RSSeNEWS to be determined...

Private household net wealth in Great Britain totalled £9 trillion in 2006/08, according to the Wealth in Great Britain report published today by the Office for National Statistics. The report presents results from the new Wealth and Assets survey, which found that wealth held in property and private pensions each account for 39 per cent of the total amount of private net wealth.

Net financial wealth and physical goods, such as cars and antiques, each accounted for 11 per cent. The report also shows how wealth was distributed across households. Median household net wealth was £204,500 in 2006/08. The least wealthy half of households accounted for only 9 per cent of wealth, while the wealthiest 20 per cent of households had 62 per cent of total wealth. The least wealthy 10 per cent of households had negative total net 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. The area with the lowest median was Scotland with £150,600.

Just over 50 per cent of people reported that they had saved in the 12 months preceding the survey, with 37 per cent stating they had saved in the last month. 35 per cent said they had never saved, with only 21 per cent of these saying they were likely to do so in the future.

Of those surveyed, 83 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 those households which had a mortgage on their main residence, the median amount owed in 2006/08 was £70,000. Seventy seven per cent of households had unsecured credit facilities, but only 48 per cent of households were using them. Median household unsecured debt was £2,700.