Household Finance and Consumption Survey 2023

Two adult households with at least one aged 65 or over continued to be the households with the highest median net wealth in 2023. Single adult households with children were the only household type to see a decrease in median net wealth since 2020, with the value dropping from €6,300 to €5,100. In 2018, two adult households both aged under 65 and without children, had a higher median net wealth than the equivalent households with one to three children, but, in 2023, the households with children had a significantly higher median net wealth. Although home ownership rates have fallen for both these groups since 2018, there was a bigger fall for the households without children, from 59% to 55%, compared to the households with children, from 66% to 64%. See figure 6.1 and PxStat table HFC2037.

Households of three or more adults had the greatest share of net wealth, owning 25.3% of all net wealth in 2023. These households made up 16.9% of households. These households mostly consisted of parents with adult children but almost three in ten (29%) had at least one member aged over 65. The next highest share of net wealth belonged to two adult households with at least one aged over 65. These households owned 17.7% of all net wealth and made up 12.1% of households. See figure 6.2 and PxStat table HFC2037.

The difference between median gross and net wealth in households with a person aged 65 or over was relatively small due to these households having less debt. Single adult households with children under 18 had the largest difference between gross and net wealth in proportional terms, while in absolute terms, it was two adult households with one to three children aged under 18. See figure 6.3 and PxStat table HFC2037.

Households with two adults and one to three children aged under 18 were the household type most likely to have debt, with 84.5% of them having some type of debt. This was down slightly from 87.5% in 2020. Older households were the least likely to have any debt, with 45.3% of two adult households where at least one is aged over 65, having some debt, and 25.7% of single adult households aged over 65 having some. See figure 6.4 and PxStat table HFC2016.

In 2023, single adult households with children aged under 18 were the most likely household type to have a non-mortgage loan, with 58.6% of them having at least one. This was a drop from 63.8% in 2020. See figure 6.5 and PxStat table HFC2016.

In 2023, although single adult households with children aged under 18 were the most likely to have non-mortgage loans, they were the least likely to have credit card debt at one in ten (10.1%). The household type most likely to have credit card debt was two adult households with one to three children aged under 18, with three in ten (30.6%) having some. See figure 6.6 and PxStat table HFC2016.

A credit constrained household was one that was either refused credit, did not receive the full amount requested or did not apply for credit due to perceived refusal in the three years preceding the interview date. In 2018 and 2020, single adult households with children aged under 18 were by far the most likely to be credit constrained, but in 2023 it was two adult households with one to three children aged under 18. Over one in ten (12.4%) of these households were credit constrained in 2023. Older households were the least likely to be credit constrained. See figure 6.7 and PxStat table HFC2023.