Box 2: Recent Trends in the Financial Position of Households - Financial Stability Report, Second Half of 2022

This box analyzes the recent changes in a battery of indicators on the financial position of households and their trends with respect to their historical behavior. These indicators were calculated based on the quarterly national accounts by institutional sector published by DANE and the financial accounts published by Banco de la República with a cut-off as of June 2022. The following conclusions can be drawn from the analysis: 1) household consumption has risen significantly in the recent past, and this has placed it above its longterm trend, 2) the above has occurred in a context of recovering in the disposable income and higher indebtedness, and 3) the accumulation of equity by households during the pandemic appears to have not been sufficient to finance the increase in their consumption in the recent period. In an environment in which a slowdown, high indebtedness, and lower accumulation of financial equity are expected, it is important to monitor the vulnerabilities that households may generate for CIs in the near future.