In the Statistics Iceland's SILC survey 2012, 10.1% of households were in arrears on mortgage or rent payments in the past 12 months and 10.4% of households were in arrears on other loans during the same period. Just over 27% of households said that housing cost was a heavy burden and just below 14% said that payments of other loans were a heavy burden.

Notes: CI (95%) 2012: Arrears on mortgage or rent payments ±1.3, arrears on other loan payments ±1.2.

In 2012 48,2% of households found it difficult to make ends meet and just below 36% of households could not meet unexpected expenses of 157,000 ISK with the usual household budget. In general, the number households in financial difficulties decreased between years for the first time since 2008.

Notes: CI (95%) 2012: 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 a woman living alone were less likely than households with man living alone to be in arrears on mortgage or rent payments and 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 2012.

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 2012 survey was 4,347 households. After excluding those who are deceased and residing abroad the net sample was 4,018 households. Responses were received from 3,091 which is a 77% response rate. The data collection period was from March to May 2012.

Household finances 2012 - Statistical Series