Nordic Debt Collection Analysis no.2 | 2019
In our report Nordic Debt Collection Analysis, we provide an economic view of the Nordic countries, seen from the debt collection perspective. In this edition we see a gender gap in household debt. Among 6 out of 10 debt collection cases belong to men.
The report is based on millions of anonymised debt collection cases from Intrum in Denmark, Finland, Norway and Sweden, and shows the development in factors such as number of cases, average principal amount, and demographic variations.
The new data shows that a majority of the debt collection claims in all four Nordic countries involves male debtors.
The Nordic countries have been at the forefront in closing the gender gap. It is therefore paradoxical to see how traditional gender roles, with men being responsible for household finances, still appear dominant among Nordic households.Anette Willumsen, Managing Director – North European Region
“Leaving shared expenses to your partner is not without risk. The possibilities of financial fraud and unpleasant financial surprises increase if one member of the household chooses not to play an active part in financial decisions and activities, such as paying bills. We believe gender equality should also apply in the area of household finances“, continues Willumsen.
Key findings from the report
Declining consumer confidence across the Nordic region
- Consumer confidence has declined across the Nordic region during 2019 as consumers fear that tougher times lay ahead.
- To prepare, households are increasing their savings.
- Nordic saving rates are among the highest compared to the Euro-area countries
- An economic down-turn would mean more debt collection cases related to consumers, but with a lower solution, as income would decline.
The new data shows that a majority of the debt collection claims in all four Nordic countries involves male debtors
- The division between men’s and women’s share of debt collection cases have been stable over the last five year-period.
- Norway has the biggest gender gap, with men standing for more than 60 per cent of all debt collection cases.
- Sweden and Denmark are just below, with male debtors standing for 58 per cent of the cases during this year.
- With 55 per cent of the cases belongs to male debtors, Finland has the smallest gender gap in debt collection claims.
- Better payment morale among women, more risky behaviour among men and higher income, thus, higher access to credit among men, are contributing factors.
Nordic Debt Collection Analysis 1 2019
The report shows a moderate growth in debt collection cases in 2018. Defaults among seniors are increasing at a faster pace than any other age group, and we have seen a steady increase in recent years. On a more positive note, among the younger population in the Nordic region, debt problems are not on the rise. Read the full report here.
Nordic Debt Collection Analysis 1 2018
The first edition of the report shows a debt collection market in change. After a decade of low interest rates have increased the credit demand in the Nordic region. We expect an increase in debt collection cases when interest rates increase. Read the full report here.