In the Statistics Iceland SILC survey 2011, 10.2% of households were in arrears on mortgage or rent payments in the past 12 months and 12.4% of households were in arrears on other loans during the same period. In 2011 51.5% of households found it difficult to make ends meet, 31.6% of households said that housing cost was a heavy burden and 15.2% said that payments of other loans were a heavy burden. Just below 40% of households could not meet unexpected expenses of 160,000 ISK with the usual household budget. Generally speaking it can be said that the financial situation in Icelandic households is somewhat worse in 2011 than the years before. The main exception from that is burden and arrears of loans other than housing loans which decreased since 2010.

Notes: CI (95%) 2011: Can not meet unexpected expenses ±2.0, difficult to make ends meet ±2.0.

When broken down by household type, single parents were most likely to be in financial difficulties. Households with more than one adult and without children seem to be in the best situation financially. Households with a woman living alone alone were less likely than other types of households to be in arrears on mortgage or on other loans.

When analysed by the mean age of adults,  households with the mean age of 30–39 are in most difficulties. Generally it can be said that the higher the mean age of adults in the household the better off financially the households seem to be.

Statistics Iceland has published an issue in the Statistical Series about household finances in Iceland 2004 to 2011.

Implementation
The results are from The European Survey of Income and Living Conditions (EU-SILC) but the survey is conducted in all EU-countries, Iceland, Norway and Switzerland. The sample for the 2011 survey was 4,313 households. After excluding those who are deceased and residing abroad the net sample was 4,018 households. Responses were received from 3,021 which is a 75% response rate. The data collection period was from March to May 2011.

Household finances 2011 - Statistical Series