Last Updated: January 20, 2010 03:08 EST
By Takahiko Hyuga
Jan. 20 (Bloomberg) -- Japanese housewives’ “secret savings” fell about 20 percent last year as many were forced to tap these reserves to cover living costs after family income dropped, a Sompo Japan Insurance Inc. survey found.
The value of so-called hesokuri, the cash, stocks and real estate that Japanese housewives stash without telling their husbands, fell to an average 3.7 million yen ($41,000) from 4.6 million yen a year earlier, according to the report published yesterday.
Women traditionally handle family finances in Japan, collecting their husbands’ paychecks and handing back pocket-money to cover the cost of lunches, coffee and drinking sessions with colleagues.
The portion of winter bonuses returned to husbands as allowances dropped 34 percent to 73,000 yen, enough to pay for three or four weekend golf rounds at the Hon Chiba Country Club, forty-five minutes east of Tokyo.
Japanese consumers, whose spending accounts for more than half of the economy, are paring outlays amid rising unemployment and falling wages.
Some 3.3 million people were looking for jobs in November, up 750,000 from a year earlier. Workers’ wages slid for an 18th month. Half of those who responded to the survey said they may cut luxury-product purchases, the report said.
“From the micro point of view, research on housewives could show us the reality of the nation’s economy and provide a glimpse of what lies ahead for business conditions,” said Minoru Sugiyama, a spokesman at Sompo Japan.
More Bean Sprouts
The research conducted by Sompo DIY Life Insurance Co. from Dec. 10 to Dec. 14, was based on responses from 500 housewives. Their average age was 39.7.
Seventy-two respondents said among steps taken to make ends meet was serving more bean sprouts, while 40 said they were cooking more tofu.
About 38 percent of housewives said lower household incomes forced them to reach into their savings to pay for one-time expenses including hospital charges, travel and dining out, the report said.
Consumer spending probably dropped 0.2 percent in the three months ended December, according to Nomura Securities Co. in Tokyo, after advancing in the two previous quarters. The Cabinet Office will release gross domestic product figures on Feb. 15.
To contact the reporter on this story: Takahiko Hyuga in Tokyo at thyuga@bloomberg.net
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