2  BIS central bankers’ speeches  Additional evidence from the HFCS also suggests that low-income households may be financially particularly vulnerable to economic shocks, as they, for example, typically face higher debt-assets and debt service-to-income ratios than households with higher incomes.
In summary, research and evidence from available data thus suggest that all of the aforementioned factors, together with tighter credit constraints, depressed income expectations and heightened perceptions of uncertainty, are likely to contribute to a sluggish recovery of household spending from the recession.