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An update on the GB Wealth and Assets Survey June 2007

Review. Sample designWave one questionnaire contentOther survey characteristics. Sample . Aim: Achieved 32,000 households at wave oneAll adults aged 16 in householdSpread over two years: July 2006 to June 2008Oversampling wealthyAll responding households re-interviewed at wave two after two

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An update on the GB Wealth and Assets Survey June 2007

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    1. Note change of anem for the filed – we do not actually have 2 separate surveys!Note change of anem for the filed – we do not actually have 2 separate surveys!

    2. Review Sample design Wave one questionnaire content Other survey characteristics

    3. Sample Aim: Achieved 32,000 households at wave one All adults aged 16+ in household Spread over two years: July 2006 to June 2008 Oversampling wealthy All responding households re-interviewed at wave two after two-year gap Note: DTI interest in debt issues Note: DTI interest in debt issues

    4. Wave one questionnaire content (1) Assets Accounts and investments Pension schemes Property, household goods, vehicles Business assets Trusts Children’s savings Debts Mortgages and loans secured on main residence Equity release Credit and store cards, hire purchase, loans Arrears on household bills and other payments Hopefully can skip through these details – people should be familiar with the content of wealth surveys? But trying to be comprehensive – note importance of private pensions in UK context.Hopefully can skip through these details – people should be familiar with the content of wealth surveys? But trying to be comprehensive – note importance of private pensions in UK context.

    5. Wave one questionnaire content (2) Income Earnings, benefits, pensions, other regular income Inheritances, lifetime gifts, other lump sums Behaviours and attitudes Saving and borrowing Saving for retirement, pension sources Financial management, expectations Attitudes to risk Classificatory Household composition, ethnicity, tenure Economic activity and education Health and caring As well as value of assets etc also collecting info on attitudes etcAs well as value of assets etc also collecting info on attitudes etc

    6. Other survey characteristics Linkage to administrative data Linkage to employer data Sub-sample of 1,500 households most in debt re-interviewed after one year

    7. Update Wave one Monitoring response Dissemination plans Editing and imputation Some early results Wave two Questionnaire development

    8. Monitoring Response: 1st 6-9 months

    9. Dissemination plans Early results December 07 Have first quarter frequencies for validation Publishing from year one data in December on ONS website Top line results No imputation of missing data Mid points taken Need to consider priorities for early results and caveats Main report Spring 09 No plans as yet.

    10. Editing and Imputation Interviewer checks are ongoing Limited validation against other sources Not imputing missing data until year 2 Temporarily planning to use mid points of bands for banded responses. More sophisticated methodology to be considered for final data set

    11. Some really early results – not weighted etc etc. 6% of households have 2nd properties Of over 40 year olds - 70% think they will get at least half of what they currently have now. 45% think they’ll get two thirds or more.. 32% of people always have money in their purse at the end of the week/month, 45% keep it in their current accounts and 9% spend it. 27% always or nearly always run out of money at the end of the week/month and they borrow from friends, cut back on spending and get overdrafts For around half of the savers their main reason for saving is for unexpected expenditures, and while they also saved for retirement this was less important. Of the third who had not saved in the last 3 months, just 26% intended to save in the next 12 months

    12. Risk averse or wrong questions? £1000 or one in 5 chance of winning ten thousand - what would you choose? 77% £1000 14% £10,000 £1000 today or £1100 next year - what would you choose? 78% £1000 today, 20% £1,100.1k next year Should we keep these?

    13. Wave 2 development

    14. Suggested changes Drop some classificatory questions Try to identify reasons for increases/decreases in assets – however can’t do this for each asset. Try to identify savings behaviour and changes Try to identify large expenditures – how? as % of income, what absolute cut off point? Identify key life events that initiate saving/spending Monitor whether or not intention to save has resulted in actual behavioural change and why not. Try to identify churn in debt/saving Questions on parental socio-economic position

    15. Wealth and Assets Timetable

    16. Contact details Elaine.chamberlain@ons.gsi.gov.uk Angela.Donkin@dwp.gsi.gov.uk

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