Eurosystem Household Finance and Consumption Survey
The Eurosystem Household Finance and Consumption Survey (HFCS) of the European Central Bank (ECB) is a study of the distribution of income and wealth in the euro countries. It was presented in April 2013; However, the first results had already become known in March 2013 through a publication by the Deutsche Bundesbank.
Based on a survey of 62,000 samples of households in 15 countries of the euro zone (all except Ireland , Estonia ), the majority of which were carried out in 2010, the HFCS report provides a statistical overview of the median income and median wealth of households and its distribution.
The study received particular explosiveness and attention, as it showed that in some southern countries particularly affected by the European financial crisis in public finances, the average wealth of private households was considerably higher than in the so-called donor countries.
In particular in the median value given in the study , there were glaring discrepancies between some of the southern countries and countries such as Germany , Austria and Finland . Germany even brought up the rear in terms of the median value. The median value defines a cut within the assets at which half of the households in the sample are above the median value and half are below the median value. It has the advantage over simple arithmetic averaging that outliers of very large or very small assets do not falsify the value. He also makes statements about the distribution of income and wealth in the respective countries.
The average net wealth of the total sample examined was 230,800 euros, the median value was 109,200 euros. The top 10% of households in terms of wealth owned 50.4% of total net wealth. The following table provides an overview (all information in euros):
| country | Average net worth | Median net wealth | comment |
|---|---|---|---|
| Germany | 195,200 | 51,400 | 2010 survey |
| Belgium | 338,600 | 206.200 | 2010 survey |
| Greece | 147,800 | 101,900 | 2009 survey |
| Spain | 291,400 | 182,700 | 2008 survey |
| France | 233,400 | 115,800 | 2010 survey |
| Italy | 275,200 | 173,500 | 2010 survey |
| Cyprus | 670,900 | 266,900 | 2010 survey |
| Luxembourg | 710.100 | 397,800 | 2010 survey |
| Malta | 366,000 | 215,900 | 2010 survey |
| Netherlands | 170.200 | 103,600 | 2009 survey |
| Austria | 265,000 | 76,400 | 2010 survey |
| Portugal | 152,900 | 75,200 | 2010 survey |
| Slovenia | 148,700 | 100,700 | 2010 survey |
| Slovakia | 79,700 | 61,200 | 2010 survey |
| Finland | 161,500 | 85,500 | 2009 survey |
The study reflects the fact that many households in southern European countries are homeowners, as the vast majority of the wealth recorded is based on property. While 44.2% of households in Germany and 47.7% in Austria owned their first place of residence, this was over 80% in Spain, Slovenia and Slovakia.
Critics of the study pointed out that after the property bubble burst, property prices in Spain, for example, were now significantly below the values estimated by the owners at the time. However, this is also pointed out in the foreword to the study. It was also pointed out that in the southern countries there are on average more people per household: Germany was at the lower end with an average of 2.04 people, Austria 2.13, France 2.24, Greece 2.64, Italy at 2.53, Luxembourg at 2.48, Portugal at 2.71, Spain at 2.68.
Further data from the study concerned average debt, the build-up of wealth (financial assets, real estate), personal data such as age, employment and number of people per household, creditworthiness (according to own assessment) and consumption of food.
While the comparative studies on wealth distribution were new, country-specific comparative data from EU statistics were already available for the distribution of income . Although these were not the primary aim of the study, they were used to a large extent to interpret the results.
The annual income of households (before taxes and social security contributions and from all sources) resulted in the following mean values (figures in euros).
| country | Average income | Median income | comment |
|---|---|---|---|
| Germany | 43,500 | 32,500 | 2010 survey |
| Belgium | 49,500 | 33,700 | 2010 survey |
| Greece | 27,700 | 22,000 | 2009 survey |
| Spain | 31,300 | 24,800 | 2008 survey |
| France | 36,900 | 29,200 | 2010 survey |
| Italy | 34,300 | 26,300 | 2010 survey |
| Cyprus | 43,300 | 32,300 | 2010 survey |
| Luxembourg | 83,700 | 64,800 | 2010 survey |
| Malta | 26,400 | 21,600 | 2010 survey |
| Netherlands | 45,800 | 40,600 | 2009 survey |
| Austria | 43,900 | 32,300 | 2010 survey |
| Portugal | 20,300 | 14,600 | 2010 survey |
| Slovenia | 22,300 | 18,000 | 2010 survey |
| Slovakia | 13,500 | 11,200 | 2010 survey |
| Finland | 45,100 | 36,300 | 2009 survey |
literature
- The Eurosystem Household Finance and Consumption Survey - Results from the First Wave, European Central Bank, ECB, Frankfurt am Main, Statistics Paper Series No. 2, April 2013, Online, pdf
- The methods and principles of the study are presented in an accompanying report Methodological Report for the First Wave .
Web links
Individual evidence
- ↑ This concerns the first wave of the study, as mentioned in the report, p. 9 (see literature)
- ↑ Official Report, Table 4.1, p. 76
- ↑ Official Report, p. 29
- ↑ Official Report, Table 1.1, p. 12
- ↑ Points of criticism z. B. ECB study: Wealth in Greece greater than in Germany Spiegel Online, April 2013
- ↑ EU Statistics on Income and Living Conditions , EU-SILC. A comparison of the two surveys is shown in Diagram 1.1, p. 16 of the official report and shows good agreement between the two studies.
- ↑ Gross Income
- ↑ Official Report, Table 5.1, p. 90
- ↑ Reference year 2007
- ↑ Reference year 2009
- ↑ Reference year 2009
- ↑ Reference year 2009
- ↑ Reference year 2009