Over 11% of Upper-Middle-Class Income Spent on Debt Repayment

Economics & Macro

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Dzulfiqar Fathur Rahman 15/06/2022 10:20 WIB

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Consumers with expenditures exceeding Rp3.1 million on average spent more than 11% of their income on debt payments or installments in May 2022.

Proportion of Income Used for Debt/Installment Payments by Expenditure Group* (May 2022)

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Over 11% of Upper-Middle-Class Income Spent on Debt Repayment

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Proportion of Income Used for Debt/Installment Payments by Expenditure Group* (May 2022)

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Upper-middle-class and above consumers with monthly expenditures exceeding Rp3.1 million spent more than 11% of their income on debt or installment payments in May 2022.

According to a survey report by Bank Indonesia (BI), consumers with expenditures exceeding Rp5 million are estimated to have used 13.14% of their income for debt or installment payments in May 2022. This proportion increased from 12.61% the previous month.

Meanwhile, consumers with expenditures between Rp2.1 million and Rp3 million spent only 9% of their income on debt or installment payments.

The proportion of debt or installment payments also decreases as the expenditure group shrinks, as shown in the graph.

Averaged overall, the debt-to-income ratio of consumers is estimated to have remained at 9.7% in April and May 2022.

"In line with the strengthening consumer optimism towards income in May 2022, the average proportion of consumer income for consumption increased, while the average proportion of installment/debt payments tended to be stable," BI wrote in its report released on Thursday (June 9, 2022).

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."