Borrowing and socio-economic characteristics of households: results of sample surveys carried out by the Bank of Greece

Abstract

This paper uses data from two household surveys conducted by the Bank of Greece in 2002 and 2005 and examines how various socio-economic characteristics of households, such as size, income and wealth, the age, education level and tenure of employment of the head, the number of members in employment and the degree of urbanisation of the place of residence are related to the probability of having a loan, the level of indebtedness, the distribution of the debt service cost to income ratio and also the non-servicing of loans. Most of the characteristics examined were found to be associated with the household’s probability of having a loan. The level of indebtedness was found to be positively correlated with household income and wealth and also associated with the age of the household head. Finally, certain household characteristics were also found to affect capacity to service debt obligations properly.

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