Data extracted on 28 October 2024.
Planned article update: October 2025.
Highlights
Total financial assets of households in the EU were valued at €37 264 billion in 2023, which was 3.9 times as high as the value of their financial liabilities, which stood at €9 670 billion.
In 2023, the assets of households in the EU were composed mainly of equity and investment fund shares (35.9%), currency and deposits (31.2%), and insurance, pensions and standardised guarantees (26.9%), whereas liabilities largely consisted of loans (92.1%).
(%, change over previous year)
Source: Eurostat (nasa_10_f_bs)
This article focuses on the annual stock of financial assets and liabilities for households and non-profit institutions serving households (NPISH). Note that there are complementary articles that provide similar information on non-financial corporations and financial corporations. A comparison between these sectors (excluding general government) is available in the article on non-financial corporations.
Across the European Union (EU), the financial assets of households mainly comprise equity and investment fund shares, currency and deposits, and assets held with life insurance companies and pension funds. The financial liabilities of households mainly comprise mortgages and other types of loans.
The data presented in this article relate to a detailed set of consolidated financial balance sheets for households and NPISH, as released by Eurostat. Note that statistics detailing the financial accounts may be consolidated or non-consolidated; the latter record not only transactions and positions between sectors (in other words, households and NPISH with other actors in the economy) but also transactions and positions within the same sector (in other words, between households and/or NPISH).
This article provides an analysis of financial assets and liabilities in the EU and the euro area (EA), as well as for individual EU countries, 1 of the EFTA countries (Norway) and 2 of the enlargement countries (Albania and Türkiye). Data are generally available for 2023; the latest data available for the euro area and Albania are for 2022. Some indicators are presented in relation to gross domestic product (GDP), which is beneficial for making cross-country comparisons, especially between countries of different size.
In this article, data for the households sector always include information for the NPISH sector. It should be noted that the size of the NPISH sector is relatively small compared with the household sector, accounting for around 2% of the combined total financial assets and liabilities of these 2 sectors.
Assets and liabilities
Total financial assets of households in the EU were valued at €37 264 billion in 2023, 3.9 times as high as their financial liabilities, which were valued at €9 670 billion
Total financial assets of households in the EU were valued at €37 264 billion in 2023. This was 3.9 times as high as the value of their financial liabilities that stood at €9 670 billion, resulting in a net difference of €27 594 billion (or 74.1% of the value of the assets). This was lower than the same value in 2022, which stood at €25 309 billion (or 72.6%).
The annual rate of change for total financial assets and liabilities of households is presented in Figure 1. The EU recorded growth in 2023 of 6.8% for assets and 1.0% for liabilities.
It should be noted that rates of change are calculated in national currencies. Among the EU countries, the highest annual growth rates for assets in 2023 were observed in Lithuania (14.8%), Croatia (12.9%), Hungary (12.8%) and Bulgaria (10.6%). For liabilities, Lithuania had, by far, the highest annual growth rate among the EU countries, at 23.7%; the next highest growth rates were recorded in Bulgaria (12.1%) and Croatia (9.8%). Among the non-EU countries included in Figure 1, Türkiye had even higher annual growth rates: 70.6% for assets and 76.8% for liabilities. Among the EU countries, all had a positive annual rate of change for assets, while negative annual rates of change were registered for liabilities in Spain (-2.5%), Greece (-1.9%), Austria (-1.6%), Poland (-0.8%), Italy (-0.7%) and Portugal (-0.6%).
Greece and Spain had the largest differences between the rates of change for assets and liabilities, 9.8 and 9.6 percentage points (points), respectively, resulting from increases in assets and decreases in liabilities. The largest difference, by far, resulting from a faster increase in liabilities than in assets was observed in Lithuania (8.9 points difference).
(%, change over previous year)
Source: Eurostat (nasa_10_f_bs)
The share of each EU country in the EU’s total financial assets and liabilities of households in 2023 is presented in Figure 2. Germany held close to a quarter of the financial assets (23.7%) and more than a fifth of the liabilities (22.4%) of households in the EU, while France’s shares were just under a fifth for assets (18.6%) and more than a fifth for liabilities (21.9%). They were followed by Italy with 14.8% of financial assets and a notably lower share (9.0%) of financial liabilities and the Netherlands with 8.4% of financial assets and 10.8% of financial liabilities. Apart from Spain and Sweden, the other EU countries each held less than 5.1% of assets or liabilities. There were 5 EU countries (Germany, France, Italy, the Netherlands and Spain) which collectively accounted for 73.4% of the financial assets and 71.8% of the financial liabilities of households in the EU.
(%)
Source: Eurostat (nasa_10_f_bs)
Figure 3 presents the financial assets and liabilities of households as a percentage of GDP. In 2023, these assets were valued in the EU at 216.7% of GDP, while these liabilities were valued at 56.2% of GDP, resulting in net assets equivalent to 160.5% of GDP.
In Slovakia and Finland, households’ financial assets were, respectively, 1.9 and 2.0 times as high as their liabilities, the lowest such ratios among the EU countries. Elsewhere, financial assets were at least 3.0 times as high as liabilities in 23 EU countries and at least 4.0 times as high in 10 EU countries. The 3 highest ratios were observed in Bulgaria (5.5 times as high), Italy (6.3 times as high) and Hungary (6.6 times as high).
The value of households’ financial assets as a percentage of GDP was above 100.0% in 2023 for all EU countries except for Romania (73.6%), Slovakia (87.3%) and Poland (90.1%). This ratio was highest in Denmark (370.8%) and Sweden (329.1%). However, the value of liabilities as a percentage of GDP was below 100.0% for all EU countries. It was highest in the Netherlands (98.1%) and lowest in Romania (18.4%).
_Figure_3.png)
(%)
Source: Eurostat (nasa_10_f_bs)
Structure of assets and liabilities
The largest shares of households’ financial assets were equity and investment fund shares, currency and deposits, and insurance, pensions and standardised guarantees
In this article, financial assets and liabilities are presented for 5 main types of instruments: currency and deposits; loans; equity and investment fund shares; insurance, pensions and standardised guarantees; and other accounts receivable/payable. Small shares of total financial assets of EU households in 2023 were accounted for by 3 other types of assets and these are grouped together in Figure 4 as other instruments (with a collective share of 2.6% of total financial assets of households): monetary gold and special drawing rights (SDRs); debt securities; and financial derivatives and employee stock options. Notably, the category of monetary gold and SDRs was valued at zero for all EU countries for the households’ sector.
Out of the total financial assets of EU households in 2023, equity and investment fund shares accounted for the largest share (35.9%) – see Figure 4. This was closely followed by currency and deposits (31.2%), and insurance, pensions and standardised guarantees (26.9%). Smaller shares were recorded for other accounts receivable/payable (2.9%), other instruments (2.6%) and loans (0.4%).
Among the EU countries, the main types of assets held by households in 2023 were generally equity and investment fund shares, currency and deposits, and insurance, pensions and standardised guarantees.
- The category of currency and deposits was the largest instrument in 11 EU countries and joint highest in one more. This category accounted for over half of all financial assets in 3 EU countries: Cyprus (56.3%), Poland (53.4%) and Greece (52.9%).
- The category of equity and investment fund shares was the largest instrument in 12 EU countries and joint highest in one more. This category also accounted for over half of all financial assets in 3 EU countries: Estonia (70.5%), Bulgaria (53.5%) and Finland (50.7%).
- The category of insurance, pensions and standardised guarantees was the largest instrument in 3 EU countries and accounted for over half of all financial assets in the Netherlands (55.4%).
The vast majority of households’ financial liabilities were loans
Loans accounted for 92.1% of total financial liabilities of EU households in 2023. Other accounts receivable/payable accounted for the rest (7.9% of the total). The main type of households’ liabilities in each of the EU countries in 2023 was loans, accounting for at least 81.7% of the total except in Lithuania and Romania where the shares were 72.1% and 68.3%, respectively. The lowest contributions from other accounts receivable/payable were 0.0% in Luxembourg and 1.2% in Germany; the highest shares were 27.9% in Lithuania and 31.7% in Romania.
_Figure_4.png)
(% share of total financial assets of households)
Source: Eurostat (nasa_10_f_bs)
Developments
The value of households’ financial assets as a percentage of GDP decreased in a majority of EU countries in 2023
Total financial assets of EU households grew almost continuously during the period 2013–23, falling only in 2022 (down 4.5%). Their total value increased from €23 805 billion in 2013 to €37 264 billion in 2023 (a 56.5% overall increase).
Total financial liabilities fell slightly in 2014 (down 0.1%) but increased each year thereafter through to 2023. Total financial liabilities increased from €7 668 billion in 2013 to €9 670 billion in 2023, an overall increase of 26.1%.
The value of households’ financial assets as a percentage of GDP was 0.6 points higher in 2023 than in 2022 in the EU (see Figure 5). This ratio decreased in a majority of EU countries (as well as Türkiye), most notably in Malta (down 13.9 points) and Portugal (down 9.1 points). By contrast, there were considerable increases in Denmark (up 22.7 points), Sweden (up 11.3 points) and Ireland (up 8.3 points); a large increase (up 22.4 points) was also recorded in Norway.
The value of households’ financial liabilities as a percentage of GDP decreased 3.1 points in the EU between 2022 and 2023. This ratio decreased in 21 EU countries, most notably in Portugal (down 6.9 points). The largest increase among the EU countries was observed in Denmark (up 4.6 points); a larger increase was observed in Norway (up 12.2 points).
_Figure_5.png)
(%)
Source: Eurostat (nasa_10_f_bs)
Source data for tables and graphs
Data sources
The compilation of financial accounts follows the European System of Accounts 2010 (ESA 2010).
Following recommendations for a harmonised European revision policy for national accounts and balance of payments, EU countries have carried out a benchmark revision of their national accounts estimates in 2024. The purpose of this benchmark revision was to implement changes introduced by the amended ESA 2010 regulation, and to incorporate new data sources and other methodological improvements. Most of the revised quarterly and annual country data have been released by Eurostat between June and October 2024, and progressively integrated in estimates for the EU and the euro area. For further details, please consult the available documentation on Eurostat’s website.
In the October 2024 version of this article, the results of the benchmark revisions on financial accounts are included.
The financial account and balance sheet
Eurostat’s website includes detailed financial accounts by country. Financial accounts are published in consolidated and non-consolidated forms; within this article, the former are presented. As a rule, the accounting entries in ESA 2010 are non-consolidated, as a consolidated financial account requires information on the counterpart grouping of institutional units. Note that data for the EU and EA aggregates are calculated as a sum of data for EU and EA countries; no adjustment is made for flows between countries.
The household sector
Data for 2012 and more recent years are available separately for the household sector and for the NPISH sector. For data before 2012, these sectors were combined under a single heading. The NPISH sector is relatively small.
In general, sole proprietorships and most partnerships that don’t have an independent legal status are considered to be part of the household sector, rather than as corporations (financial or non-financial). However, there are sometimes practical difficulties in delineating ‘quasi-corporations’ (unincorporated businesses with the characteristics of companies) between corporations on one hand and the household sector on the other. This may influence the scope and comparability of the data presented as well as the internal consistency of the full set of accounts.
Context
Financial accounts form part of the national accounting framework and are compiled in the EU in accordance with ESA 2010. They are a significant tool for analysing financial developments and policy decisions, and provide key statistical information on financial transactions, other financial flows and financial balance sheets by institutional sector, including the household sector. Particular issues relating to the household sector include the growth and level of indebtedness, 1 of the main origins of the global financial and economic crisis.
Financial accounts show how borrowers obtain resources by incurring liabilities or reducing assets, and how lenders allocate their surpluses by acquiring assets or reducing liabilities. Financial assets held by households form an important part of overall wealth and are also an important source of revenue or property income (such as interest payments and dividends). The structure of financial assets held by households may be used in economic analyses to study issues such as asset bubbles, or to assess financial risk, vulnerability and welfare. Since the global financial and economic crisis, financial accounts for households have been integrated into an enlarged set of policy indicators – the EU’s macroeconomic imbalance procedure (MIP) surveillance mechanism – that are used to identify potential macroeconomic risks early on, prevent the emergence of harmful macroeconomic imbalances and correct the imbalances that are already in place.
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Other articles
Database
- Financial flows and stocks (nasa_10_f)
- Financial balance sheets - annual data (nasa_10_f_bs)