Majority of Japanese Reluctant to Take Out a LoanEconomy
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.
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).
Meanwhile, only 7.7% of the respondents had either regularly or occasionally made use of a short-term loan to meet monthly living expenses.
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.)