Euro area economic and financial developments by institutional sector: fourth quarter of 2023

  • As of April 2024, ECB quarterly financial accounts provide new details on household holdings of investment fund shares/units broken down by underlying asset and counterpart sector. Notably, household exposure to rest of world assets is primarily through indirect holdings via investment fund shares
  • Euro area net saving increased to €833 billion in four quarters to fourth quarter of 2023, compared with €751 billion one quarter earlier
  • Household debt-to-income ratio decreased to 87.0% in fourth quarter of 2023 from 92.8% one year earlier
  • Non-financial corporations' debt-to-GDP ratio (consolidated measure) decreased to 67.1% in fourth quarter of 2023 from 71.6% one year earlier

Published on the 26th of April 2024

New details on household assets

The ECB is from now on releasing more detailed data on household holdings of investment fund shares/units broken down by underlying asset and by counterpart sector, thereby providing further insights into households‘ indirect exposures.1 Investment funds allow investors to gain exposure to a large number and variety of assets without buying them directly. Investment fund holdings amount to about one tenth of the total financial assets held by euro area households and are the fourth largest asset class after deposits, unlisted shares (for example, ownership in private businesses), and insurance and pension savings.

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Updated on the 25th of July 2024

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