Jaanika Meriküll, Tairi Rõõm. Estonian Household Finance and Consumption Survey: Results from the 2017 wave

Occasional Papers of Eesti Pank 1/2019

This report covers the results of the Estonian Household Finance and Consumption Survey (HFCS) from 2017. The estimated values of the assets, liabilities and net wealth of Estonian households in 2017 are compared to the values in 2013 and to the values in the other euro area countries. It is found that the average net wealth of households increased by 12.1% in real terms between 2013 and 2017 and that the increase was faster for wealthier households than for the rest. The debt burden remained largely the same and Estonian households are still less indebted than euro area households are. Demand for credit has increased and there is evidence of a modest increase in credit constraints. Around one third of households are living hand-to-mouth and do not accumulate any substantial savings. The second pillar pension assets are the main financial asset of 74% of second pillar participants and there is no evidence that people who chose not to join the second pillar voluntarily have compensated for this by saving more through other channels. 

JEL Codes: D14 (Household Saving, Personal Finance); D31 (Personal Income, Wealth, and Their Distributions); E21 (Consumption, Saving, Wealth)

Keywords: household finance, Estonia, assets, liabilities, net wealth, financial fragility, credit constraints, hand-to-mouth households

The corresponding author, e-mail address: tairi.room [at] eestipank.ee.

DOI: 10.23656/24613800/12019/0170


The views expressed are those of the authors and do not necessarily represent the official views of Eesti Pank or the Eurosystem.