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Savings

Volume 404: debated on Wednesday 30 April 2003

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To ask the Chancellor of the Exchequer what changes there have been over the last decade in the amount of money placed in private savings by those aged between 20 and 30 years of age. [110407]

In order to provide a complete picture of changes in saving patterns over time, one would need disaggregated household data covering all asset classes—from liquid financial savings to longer-term investments such as pensions and housing—as well as debt. Such a comprehensive survey of assets and debt does not currently exist in the UK. However, as the recent pensions Green Paper made clear, it is essential to develop good-quality data about people's saving over time; their overall assets; and the savings and assets of partners. Action is being taken to address these issues. The Office for National Statistics recently reviewed pension contribution statistics. This review highlighted a number of new data sources that are currently planned or under way, including a survey of assets and wealth.