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The financial system in most western countries has been undergone a remarkable trans formation. One feature of this development is disintermediation. A portion of the funds
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involved in saving and financing, it flows directly to the financial markets instead of being routed
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via the traditional bank lending and deposit to operations. The general public interest in investing
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in the stock market, either directly or through mutual funds, has been an important component of
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this process. Statistics show that in recent decades selling shares have made up an increasingly
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large proportion of households' financial assets in many countries abroad. In the 1970s, in
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Sweden, deposit accounts and any other very liquid assets with little risk made up al most 60
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percent of households' financial wealth, compared to less than 20 percent in the 2000s. The
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major part of this adjustment is that financial portfolios have gone directly to shares but not a good deal now takes the form of various kinds of institutional investment for groups of individuals,
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e. g., pension funds, mutual funds, hedge funds, insurance investment of premiums, etc. The
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trend towards forms of saving with a higher risk which has been accentuated by new rules for
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most funds and insurance. Similar tendencies are to be difficult found in all developed economic systems, such as the European Union, the United States, Japan and other developed nations: saving has moved away from traditional bank deposits to more risky securities of one sort or another.