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Wealth survey gives snapshot of personal finances

Wealth survey gives snapshot of personal finances

Category: Savings

Updated: 10/12/2009
First Published: 10/12/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Household wealth in the UK reached some £9 trillion between 2006 and 2009, a survey by the Office for National Statistics (ONS) has found.

In a wealth and assets study, it was found that 39 per cent of wealth was in property, 39 per cent in pensions, 11 per cent in financial assets and 11 per cent in physical goods, such as cars and antiques.

On average, wealth of households in the UK was found to be £204,500. However, the distribution of wealth was unpredictable, with the least wealthy half of households accounting for just nine per cent of total wealth.

By contrast, the wealthiest 20 per cent of households held 62 per cent of total wealth.

"Estimates of wealth varied across Great Britain. The wealthiest area was the South East of England with a median household wealth of £287,900," said the ONS. "The area with the lowest median was Scotland with £150,600."

There was also found to be a clear difference in people's attitudes to saving. Just over half of respondents said they had saved in the 12 months before the survey, with 37 per cent saying they has saved in the previous month.

On pensions, the ONS said: "Eighty-three per cent expected to receive a state pension, with 59 per cent expecting to receive an occupational or private pension. However, only 40 per cent of men and 32 per cent of women were contributing to a private pension."

For households which had a mortgage on their main home, the median amount outstanding stood at £70,000. Median unsecured debt amounted to £2,700 per household, with two thirds in the form of personal loans, cash loans, credit cards and charge cards.

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