§ Mr. Winnick
To ask the Secretary of State for Social Security what are the latest percentage estimates based on funds held in all forms of financial and saving institutions of those households with(a) no savings and (b) savings (i) up to £2,000, (ii) between £2,000 to £5,000, (iii) £5,000 to £7,000, (iv) £7,500 to £10,000, (v) £10,000 to £20,000, (vi) £20,000 to £40,000, (vii) £40,000 to £60,000, (viii) £60,000 to £100,000 and (ix) over £100,000. 242W
§ Mr. Denham
The information is not available in the format requested. Such information as is available is set out in the table.
The Family Resources Survey (FRS), a survey of private households in Great Britain, collects data on the amount of money respondents have in different funds, but only for those respondents who are willing to provide an estimate of the value of their total savings and report a value between £1,500 and £20,000. Around 35 per cent. of all households surveyed fall into this category. A detailed breakdown of savings is therefore available only for this group.
Percentage of households with savings between £1,500 and £20,000 in 1995–96 family resources survey Percentage of households No savings 32 Less than £2,000 22 £2,000 but less than £5,000 13 £5,000 but less than £7,500 6 £7,500 but less than £10,000 4 £10,000 but less than £20,000 9 £20,000 or more 14 Total households (base = 26,435) 100
1. Types of account included are all bank, building society and Post Office accounts, Tax Exempt Special Savings Accounts (TESSAs), Unit Trusts, PEPs, stocks and shares and National Savings products.
2. The 1995–96 FRS is the latest for which data are available. The figures are based on sample counts and are subject to sampling error and to variability in non response.
3. Figures should be treated with caution. Questions on assets are a particularly sensitive part of the FRS questionnaire and have a relatively low level of response, and hence higher levels of imputation, compared to other parts of the survey. Responses are imputed in around one in ten cases. Evidence also suggests some under reporting of capital by respondents.