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Wednesday, 20th January 2010
In General Japan News,

Japanese housewives 'tapping into savings'

Many families in Japan are being forced to dip into their savings accounts to cover the day to day costs of living, a new survey has shown.

According to a poll carried out by Sompo Japan Insurance, the findings of which have been published by Bloomberg, the "secret savings" of housewives in Japan are being used as a buffer against falls in the income of the family as a whole and the average fund is down by 20 per cent.

Housewives in Japan are known for keeping savings - also called hesokuri - which could include stocks and shares as well as cash. These stashes are often kept secret from the man of the house, it is noted by the news source.

"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 source said.

Japan has been hit hard by the economic downturn and has just emerged from its deepest recession since the end of the second world war.

Written by Kimberley Homer.