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2. Outstanding Savings and Liabilities
(i) Outstanding Savings
Outstanding savings per household in all households was 15.56 million yen in 2004. Although outstanding savings per household posted a growth of 4.8% over the 1999 survey, this was the smallest increase since the start of this survey.On the other hand, yearly income per household, which stood at 7.01 million yen, fell by 8.3% as compared to the 1999 survey.
Moreover, the savings to yearly income ratio (the ratio of outstanding savings to yearly income) reached 222.0% and outstanding savings was about 2 times yearly income. (Figure I-4, Table I-2)
Figure I-4: Changes in Yearly Income and Outstanding Savings (All Households)
Table I-2: Changes in Yearly Income and Outstanding Savings (All Households)
b. Distributions of Outstanding Savings across Households
The distributions of outstanding savings across households in all households (standard intervals: 1.5 million yen) reveals that outstanding savings in about two-thirds (68.4%) of households fell short of the average of outstanding savings (15.56 million yen), indicating a biased distribution of the households toward smaller scales of savings.
The median value of outstanding savings, which separates households into two groups at the middle, was 9.29 million yen.
Those households that had savings of less than 1.5 million yen formed the largest group accounting for 10.8% of all households. (Figure I-5)
Figure I-5: Distributions of Outstanding Savings Across Households (All Households)
c. Differentials in Savings among Households
The differentials in outstanding savings were analyzd using the Gini coefficient1). After leveling off at 0.528 in 1994 and 0.529 in 1999, the figure rose to 0.540 in 2004. (Figure I-6)
1). The Gini coefficient shows the degree of concentration or inequality of distribution. The more it is closer to 0,it is more equal and the more it is close to 1, it is more unequal.
2). The Gini coefficient has been calculated using the analysis results by scale of the outstanding savings.
Figure I-6: Changes in the Gini Coefficient of Outstanding Savings (All Households)
d. Outstanding Savings by Type of Savings
An analysis of saving per household in all households by type of savings indicates that time deposits account for the largest component at 7.11 million yen, which was followed by life insurance, etc. at 4.06 million yen, demand deposits at 2.38 million yen, securities at 1.71 million yen and other savings (deposits at company, etc.) at 0.3 million yen.
Compared with the 1999 survey, while demand deposits showed a marked growth of 72.9%, other savings, time deposits, securities and life insurance, etc. all decreased by 32.4%, 2.0%, 0.5% and 0.1%, respectively.
The component ratio of demand deposits accounted for 15.3%, the highest level since the start of the survey. On the other hand, that of securities declined to 11.0%, the lowest level since the start of the survey. (Figure I-7, Table I-3)
Figure I-7: Changes in Component Ratio by Type of Savings (All Households)
Table I-3: Changes in Outstanding Savings and Component Ratio by Type of Savings
The liabilities was 5.84 million yen per household in all households, up 3.0% over the 1999 survey, which was the smallest increase since the start of the survey. Moreover, the liabilities to yearly income ratio (the ratio of liabilities to yearly income) was 83.4% which was 9.1 percentage point higher as compared to the 1999 survey (74.3%). The liabilities for purchase of houses and/or land was 5.04 million yen, which accounted for 86.2% of liabilities.
The liabilities holding ratio (the ratio of households that hold liabilities for purchase of houses and/or land) was 32.7%, which was 1.0 percentage point lower than 33.7% in 1999. The liabilities for purchase of houses and/or land of the households that had liabilities for purchase of houses and/or land was 15.41 million yen, up 4.6% over the 1999 survey. (Figure I-8, Table I-4)
Figure I-8: Changes in Yearly Income and Liabilities (All Households)
Table I-4: Changes in Yearly Income and Liabilities (All Households)