Posts Tagged ‘household spending’

New stats about old folks

Wednesday, September 19th, 2012

With the rapid aging of society it pays to pay attention to all the latest economic statistics regarding old people, and lately we’ve come across quite a few. Here are some new numbers about households in which the designated head-of-household is 65 or older, carried in the Asahi and Tokyo Shimbuns.

Keep on pushin’

  • The average monthly income in 2011 was ¥185,000, which is about ¥3,000 less than the average in 2010.
  • About 90% of total income is in the form of government and company pensions.
  • Average spending is ¥221,000 month, meaning that the average household is ¥36,000 in the hole.
  • However, in 2011 average savings for households when there are at least two people stood at ¥22.57 million. Savings among seniors has been increasing gradually since 2008, but the statistic may be misleading since it is heavily weighted toward upper income households newly entering the senior demographic. Median savings is ¥14.6 million.
  • 5.44 million people over the age of 64 worked in 2011, which represents 27.6 percent of the nation’s population over that age; 46 percent of men and 26 percent of women between the ages of 65 and 69 worked.
  • Total number of people over 64 exceeded 30 million in 2011, with 50,000 over the age of 100.
  • As reference, in 2005, when the number of elderly was slightly over 26 million, about 2.2 percent were collecting welfare. The average monthly welfare payment for two-person elderly households in Tokyo was ¥122,000 and for outside of Tokyo ¥94,500. About 47 percent of elderly who received welfare also received some sort of government pension, at an average of ¥46,000 a month.

Yearly statistics put recession into slightly better focus

Friday, February 24th, 2012

Here's your money: Bank of Japan

As the fiscal year draws to a close the relevant government ministries and agencies release their statistics for the previous calendar year. This week, the media mostly concentrated on a survey by the Bank of Japan that revealed a steep rise in the percentage of households (two or more people) with absolutely no financial assets, meaning no stocks, bonds, savings or annuities: 28.6 percent, 6.3 points higher than it was in 2010 and the highest it has ever been since 1963, when the BOJ started conducting this particular survey. Among the households that did have financial assets, the average amount per household was ¥11.5 million, or ¥190,000 less than in 2010. The reason cited by the BOJ is a loss of value in securities affected by market performance in response to the March 11 disaster and the European credit crisis. However, one aspect of the survey that tends to get overlooked in most news reports is that 8,000 questionnaires were sent out but only 47.5 percent were returned with responses, which means the number of households represented was less than 4,000.

For a bit more insight into the nation’s economic well-being, there’s the chingin kozo kihon tokei chosa, a survey conducted by the Health, Welfare and Labor Ministry to find out the situation with regards to salaries and wages. According to the results the average monthly pay of a full-time worker in Japan in 2011 was ¥296,800, which was 0.2 percent less than it was in 2010. Yearly salaries have been going down since 2008, when the average was ¥299,980. This amount includes basic wage plus any regular allowances but does not include overtime or bonuses. The ministry received responses from 45,818 firms, each of which has at least ten employees. Broken down a bit further, the average yearly pay for men was ¥328,300 (about the same as it was in 2010) and for women it was ¥231,900. That’s about 70 percent of men’s pay, but ten years ago women’s average pay was 60 percent of men’s.

Continue reading about yearly economic statistics →

Tracking the recession with the Moyashi Index

Thursday, February 18th, 2010

Not just for rabbits any more!

Not just for rabbits any more!

The Ministry of Internal Affairs and Communications just released economic figures for the last quarter of calendar year 2009. Their survey found that the average expenditures of a Japanese household, including one-person households, was ¥253,720. That’s a 2.9 percent decrease from the same quarter in 2008, or 1.4 percent down if you take into consideration price changes.

This figure means little unless you know the  income of an average family, which has 2.79 members and an average age of 45.2 years. Among “working households,” meaning households whose income is from employment and not from pensions, the average monthly income was ¥464, 649, which represented a 4.6 percent drop from the same quarter the previous year, or 3.1 percent after adjustment.

These statistics indicate that households spent less because of a decrease in earnings, and since certain expenses can’t be cut or reduced, such as utilities and expenses for education, the ministry tried to figure out what these households were doing without. Leisure, eating out and clothing were three items that received the axe, and since more people were eating at home, they also tried to save money at the supermarket.

And according to the Asahi Shimbun, the ministry found that households consisting of two persons or more reported a 10 percent increase in their consumption of moyashi (bean sprouts) over the same quarter in 2008. In fact, the ministry discovered that moyashi consumption has increased steadily over a period of 10 consecutive quarters.

The focus on the lowly bean sprout here would seem to indicate that the ministry has decided moyashi is a good index for determining the economic health of the average household. Moyashi are cheap and plentiful. A bag weighing 200 grams is usually between  ¥35 and ¥40 yen in a supermarket, but you can usually buy the same amount for ¥29 in discount food stores and even cheaper on special sales days. Japanese traditionally use moyashi to increase volume for any number of dishes, but there’s also a whole  food culture built around the sprout. Made from mung beans, they are also notoriously nutritious and always in season, since they aren’t “grown” in soil but rather sprouted in water. What’s interesting is that the government assumes people are buying more moyashi not because they like it or want a healthier diet, but because they want to save money. We won’t argue with that, but we also really like moyashi. Especially in ramen.

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