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Pensions Reform An update on the GB Wealth and Assets Survey June 2007 Angela Donkin Cross-cutting Pensions Analysis Division Department for Work and Pensions
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Pensions Reform Review Sample design Wave one questionnaire content Other survey characteristics
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Pensions Reform 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
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Pensions Reform 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
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Pensions Reform 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
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Pensions Reform 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
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Pensions Reform Update Wave one Monitoring response Dissemination plans Editing and imputation Some early results Wave two Questionnaire development
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Pensions Reform Monitoring Response: 1 st 6-9 months HouseholdIndividual % of co-operating households 55%97% % proxy interviews14% Consent to follow up92% Consent to NINO linkage55% Consent to employer linkage (in scheme)60% Consent to employer linkage (not in scheme) 50% Households deemed to have given fairly or very accurate financial information 95%
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Pensions Reform 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.
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Pensions Reform 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
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Pensions Reform 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 Wealth and Assets Not for publication or citation
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Pensions Reform 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? Not for publication or citation
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Pensions Reform Wave 2 development
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Pensions Reform 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
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Pensions Reform Wealth and Assets Timetable Summer 07 Dec 07 Jan 07July 08Dec 08Spring 09 Wave 2 Consultation Year one findings ONS website W2 pilot study End W1 fieldwork Start W2 fieldwork Release of W1 dataW1 report
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Pensions Reform Contact details Elaine.chamberlain@ons.gsi.gov.uk Elaine.chamberlain@ons.gsi.gov.uk Angela.Donkin@dwp.gsi.gov.uk Angela.Donkin@dwp.gsi.gov.uk
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