§ Mr. FieldTo ask the Secretary of State for Social Security if he will list the percentages of households with(a) savings of up to £1,000, (b) savings between £1,000 and £20,000, in bands of £1,000 and (c) savings above £20,000; and if he will give the same data for households where the head of household is between 50 and 65 years. [91053]
§ Mr. TimmsThe information is in the table.
Households by amount of savings and where head of household is between 50 and 65-years-old Percentage of households Capital Households with a head aged between 50 and 65-years Total households Up to £1,000 38 48 £1,000 but less than £2,000 5 6 £2,000 but less than £3,000 5 5 £3,000 but less than £4,000 4 4 £4,000 but less than £5,000 3 3 £5,000 but less than £6,000 3 3 £6,000 but less than £7,000 2 2 £7,000 but less than £8,000 2 2 £8,000 but less than £9,000 2 2 £9,000 but less than £10,000 2 1 £10,000 but less than £11,000 2 1 £11,000 but less than £12,000 2 1 £12,000 but less than £13,000 2 1 £13,000 but less than £14,000 1 1 £14,000 but less than £15,000 1 1 £15,000 but less than £16,000 1 1 £16,000 but less than £17,000 1 1 £17,000 but less than £18,000 1 1 £18,000 but less than £19,000 1 1 £19,000 but less than £20,000 1 1 £20,000 or more 22 14 Total 100 100 Notes:
1. The estimates are based on sample counts which have been adjusted for non-response using multi-purpose grossing factors that control for region, Council Tax band and a number of demographic variables. Estimates are subject to sampling error and to variability in non-response.
2. It should be noted that questions on assets are a sensitive part of the FRS questionnaire and have relatively low level of response, and hence a higher level of imputation compare to other parts of the survey. Responses are imputed in around 1 in 10 cases. Past evidence has suggested some under reporting of capital by respondents, and figures for income from these sources for pensioners are lower on the FRS compared to other surveys such as the Family Expenditure Survey.
3. In the 1997–98 Family Resources Survey the head of the household is classified using standard procedures:
In a household containing only husband, wife and children under 16 (and boarders) the husband is always the head of the household. Similarly, when a couple have been recorded as living together/cohabiting the male partner is treated as the head of the household.
261WIn all situations where there are other relatives in the household where some or all of the household are unrelated, except that a husband always takes precedence, the person in whose name the accommodation is owned or rented is taken as the head.
When the accommodation is supplied with a job or provided rent free for some other reason, the person to whom the accommodation is given in this way becomes the head.
Occasionally more than one person will have equal claim to be the head, in these cases, where they are of the same sec, the oldest is the head; where they are of different sexes, the male is the head.
4. All percentages have been rounded to the nearest integer.
Source:
1997–98 Family Resources Survey (FRS)(Great Britain).