In this paper, I analyze the household portfolio with and without household debts, each of which is supposedly subject to distinct financial target according to household characteristics and financial status, respectively. Throughout 2011-2013 Household Financial Survey, I found the three following evidence. first, households with debts have more financial as well as real assets than without debts. among financial assets, the former own more stocks, bonds, insurance and mutual funds than the latter. Moreover, households with debts own more real estate and automobile amisd real assets, which is prominent statistically. Secondly, disposable income, one of main interest variables, reduce the shares of financial assets at low level, but, increases at high level irrespective of household debts. Thirdly, household debts, as in previous results, reduce household financial assets, but reinforce the holdings of real assets, which is also prevalent in sample of households having excessive debts. Finally, according to generations, middle and over with household debts prefer stocks without and significanctly than young households.
Household debts,Real assets,Financial Assets,Net worth,Dispoable Income