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How has COVID-19 affected the financial situation of households in Austria?

Author

Listed:
  • Nicolas Albacete

    (Oesterreichische Nationalbank, Economic Analysis Division)

  • Pirmin Fessler

    (Oesterreichische Nationalbank, Economic Analysis Division)

  • Fabian Kalleitner

    (University of Vienna)

  • Peter Lindner

    (Economic Analysis Division)

Abstract

This study discusses the potential effects of the COVID-19 crisis on the finances of households in Austria. Different individuals and households have been exposed to the crisis in very different ways and to varying degrees. In the first part of this study, we discuss different types of households and different channels through which the COVID-19 crisis may affect households’ financial situation. The second part of the study uses data from the Austrian Corona Panel Project (ACPP) carried out by the University of Vienna as well as data from the Eurosystem Household Finance and Consumption Survey (HFCS) for Austria to analyze (potential) impacts of the crisis. We find that those households who had already found themselves in a difficult social, economic and financial situation before the COVID-19 crisis were the ones suffering the largest income losses (e.g. low-income households or households with an unemployed reference person).

Suggested Citation

  • Nicolas Albacete & Pirmin Fessler & Fabian Kalleitner & Peter Lindner, 2021. "How has COVID-19 affected the financial situation of households in Austria?," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q4/20-Q1/, pages 111-130.
    • Handle: RePEc:onb:oenbmp:y:2021:i:q4/20-q1/21:b:5
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    References listed on IDEAS

    as
    1. Ampudia, Miguel & van Vlokhoven, Has & Żochowski, Dawid, 2016. "Financial fragility of euro area households," Journal of Financial Stability, Elsevier, vol. 27(C), pages 250-262.
    2. Nicolas Albacete & Pirmin Fessler, 2010. "Stress Testing Austrian Households," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 19, pages 72-91.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Helmut Elsinger & Pirmin Fessler & Stefan Kerbl & Anita Schneider & Martin Schürz & Stefan Wiesinger, 2021. "The calm before the storm? Insolvencies during the COVID-19 pandemic," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 41, pages 57-76.
    2. Nadia Steiber & Christina Siegert & Stefan Vogtenhuber, 2021. "Die Erwerbssituation und subjektive finanzielle Lage privater Haushalte im Verlauf der Pandemie," Working Paper Reihe der AK Wien - Materialien zu Wirtschaft und Gesellschaft 222, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik.
    3. Susanne Maidorn & Lukas Reiss, 2021. "How effective were measures introduced in the COVID-19 crisis in supporting household incomes?," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q3/21, pages 23-37.
    4. Anna Doś & Monika Wieczorek-Kosmala & Joanna Błach, 2022. "The Effect of Business Legal Form on the Perception of COVID-19-Related Disruptions by Households Running a Business," Risks, MDPI, vol. 10(4), pages 1-17, April.

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    More about this item

    Keywords

    COVID-19 crisis; coronavirus; Austrian Corona Panel Project (ACPP); Household Finance and Consumption Survey (HFCS);
    All these keywords.

    JEL classification:

    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G5 - Financial Economics - - Household Finance

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