In this paper, heterogeneous expectations of households about future economic growth take place because of different forecasts of future economic growth made by different public agencies. In an economy with only riskless real bonds, households with pessimistic beliefs tend to accumulate more wealth than those with correct beliefs about future economic growth. To the extent which the equilibrium interest rate rises with the outstanding amount of the public debt, this result implies that fiscal policy can have impact on the distribution of consumption and wealth of individual households. In particular, this distributional impact of fiscal policy depends on the structure of financial market when households are heterogeneous in their beliefs.