General information
The Household Finance and Consumption Survey (HFCS) is carried out by the Central Bank of Cyprus (CBC) under the aegis of the European Central Bank (ECB). Its main aim is to gather micro-level, structural information on household assets and liabilities in Cyprus. The HFCS survey takes place every three years.
The survey, which is conducted through personal interviews, aims to record and analyze household decision-making in areas such as savings, investments, borrowing, consumption, and retirement, among others. This is done both at the personal and the household level. These data are an important source of information for understanding the behaviour of Cypriot households. At the same time, the data can help assess the impact that an economic shock or a specific policy may have on household finances as well as the effect of any institutional changes on household decisions.
The data are also necessary for the estimation of various relations, such as, among others, the calculation of the structural relationships between consumption and household income, the effect of changes in interest rates across the household distribution, etc. In addition, the data can be used in research programs, the results of which can help in many areas. For example, the analysis of reliable data on real estate and other assets, income, loans and consumption can improve knowledge about the economic structure of households, including topics such as income inequality. Additionally, these data provide important insights into how monetary policy decisions affect households, as well as decision-making in the area of financial stability and payment systems.
Therefore, data from such studies can effectively contribute to economic policy decisions in various ways. This is also underlined by the ECB in its report in January 2009, which can be found by clicking here.
As previously mentioned, this survey is part of a wider framework of sampling surveys that is also carried out in the rest of the euro area countries. This is particularly useful for compiling comparable statistics covering all euro area members. The data is sent to the ECB for the compilation of various statistics both at the member-state and at the euro area level, for use in research programs. Based on the experiences gained from each wave, all the necessary adjustments are made in the following waves, aiming at the collection of as much useful information as possible, that will contribute more effectively to the improvement of monetary policy decision-making in the Eurosystem and in each individual country.
The CBC is currently conducting the fifth wave of the survey. For further information, you can visit the ECB website by following by clicking here.
Confidentiality of data
The anonymity of participants in the HFCS is strictly maintained and the confidentiality of the data is ensured since after the completion of the survey, the name and address of participants will not be linked again with the financial information that they provide during the HFCS. All the answers to the questionnaire are treated as strictly confidential. For more information on the legal basis for the processing of data please see below (*).
Sampling
The HFCS is undertaken in the whole of Cyprus. The participating households have been selected randomly through a specific sampling plan in accordance with the ECB instructions. The sample size guarantees representativeness both at the national and euro area levels and it is around 1200-1350 households.
The ECB recommends the use of the Computer-Assisted Personal Interviews (CAPI) method, i.e. face-to-face interview administered by an interviewer using a computer. This approach has been adopted by the CBC for the implementation of the HFCS. With this method, the researcher conducts the personal interviews using a computer and the answers are automatically entered into the computer and at the same time stored on a specially designed server.
Areas covered by the HFCN:
The staff in charge of the HFCS at the CBC are at your disposal for further information or clarification. Phone numbers: 22774299 or 22714434. Email: CyHFCS@centralbank.cy.
*Legal basis for the processing of data
The Central Bank of Cyprus (CBC) as the Data Controller under EU Regulation 2016/679 of the European Parliament and Council, of 27 April 2016, on the protection of natural persons against the processing of personal data and on the free movement of such data and the repeal of the Directive 95/46/EC (General Data Protection Regulation) (hereinafter “GDPR”) provides you with the following information:
Your personal data (contact details) that have been collected from the Cyprus Electricity Authority, will be processed for the purpose of your participation in the survey with the above title and subject, under the article 5.1 of the Statute of the European System of Central Banks (ESCB) and articles 6(2)(h) and 63 of the Central Bank of Cyprus Laws of 2002 to 2017, as these are amended from time to time.
The processing of the data will be carried out anonymously for analytical purposes, which will in turn be a source of information for a more effective conduct of monetary policy. Your answers to the questionnaire are collected anonymously and cannot be connected with your personal data. Your personal data during your participation in the survey will be processed only for the purpose of fieldwork monitoring so that the responsible officers of the CBC can contact you for any confirmation about the conduct of the interview. Your personal data will be treated as confidential and, after the completion of the interview, they will be deleted.
According to the GDPR, you have the right to request access to and rectification or erasure of your personal data or to restrict or to object to the data processing concerning your personal data.
For any further information regarding the collection, processing, and protection of your personal data, or to exercise any of your rights you can contact the CBC’s Data Protection Officer at the following e-mail address: dpo@centralbank.cy.
If you have exercised any of your rights to data protection and you still feel that your concerns have not been fully addressed or that your rights have been violated, you have the right to file a complaint to the Office of the Personal Data Protection Commissioner. You will find information on how to file complaints on the relevant website: (http://www.dataprotection.gov.cy).