30 January 2020
Go to release: Household Finance and Consumption Survey 2018
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The Household Finance and Consumption Survey (HFCS) 2018 was published on 30 January 2020. Data within the publication were revised on 4th June 2020. These data revisions were due to a re-calibration of weights used in the estimation of HFCS statistics. Data within the publication were revised again on 16 May 2023. These data revisions were primarily due to the supplementing of survey data with the Central Credit Register, an administrative data source obtained by the CSO in 2021. All content relating to HFCS 2018, including the Electronic Publication text, grasphs and tables, Infographic, Press Release and PxStat tables, now reflect the revised data. Details as to the extent and impact of these revisions on previously published data can be found in the HFCS 2018 Revisions Information Note. |
This Press Statement was updated (16 May 2023) to reflect revised Household Finance and Consumption Survey (HFCS) figures for 2018. Further details may be found in HFCS 2018 Revisions Information Note.
Commenting on the report, Stephen Lee, Statistician, said: ‘The HFCS is the only household survey that collects combined information on asset, income and debt levels of Irish households.
The results show that in Ireland, the wealthiest 10% of all households have a net wealth greater than €756,000 while the bottom 10% have a net wealth of less than €100. Net wealth is calculated as the value of all assets minus debt.
In 2018, the median net wealth value of Irish households was €159,100.
The median value is obtained by arranging all households in ascending order from the smallest to the largest value and then selecting the middle value. In terms of wealth, the median provides a truer reflection of the average household as it is not influenced by extreme values.
The value of the household’s main residence is a key component of wealth. In Ireland, 68.8% of households own their own residence. In 2018, the median value for households’ main residence was €250,000.
The median net wealth of households that own their own home is €267,500, while for renters it is considerably less at €3,900.
We see that wealth is concentrated in the ‘Eastern and Midlands’ region with a median net wealth of €173,400, compared to €164,100 in the ‘Southern’ region and €133,100 in the ‘Northern and Western’ region.
Almost one third of households (32.6%) reported that they received an inheritance or a substantial gift at some time in the past. However, this varies depending on how wealthy a household is. Two thirds (66.6%) of the wealthiest 10% of households received a substantial inheritance or gift but this drops to just one tenth (10.2%) for the 10% of households with the lowest net wealth.
More than nine out of every ten households (94.8%) own some form of financial asset including savings, shares, bonds, investments and voluntary pensions. For households that own financial assets, the median value is €7,800.
Almost two thirds (71.8%) of all households have some form of debt including mortgages, loans, credit cards and overdrafts. Overall, the median value of debt, for those households that have debt is €21,400.
For households that have a mortgage on their home, the median loan to value (ltv), the ratio of the outstanding amount of the mortgage to the current value of the property, is 48.3%.
In 2018, 6.7% of all homes owned with a mortgage were in negative equity.
Stephen Lee (+353) 21 453 5045 or Gerard Reilly (+353) 21 453 5700
or email ICW@CSO.ie
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