Household Wealth in Great Britain: Distribution, Composition and Changes 2006–12

Crawford, Rowena; Innes, David; O’Dea, Cormac

doi:10.1111/j.1475-5890.2016.12083

Cited by 43 publications

(23 citation statements)

References 11 publications

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“…This means that changes in the discount and/or annuity rates that are used to convert a future promised stream of income into a measure of wealth at the date of the interview can have important effects on driving the changes in the valuation of these pension schemes – as has been shown in Crawford et al. (). This paper does not seek to strip out changes in wealth due to these ‘valuation changes’.…”

Section: Datamentioning

confidence: 99%

“…In particular, this paper builds upon research that has examined economic differences between different generations in the United Kingdom, such as Hood and Joyce (), Crawford, Innes and O'Dea () and, in particular, Cribb, Hood and Joyce () and Resolution Foundation (). This literature finds that while there were large increases in household incomes in particular between the cohorts born in the 1930s and 1970s, progress has stalled for those born in the early 1980s at best, and partially reversed at worst.…”

Section: Literaturementioning

confidence: 99%

“…Crawford et al. () describe the data in detail. There are two key things to note about the measures of wealth in the WAS data used in this paper.…”

Section: Datamentioning

confidence: 99%

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Intergenerational Differences in Income and Wealth: Evidence from Britain

Cribb

2019

Fiscal Studies

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How do average levels of income and wealth differ in Britain for those born between the 1930s and 1980s? Those in the 1980s cohort are the first post‐war generation not to have higher median incomes in their early 30s than those born a decade earlier, though they have much higher incomes than those born in the 1960s and earlier. Median wealth for those in the 1980s cohort is 20 per cent lower in their early 30s than it was for those born in the 1970s. This is driven by lower property wealth and homeownership: 40 per cent at age 30 for the 1980s cohort, compared with 55 per cent for the 1970s cohort.

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Section: Datamentioning

confidence: 99%

Section: Literaturementioning

confidence: 99%

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Intergenerational Differences in Income and Wealth: Evidence from Britain

Cribb

2019

Fiscal Studies

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“…22 Across all non-retired individuals aged 20-59, there were small falls in the proportion of people 21 See Department for Work and Pensions (2017). 22 The correlation between individual characteristics and expected use of different income sources is examined in Crawford, Innes and O'Dea (2016 expecting to receive any income from savings or investments or from their primary residence and (as discussed above) a 9ppt increase in the proportion of individuals expecting to receive some income in retirement from a private pension. In terms of the main expected source of income in retirement, changes over time across the population as a whole are small.…”

Section: Retirement Income Sourcesmentioning

confidence: 99%

Retirement expectations, attitudes and saving behaviour: how have these changed during a decade of pension reforms?

Crawford¹,

Cribb²,

Emmerson³

et al. 2020

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Executive summary 5 5.2 How do expected retirement ages vary with other characteristics? 33 5.3 Expected duration of retirement 35 6. Conclusions 37 Appendix A. Additional results 39 Appendix B. The causal effect of private pension automatic enrolment on expectations, attitudes and behaviours 44 References 50 Executive summary © Institute for Fiscal Studies 5 Executive summaryThe last decade has been one of substantial reform to the UK retirement savings environment: the state pension age for men and women has increased, the 'new state pension' was introduced, automatic enrolment into workplace pensions has been rolled out for employees, pension freedoms were introduced and there have been reforms to public sector pension schemes.In this report, we examine how individuals' retirement expectations, attitudes and saving behaviour have changed over the period 2006 to 2017 using data from the Wealth and Assets Survey. The outcomes we consider are not only of direct interest, but may also give a sense of how these reforms will affect individuals' behaviour and retirement outcomes well into the future. Key findingsPrivate pensions are increasingly expected by employees to play a role in providing retirement incomes. There has been a sizeable increase in the proportion of private sector employees expecting to get any income from a private pension in retirement -from 63% in 2013 to 78% in 2017. This suggests that the increase in private pension membership (from 52% to 74% among the same sample over the same period), driven by the introduction of automatic enrolment, does not simply reflect a 'timing effect' of individuals being brought into pension saving earlier than they would otherwise have been. The increase in the proportion of private sector employees who expect a private pension to be their largest income source in retirement has been smaller (+6 percentage points between 2013 and 2017). This suggests that many new members are expecting to receive less from a workplace pension than from at least one other source, such as the state pension, in retirement. Among the self-employed, in contrast, there has been a decline in the proportion expecting to receive any income in retirement from a private pension. This mirrors the decline in private pension membership among the self-employed, which is a trend of ongoing policy concern.Confidence in retirement incomes has increased in recent years, but levels of understanding of pensions and confidence in the adequacy of retirement incomes remain low. Only around half of individuals report that they understand enough about pensions to make decisions about saving for retirement. This low level of self-reported understanding has been persistent over the last decade, despite major pension reforms and consequent discussion of pensions in the media. The proportion of individuals who are confident that their income in retirement will give them the standard of living they hope for increased by 11 percentage points between 2008 and 2017. Despite this, confidence in the adequacy of...

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“…In 2014, the wealth and income Ginis were: 0.85 vs 0.4 in the US; 0.73 vs 0.36 in the UK; and 0.56 vs 0.25 in Norway. Income and wealth inequality are reciprocally linked and both lead to consumption inequality (Credit Suisse, 2014;Crawford et al, 2016;.…”

Section: Introductionmentioning

confidence: 99%

Genes and Gini: What Inequality Means for Heritability

Selita

Kovas

2018

J. Biosoc. Sci.

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Summary. Research has established that genetic differences among people explain a greater or smaller proportion of the variation in life outcomes in different environmental conditions. This review evaluates the results of recent educationally relevant behavioural genetic studies and meta-analyses in the context of recent trends in income and wealth distribution. The pattern of results suggests that inequality and social policies can have profound effects on the heritability of educational attainment and achievement in a population (Gene-Gini interplay). For example, heritability is generally higher at greater equality levels, suggesting that inequality stifles the expression of educationally relevant genetic propensities. The review concludes with a discussion of the mechanisms of Gene-Gini interplay and what the findings mean for efforts to optimize education for all people.

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Household Wealth in Great Britain: Distribution, Composition and Changes 2006–12

Cited by 43 publications

References 11 publications

Intergenerational Differences in Income and Wealth: Evidence from Britain

Intergenerational Differences in Income and Wealth: Evidence from Britain

Retirement expectations, attitudes and saving behaviour: how have these changed during a decade of pension reforms?

Genes and Gini: What Inequality Means for Heritability

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