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Working Paper Series in Economics
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No. oc2016-1
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- Jaanika Merikull and Tairi Room
- The assets, liabilities and wealth of Estonian households:
results of the Household
Finance and Consumption Survey
This paper presents the results of the Estonian Household Finance
and Consumption Survey (HFCS) that was carried out in
2013. The HFCS is the first comprehensive survey on household
assets, liabilities, consumption and financial fragility in Estonia
and provides comparative evidence about the financial position of
Estonian households compared to the rest of the euro area. It is
shown that: (1) The median net wealth of Estonian households
was 43.6 thousand euros in 2013 with 95% confidence bounds
between 39.3 and 47.9 thousand euros; (2) The most important
component of wealth is the household main residence, which accounts
for 50% of total real and financial assets, while mortgages
on the household main residence account for 85% of total debt;
(3) Around one third of households have debt and that debt is
concentrated to young and high-income households; (4) The financial
burden of Estonian households is lower than the euro area
average, except for low-income indebted households; (5) Wealth
is less equally distributed than income; and (6) The wealth distribution
of Estonian households is less equal than the average
across the euro area countries and this stems from large wealth
inequalities across Estonian regions.
- JEL-Codes: D14, D31, E21
- Keywords: household finance, Estonia, assets, liabilities, net wealth, financial fragility, income, consumption
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