Japan Data

Majority of Japanese Reluctant to Take Out a Loan

Economy

In general, Japanese people have a negative view of borrowing money. A recent survey found that 61.7% of respondents think it is better to avoid debt if possible.
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A Sumitomo Mitsui Trust Bank survey of 10,000 people across Japan found that 61.7% of respondents think it is better to avoid debt if possible. Only around 10% of respondents had a positive view of taking out a loan to purchase something with asset value or to acquire a skill.

Image of Borrowing Money

In terms of the actual situation of respondents, 79.2% of those who had purchased a residence had taken out a mortgage (not including those who obtained a residence through inheritance or transfer).

Mortgage Usage Among Respondents

Meanwhile, only 7.7% of the respondents had either regularly or occasionally made use of a short-term loan to meet monthly living expenses.

Use of Relatively Short-Term Loans

The survey was based on an online questionnaire conducted in January 2023, targeting people aged 18 to 69, excluding those working in the financial or media sectors. A total of 11,190 responses were gathered.

(Translated from Japanese. Banner photo © Pixta.)

money finance