL SECTOR TO EMERGE STRONGER Let me now provide an update on the financial sector, which continues to do remarkably well. Last year, the financial services sector outperformed the overall economy, achieving value-added growth of 4.1%, compared to GDP growth of 0.7%. For the first half of this year, MAS estimates that financial services grew by about 5%, even faster than last year. This was mainly due to exceptionally strong growth in the first quarter, driven by offshore bank lending, re-insurance and life insurance activities. MAS expects growth in the sector to moderate during the second half due to weaker credit demand and lower interest rate margins. But the sector is not likely to contract. Last year, there was a net increase of about 4,900 [5] jobs in financial services and FinTech. So far this year, employment in financial services and FinTech has remained firm. Net jobs grew by 2,200 in the first quarter as banks continued to employ for roles such as business development, financial analysis, and software development.