IDEAS home Printed from https://ideas.repec.org/p/bcl/bclwop/bclwp176.html
   My bibliography  Save this paper

The Luxembourg Household Finance and Consumption Survey: Results from the fourth wave in 2021

Author

Listed:
  • Thomas Y. Mathä
  • Ana Montes-Viñas
  • Giuseppe Pulina
  • Michael Ziegelmeyer

Abstract

This report presents the main results and underlying methodology of the 2021 wave of the Luxembourg Household Finance and Consumption Survey (LU-HFCS). From 2018 to 2021, there was a broad-based increase in gross and net household income, as well as in net wealth. This partly reflects the rapid increase in property prices, positive stock market developments and "involuntary" savings during the COVID-19 pandemic. The share of indebted households remained stable, but the average amount of debt increased substantially across all household groups. There were no significant changes in income or wealth inequality since 2018.

Suggested Citation

  • Thomas Y. Mathä & Ana Montes-Viñas & Giuseppe Pulina & Michael Ziegelmeyer, 2023. "The Luxembourg Household Finance and Consumption Survey: Results from the fourth wave in 2021," BCL working papers 176, Central Bank of Luxembourg.
    • Handle: RePEc:bcl:bclwop:bclwp176
    as

    Download full text from publisher

    File URL: https://www.bcl.lu/en/publications/Working-papers/176/BCLWP176.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Zou, Hui, 2006. "The Adaptive Lasso and Its Oracle Properties," Journal of the American Statistical Association, American Statistical Association, vol. 101, pages 1418-1429, December.
    2. Vincent Fromentin, 2021. "Cross-border workers in the Greater Region of Luxembourg and financial instability: a non-linear approach," Applied Economics, Taylor & Francis Journals, vol. 53(27), pages 3171-3192, June.
    3. Thomas Y. Mathä & Giuseppe Pulina & Michael Ziegelmeyer, 2023. "Do Private Wealth Transfers Help With Homeownership? A First Assessment for Luxembourg," BCL working papers 174, Central Bank of Luxembourg.
    4. Yiwen Chen & Thomas Y. Mathä & Giuseppe Pulina & Barbara Schuster & Michael Ziegelmeyer, 2020. "The Luxembourg Household Finance Consumption Survey: Results from the third wave," BCL working papers 142, Central Bank of Luxembourg.
    5. Thomas Y. Mathä & Alessandro Porpiglia & Michael Ziegelmeyer, 2014. "Wealth differences across borders and the effect of real estate price dynamics: Evidence from two household surveys," BCL working papers 90, Central Bank of Luxembourg.
    6. Gaston Giordana & Michael H. Ziegelmeyer, 2023. "Household indebtedness and their vulnerability to rising interest rates," BCL working papers 173, Central Bank of Luxembourg.
    7. Efstathiou, Konstantinos & Mathä, Thomas Y. & Veiga, Cindy & Wintr, Ladislav, 2018. "Short-time work in Luxembourg: Evidence from a firm survey," Journal for Labour Market Research, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany], vol. 52(1), pages 1-14.
    8. François Koulischer & Pauline Perray & Thi Thu Huyen Tran, 2022. "COVID-19 and the Mortgage Market in Luxembourg," JRFM, MDPI, vol. 15(3), pages 1-24, March.
    9. Adams-Prassl, Abi & Boneva, Teodora & Golin, Marta & Rauh, Christopher, 2020. "Inequality in the impact of the coronavirus shock: Evidence from real time surveys," Journal of Public Economics, Elsevier, vol. 189(C).
    10. Thomas Y. Mathä & Alessandro Porpiglia & Michael Ziegelmeyer, 2018. "Wealth differences across borders and the effect of real estate price dynamics: Evidence from two household surveys," Journal of Income Distribution, Ad libros publications inc., vol. 26(1), pages 1-35, March.
    11. Alessio Fusco & Philippe Kerm & A. Alieva & L. Bellani & F. Etienne-Robert & A.-C. Guio & I. Kyzyma & K. Leduc & P. Liégeois & M.N.P. Alperin & A. Reinstadler & E. Sierminska & D. Sologon & P. Thill &, 2013. "GINI Country Report: Growing Inequalities and their Impacts in Luxembourg," GINI Country Reports luxembourg, AIAS, Amsterdam Institute for Advanced Labour Studies.
    12. Frank A. Cowell & Philippe Kerm, 2015. "Wealth Inequality: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 29(4), pages 671-710, September.
    13. Anastasia Girshina & Thomas Y. Mathä & Michael Ziegelmeyer, 2017. "The Luxembourg Household Finance and Consumption Survey: Results from the 2nd wave," BCL working papers 106, Central Bank of Luxembourg.
    14. Thomas Y. Mathä & Giuseppe Pulina & Michael Ziegelmeyer, 2018. "The Cross-border Household Finance and Consumption Survey: Results from the second wave," BCL working papers 119, Central Bank of Luxembourg.
    15. Giordana, Gastón & Ziegelmeyer, Michael, 2020. "Stress testing household balance sheets in Luxembourg," The Quarterly Review of Economics and Finance, Elsevier, vol. 76(C), pages 115-138.
    16. repec:jid:journl:y:2018:v:26:i:3:p:15-49 is not listed on IDEAS
    17. Adams-Prassl, A. & Boneva, T. & Golin, M & Rauh, C., 2020. "Inequality in the Impact of the Coronavirus Shock: New Survey Evidence for the US," Cambridge Working Papers in Economics 2022, Faculty of Economics, University of Cambridge.
    18. Michael Ziegelmeyer, 2015. "Other real estate property in selected euro area countries," BCL working papers 99, Central Bank of Luxembourg.
    19. repec:iab:iabjlr:v:52:i:1:p:art.14 is not listed on IDEAS
    20. N. Denisa Naidin & Sofie R. Waltl & Michael H. Ziegelmeyer, 2022. "Objectified Housing Sales and Rent Prices in Representative Household Surveys: the Impact on Macroeconomic Statistics," BCL working papers 160, Central Bank of Luxembourg.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Yiwen Chen & Thomas Y. Mathä & Giuseppe Pulina & Barbara Schuster & Michael Ziegelmeyer, 2020. "The Luxembourg Household Finance Consumption Survey: Results from the third wave," BCL working papers 142, Central Bank of Luxembourg.
    2. Yiwen Chen & Thomas Y. Mathä & Giuseppe Pulina & Michael Ziegelmeyer, 2021. "The Cross border Household Finance Consumption Survey: Results from the third wave," BCL working papers 154, Central Bank of Luxembourg.
    3. Thomas Y. Mathä & Giuseppe Pulina & Michael Ziegelmeyer, 2018. "The Cross-border Household Finance and Consumption Survey: Results from the second wave," BCL working papers 119, Central Bank of Luxembourg.
    4. Guillaume Claveres & Thomas Y. Mathä & Giuseppe Pulina & Jan Stráský & Nicolas Woloszko & Michael Ziegelmeyer, 2020. "Housing and inequality: The case of Luxembourg and its cross-border workers," BCL working papers 144, Central Bank of Luxembourg.
    5. Anastasia Girshina & Thomas Y. Mathä & Michael Ziegelmeyer, 2017. "The Luxembourg Household Finance and Consumption Survey: Results from the 2nd wave," BCL working papers 106, Central Bank of Luxembourg.
    6. Claudia Andrade & Martie Gillen & José Alberto Molina & Melissa J. Wilmarth, 2022. "The Social and Economic Impact of Covid-19 on Family Functioning and Well-Being: Where do we go from here?," Journal of Family and Economic Issues, Springer, vol. 43(2), pages 205-212, June.
    7. Layard, Richard & Clark, Andrew E. & De Neve, Jan-Emmanuel & Krekel, Christian & Fancourt, Daisy & Hey, Nancy & O'Donnell, Gus, 2020. "When to release the lockdown: a wellbeing framework for analysing costs and benefits," LSE Research Online Documents on Economics 104276, London School of Economics and Political Science, LSE Library.
    8. Foliano, Francesca & Tonei, Valentina & Sevilla, Almudena, 2024. "Social restrictions, leisure and well-being," Labour Economics, Elsevier, vol. 87(C).
    9. Adams-Prassl, Abi & Boneva, Teodora & Golin, Marta & Rauh, Christopher, 2023. "Perceived returns to job search," Labour Economics, Elsevier, vol. 80(C).
    10. Claudia Hupkau & Barbara Petrongolo, 2020. "Work, Care and Gender during the COVID‐19 Crisis," Fiscal Studies, John Wiley & Sons, vol. 41(3), pages 623-651, September.
    11. Olga Cantó & Francesco Figari & Carlo V. Fiorio & Sarah Kuypers & Sarah Marchal & Marina Romaguera‐de‐la‐Cruz & Iva V. Tasseva & Gerlinde Verbist, 2022. "Welfare Resilience at the Onset of COVID‐19 Pandemic in a Selection of European Countries: Impact on Public Finance and Household Incomes," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 68(2), pages 293-322, June.
    12. Jung, Haeil & Kim, Jun Hyung & Hong, Gihyeon, 2023. "Impacts of the COVID-19 crisis on single-person households in South Korea," Journal of Asian Economics, Elsevier, vol. 84(C).
    13. Alfani,Federica & Dhrif,Dorra & Molini,Vasco & Pavelesku,Dan & Ranzani,Marco, 2021. "Living Standards of Tunisian Households in the Midst of the COVID-19 Pandemic," Policy Research Working Paper Series 9581, The World Bank.
    14. Mathilde Bouvier & François Roubaud & Mireille Razafindrakoto & Roberta Teixeira, 2022. "Labour market transitions in the time of Covid-19 in Brazil:a panel data analysis," Working Papers DT/2022/02, DIAL (Développement, Institutions et Mondialisation).
    15. repec:iab:iabjlr:v:55:i::p:art.4 is not listed on IDEAS
    16. Block, Joern & Kritikos, Alexander S. & Priem, Maximilian & Stiel, Caroline, 2022. "Emergency-aid for self-employed in the Covid-19 pandemic: A flash in the pan?," Journal of Economic Psychology, Elsevier, vol. 93(C).
    17. Arpit Gupta & Anup Malani & Bartosz Woda, 2021. "Inequality in India Declined During COVID," NBER Working Papers 29597, National Bureau of Economic Research, Inc.
    18. Juan Duran-Vanegas, 2022. "Gender Gaps in the Labor Market Effects of COVID-19: Evidence for Mexico," Trinity Economics Papers tep0422, Trinity College Dublin, Department of Economics, revised May 2022.
    19. Crossley, Thomas F. & Fisher, Paul & Low, Hamish, 2021. "The heterogeneous and regressive consequences of COVID-19: Evidence from high quality panel data," Journal of Public Economics, Elsevier, vol. 193(C).
    20. Philippe Askenazy & Clément Brébion & Pierre Courtioux & Christine Erhel & Malo Mofakhami, 2023. "HRM Strategies in Response to the First Covid Lockdown: a Typology of French Workplaces," CEPN Working Papers hal-03953817, HAL.
    21. Kugler, Maurice & Viollaz, Mariana & Duque, Daniel & Gaddis, Isis & Newhouse, David & Palacios-Lopez, Amparo & Weber, Michael, 2023. "How did the COVID-19 crisis affect different types of workers in the developing world?," World Development, Elsevier, vol. 170(C).

    More about this item

    Keywords

    Household; survey; wealth; income; assets; debts; COVID-19.;
    All these keywords.

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
    • C83 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Survey Methods; Sampling Methods

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bcl:bclwop:bclwp176. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/bclgvlu.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.