ONS' household physical wealth has risen
20/12/2011
Topic: Estate planning
British households have experienced an increase in physical wealth despite a tough economic climate, research published today (December 20th) has revealed.
The mean value of total household physical wealth between 2006/8 and 2008/11 rose by 4.7%, new figures from the Office for National Statistics (ONS) have shown.
While four-fifths of the value of household physical wealth came from the contents of the main residence, Britons have seen household physical wealth increase by £51 billion to £1,012 billion.
The only region in Great Britian not to experience an increase in physical wealth was the north-east, yet the mean value of household contents increased £2,000 from 2006/8 to 2008/10.
This analysis forms part of the Wealth and Assets Survey, which aims to identify gaps in data about the well-being of households.
It does this by considering such issues as levels of savings, debt, savings for retirement, how household wealth is distributed and what influences financial planning.
A statement from the ONS said: “Data on wealth is sparse and consequently measures of household income are often used as the sole gauge of economic well-being.
“To understand the economic well-being of households it is increasingly necessary to look further than a simple measure of household income.”
In both waves of the survey (2006/8 and 2008/10), an estimated three-quarters of all households owned one or more vehicle, including cars, vans and motorbikes, which added to their physical wealth.
It was also shown that the value of property between the two waves dipped £131 million to £3,375 billion in 2008/10, a fall of 3.7%.
The ONS pointed out that many homeowners over-estimate the value of their property and that many respondents to the survey did not perceive the large fall in property values during this period.
Just over two-thirds of respondents to each wave said they owned their property, with the remaining third renting their main residence.
Recent figures from the ONS showed that lower-income families were paying the most on alcohol and tobacco duties as a proportion of their disposable income between 2009 and 2010.
Posted by Liam Tomlinson
The mean value of total household physical wealth between 2006/8 and 2008/11 rose by 4.7%, new figures from the Office for National Statistics (ONS) have shown.
While four-fifths of the value of household physical wealth came from the contents of the main residence, Britons have seen household physical wealth increase by £51 billion to £1,012 billion.
The only region in Great Britian not to experience an increase in physical wealth was the north-east, yet the mean value of household contents increased £2,000 from 2006/8 to 2008/10.
This analysis forms part of the Wealth and Assets Survey, which aims to identify gaps in data about the well-being of households.
It does this by considering such issues as levels of savings, debt, savings for retirement, how household wealth is distributed and what influences financial planning.
A statement from the ONS said: “Data on wealth is sparse and consequently measures of household income are often used as the sole gauge of economic well-being.
“To understand the economic well-being of households it is increasingly necessary to look further than a simple measure of household income.”
In both waves of the survey (2006/8 and 2008/10), an estimated three-quarters of all households owned one or more vehicle, including cars, vans and motorbikes, which added to their physical wealth.
It was also shown that the value of property between the two waves dipped £131 million to £3,375 billion in 2008/10, a fall of 3.7%.
The ONS pointed out that many homeowners over-estimate the value of their property and that many respondents to the survey did not perceive the large fall in property values during this period.
Just over two-thirds of respondents to each wave said they owned their property, with the remaining third renting their main residence.
Recent figures from the ONS showed that lower-income families were paying the most on alcohol and tobacco duties as a proportion of their disposable income between 2009 and 2010.
Posted by Liam Tomlinson
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