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Debt as a source of financial stress in Australian households. Discussion Paper No. 164

Worthington, Andrew C. (2003) Debt as a source of financial stress in Australian households. Discussion Paper No. 164. [Working Paper] (Unpublished)

Abstract

This paper examines the role of demographic, socioeconomic and debt portfolio characteristics as contributors to financial stress in Australian households. The data is drawn from the most-recent Household Expenditure Survey Confidentialised Unit Record Files (CURF) and relate to 3,268 probability-weighted households. Financial stress is defined, amongst other things, in terms of financial reasons for being unable to have a holiday, have meals with family and friends, and engage in hobbies and other leisure ctivities and overall financial management. Characteristics examined included family structure and composition, source and level of household income, age, sex and marital status, ethic background, housing value, debt repayments and credit card usage. Binary logit models are used to identify the source and magnitude of factors associated with financial stress. The evidence provided suggests that financial stress is higher in families with more children or other dependents and from ethnic minorities, especially those more reliant on government pensions and benefits, and negatively related to disposable income and housing value. There is little evidence to suggest that Australia’s historically high levels of household debt are currently the cause of significant amounts of financial stress in these households.

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ID Code: 325
Item Type: Working Paper
Keywords: Household and consumer debt, owner, occupied and investor housing, financial stress, household expenditure
Subjects: Australian and New Zealand Standard Research Classification > ECONOMICS (140000) > APPLIED ECONOMICS (140200) > Financial Economics (140207)
Australian and New Zealand Standard Research Classification > STUDIES IN HUMAN SOCIETY (160000) > DEMOGRAPHY (160300) > Family and Household Studies (160301)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Copyright Owner: Copyright 2003 (please consult author)
Deposited On: 29 Jul 2004
Last Modified: 05 Jan 2011 23:23

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