Household Wealth and Finances. Results for Households in Lithuania for 2017

Karolis Bielskis and Andrius Ciginas ()
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Andrius Ciginas: Vilnius University

No 19, Bank of Lithuania Discussion Paper Series from Bank of Lithuania

Abstract: This paper reports new data on the household balance sheet and the consumption situation in Lithuania. It uses a unique Household Finance and Consumption Survey (HFCS) dataset, which collects detailed information about different asset classes and outlines the composition of the household balance sheet in Lithuania. At 93.2%, the homeownership rate in Lithuania is the highest in Europe. Real assets correspond to the highest share of households’ wealth and generate a median net wealth of 46 000 €. Lithuanian households participate poorly in financial assets, with only deposits and individual insurance/pensions generating more significant aggregate values. Household participation in debt markets is also limited in Lithuania, with only 11.7% of households having some mortgage-based liabilities. Lithuanian households spend a significant share of their income on food and utilities. This share is among the highest in Europe. A large number of Lithuanian households can be characterized as "hand-to-mouth" households, as they own a significant amount of wealth in illiquid real estate and very little wealth in liquid financial assets.

Keywords: household balance sheet; net wealth; household survey; HFCS (search for similar items in EconPapers)
JEL-codes: D1 D3 (search for similar items in EconPapers)
Pages: 35 pages
Date: 2020-05-19
New Economics Papers: this item is included in nep-cis and nep-ure
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