14.4.2010A recent Nordea survey of Finns' housing and housing loans reveals divorce to be the biggest threat to families’ finances. Nearly a thousand Finns were asked about the likelihood of their being able to continue living in their current home in different crisis situations.
In the case of divorce or separation of co-habiting partners only four out of ten respondents said they could afford continue living in their current home. While nearly half (48%) of the male respondents answered like this, the majority of the female respondents would in the event of divorce have to move to a more affordable home: only 29 per cent claimed to be able to remain in their present home. Whether or not the household has children was a relevant factor. Of the families with children, 35 per cent said they could probably keep their home in a divorce situation. With childless households the percentage was 42.
The second worst financial threats to Finnish households were the death or permanent disability of either of the spouses. In both cases six out of ten could stay in their current home. Of the men, seven in ten could continue living in their present home despite the death or permanent disability of their spouse. A little less than half (47%) of the women considered this a possibility. No significant differences between women and men were detected when the respondents assessed their own incapacity, however. Similarly, there were no significant differences between families with or without children.
Finnish people rely on the social safety networks in crisis situations. Most of them think that unemployment or even a long sick leave would not force them to change homes. Still, clearly fewer women rely on the sustainability of their finances if the unemployment or sick leave of their husband persisted for a long time. The survey indicates that the husband's income seems, at least so far, to play a more important role than that of the wife's in terms of housing and the capacity to meet mortgage obligations.
Nordea examined the situation in Finland with focus on Finns’ attitude to housing loans and loans in general. The target group comprised mortgage lenders in the 25–65 age group. In Finland the survey included 994 interviews. Corresponding surveys were conducted in Sweden, Norway and Denmark between 19 February and 1 March 2010, also commissioned by Nordea and carried out by Synovate.
For further information:
Anu Numminen, Private Economist, +358 9 165 88218, +358 50 597 0447
