Savers and Borrowers in the Swedish Working Class During the 19th Century—A Life Cycle Perspective

The present study is focused on the development of industrial working-class households’ economic life cycle, including income, capital savings, and credits in the nineteenth century. The annual household income was low up to the age of 35 of the head of the household. It then rose and culminated when the head of the household was 55–60 years old. The earnings of other members of the family, foremost the adult sons, being entered on the accounts of their fathers, made the annual income increase higher than the daily wages imply. Credits and savings were used to balance long-term consumption.