Finland’s Household Debt Averages €94,400 in 2022, Real Decrease Despite Nominal Growth

According to the latest corrected release from Statistics Finland on the 2022 Debt Statistics, households with debt in Finland had an average debt of €94,400 in the said year. The corrected figures, released on December 1, 2023, reveal adjustments made to the initial publication on July 4, 2023.

Despite nominal increases in average debts and mortgage values, a noteworthy real decrease was observed, indicating a shift in the trend. The household debt statistics highlight a considerable disparity between nominal and real values, influenced by exceptional increases in the cost of living.

Key Highlights:

  1. Overall Debt and Mortgage Landscape:
    • At the end of 2022, Finnish households collectively owed €139 billion, with 70% of this amount attributed to mortgage debt.
    • The total number of debtor households reached 1.47 million, constituting 52% of all households.
    • Nominal growth in debt continued, but a real decrease was noted in the actual value of household debts.
  2. Real Decrease in Relevancy to Average Household:
    • Real average debts per debtor household and mortgage values per mortgage-holding household were approximately 5% lower than the previous year.
    • Nominal values, not accounting for changes in the value of money due to exceptional increases in living costs, showed a slight increase from the previous year. Debts of debtor households increased by an average of 1.4%, and mortgage values of mortgage-holding households increased by 2.9%.
  3. Regional Variances:
    • Regionally, the highest average debts were reported in Åland, with an average household debt of €130,700 in 2022.
    • Uusimaa (the region around Helsinki) was the only area where the average household debt exceeded the national average, reaching €121,200 per debtor household.
  4. Mortgage Landscape:
    • Uusimaa and Åland also reported the highest mortgage values, averaging €156,700 and €133,700 per mortgage-holding household, respectively.
  5. Demographic Distribution:
    • The total number of debtor households remained the same as the previous year, totaling 1.47 million.
    • Regionally, Åland, Uusimaa, and Northern Ostrobothnia reported the highest proportions of debtor households, while South Savo and Kainuu reported the lowest.
  6. Mortgage-Holding Households:
    • In 2022, mortgage-holding households constituted 30% of all households in Finland.
    • Regionally, Åland and Central Ostrobothnia reported the highest proportions, while North Karelia and South Savo reported the lowest.