Household net worth grows 6.8% in Q2 as liabilities outpace assets

Personal loans made up 28.9% of liabilities during the quarter.

Household net worth grew 6.8% year on year (YoY) in the second quarter, up from 6.7% in the first quarter, according to the Department of Statistics.

The increase came as household assets grew 7.0% YoY, whilst liabilities rose at a faster 8.3%. Liabilities have outpaced assets for three consecutive quarters.

Personal loans recorded the fastest growth amongst the main liability categories, increasing 15.0% YoY in Q2 from 14.5% in Q1. Mortgage loans grew 5.8%, matching the rate recorded in Q1.

Personal loans accounted for 28.9% of household liabilities in Q2, up from 28.6% in Q1. Mortgage loans accounted for the remaining 71.1%.

Financial assets supported asset growth, rising 9.5% YoY in Q2 from 8.5% in Q1. Residential property assets grew 3.7%, down from 4.7%.

Financial assets accounted for 57.7% of household assets in Q2, up from 57.1% in Q1. Residential property assets made up 42.3%, down from 42.9%.

Household net worth stood at 870.4% of personal disposable income (PDI) in Q2, compared with 868.1% in Q1. Total assets rose to 978.5% of PDI from 975.9%, whilst liabilities increased to 108.1% from 107.8%.

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Department of Statistics

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