The Household Budget Survey (HBS): Why Participation Matters
Our spending choices tell a story about who we are and how we would like to be perceived. Our food choices, travelling patterns, investments and other savings and expenditure habits sum up both our past and present. It mirrors our labours and provides insights about how we intend to shape our future.
The Household Budget Survey, better known by its abbreviated moniker the HBS, aims to document these personal stories. Each of us has a unique story to recount and the HBS is the ideal story board.
Active citizenship propels every individual to contribute towards the Household Budget Survey. The impact of HBS participation does not stop at the publication of the survey results. The ramifications of the data are far reaching as they echo in various aspects of public life, informing both policymakers and industry analysts alike on key economic indicators. Income distribution and inequality analysis are social indicators strongly associated with the HBS exercise. It also contributes towards the calculation of key metrics, such as Household Consumption an important element of the Gross Domestic Product. These insights are essential for policymakers to make informed decisions on the material aspects of people’s lives, such as cost-of-living adjustments, tax policies, social benefits, and general resource allocation.
The Household Budget Survey ensures representation of different income levels, family structures, and living conditions to provide an accurate depiction of a society. Each submission assists in the development of this comprehensive dataset, enabling policymakers to create better outcomes by ensuring they have the capacity to make their legislation equitable and that needed resources are better able to reach vulnerable members of our population.
For participants, the process is simple and secure. The National Statistics Office prioritises the privacy of its respondents and ensures that its data is appropriately anonymised and kept confidential. Though participation is mandated by law for selected households, monetary compensation is still provided in the form of a 50-euro payment in recognition of the time and effort of its responding households.
The survey itself consists of two main parts: the general questionnaire and the weekly spending diary. The questionnaire collects information that pertains to household characteristics, income, and large, infrequent expenditures. By contrast, the two weekly diaries record daily transactions with the aim of accounting for the smaller, frequent purchases that are typically overlooked in long-term questionnaires. When combined, the two elements can provide a comprehensive understanding of a household’s spending patterns.
Ultimately, participation in the Household Budget Survey provides policymakers and analysts with the tools required to create effective, targeted, and inclusive legislation. Respondents strengthen our understanding of economic realities, contribute towards a more responsive and balanced economic environment, and promote a healthier and more stable economy for us all.
