Title: The Wealth and Assets Survey and the English Longitudinal Study of Ageing
1The Wealth and Assets Survey and the English
Longitudinal Study of Ageing
2Wealth and Assets Survey
3Key facts
- Survey of all adults 16 in the household
- Aim is for approx. 20, 000 households cross
section plus 10, 000 panel decision on sample
size by October. - Panel every one or two years
- Fieldwork will take a year
- Top line results end 2007
- Led by ONS
- Will be publicly available
- Aim to link to administrative data e.g. from DWP
and HMRC
4Development Timeline
Programming Recruitment
Main Survey
Programming Recruitment Pilot
Feasibility Study Further Cognitive
testing Liaison with customers
June 05 Sep 05 Jan 06 April-July
06
Learning from pilot Final decision to go
ahead Tweaks to Questionnaire and recruitment
Prioritisation Learning from testing Questionnaire
Development
5Coverage I
- Number in household and relationships
- Household information
- tenure
- value of main residence
- mortgage/loans/equity release on main property
- value of possessions including vehicles/caravans/p
lanes and bicycles! - information on budgeting/financial planning
6Individual Information
- Socio-demographic variables
- Income from all sources
- Business assets
- Attitudes to Saving and Borrowing
- Major items of expenditure
- Retirement plans/reasons for retirement
- Pensions and reasons for not contributing
-
7Individual Information II
- Financial Assets (accounts, Current account debt,
investments) - Non-mortgage debt
- Ownership of additional property
- Financial management/awareness
- Financial Expectations
- Childrens Income and Assets
- Inheritance (including attitudes to inheritance_
- Trust
- Health and caring
- NI number
8State pensions
- There are virtually no questions on state
pensions - How much, in pounds per week do you think you
will get from the state pensions when you retire?
(at current price levels. - (asked if over 40)
- Will link NIRS data to get full state pension
entitlement
9Key Facts about ELSA
- People aged 50 and their partners
- Multi-disciplinary - relationship between
peoples health and their economic and social
circumstances - Longitudinal
- Comparative - half funded by National Institute
on Aging for comparison with United States (HRS)
and Europe (SHARE) - Policy relevant - half funded by consortium of UK
government departments - applied research with
long term aims
10Interview Content Wave 1, 2002/3
- Household demographics
- Individual demographics
- Health
- Social participation
- Work and pensions
- Income and assets
- Housing
- Cognitive function
- Psychosocial health
- Expectations
- Final questions (including consents)
- Timed walk
- Self-completion
11Interview ContentWave 2, 2004/5
- Core interview remains the same but with
enhancements - Nurse Visit
- Exit interview with named contacts
- Follow people into institutional care
12Work and Pensions (WP)
- Activities done in the last month.
- Current self reported labour market position
- Voluntary work
- Details of current/most recent job
- Earnings/self employment income
- Earnings from subsidiary employment
- Details of current and past pensions
- Reasons for retirement
13Achieved Sample Size
Numbers
Age Men Women Total Men Women
Total Under 50 104 472 576 2
7 5 50-54 920 1156 2076 17
17 17 55-59 1030 1171 2201
19 17 18 60-64 813 883 1696
15 13 14 65-69 806 912
1718 15 13 14 70-74 680
797 1477 13 12 12 75-79
498 596 1094 9 9
9 80 485 777 1262 9 11
10 Total 5336 6764 12100 100
100 100
14Some results
- The relationship between wealth in one domain and
wealth in another - The impact of financial literacy on wealth
- Expected longevity and wealth
- The self employed
15Wealth
- 40 lowest incomes expect to receive nothing from
private pensions. - The poorest in any one type of wealth domain are
poorest in others. - Those with fewest assets are least likely to
continue working and are least likely to receive
an inheritance. - Those who are about to retire will have higher
pension wealth than those who are currently
retired.
16Net financial wealth by broad portfolio type
Individuals aged 50-59
IFS Analysis
17Numerical ability
- Numerical ability greater
- For men than women
- For those who are younger
- Numerical ability strongly associated with
education - Declines more rapidly in the more highly educated
over time
IFS Analysis
18Numerical ability and wealth
- More numerate
- 22 p.points more likely to own shares
- 13 pp more likely to have a private pension
- 30 pp more likely to know their pension accrual
rate - Signif. more likely to feel they have had enough
info about their current pension - after controlling for education and wealth
IFS Analysis
19- The more numerically able
- Are MORE likely to be in a group who do not
expect to have adequate resources in retirement - Are 14, 000 better off by their fifties, after
controlling for education. - If also highly educated then 28, 000 better
off.
IFS Analysis
20Actual versus expected longevity
IFS Analysis
21Expected longevity and wealth
22Expected longevity and wealth
23The self-employed
Individuals aged 50 - SPA
24The self-employed
Individuals aged 50 - SPA
25The self-employed
Individuals aged 50 - SPA
26Data availability
- Wave one is available now (plus pension wealth
variables) - Wave two available in January at ESRC data
archive - Have consent to link ELSA to National Insurance
Records, Benefit records and tax credits. - Need to consider access arrangements for this
- Data collected every 2 years
- Nurse visit every 4 years