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Macro and Micro Estimates of Household Wealth

Author

Listed:
  • Cussen, Mary

    (Central Bank of Ireland)

  • Lydon, Reamonn

    (Central Bank of Ireland)

  • O'Sullivan, Cormac

    (Central Bank of Ireland)

Abstract

This paper compares estimates of the financial wealth of Irish households from the Irish Household Finance and Consumption Survey (HFCS) with estimates from statistical and administrative data sources. This cross-checking exercise yields three key results. First, like most wealth surveys in other countries, the Irish HFCS significantly under-records the total value of deposits held by Irish households: we estimate the HFCS captures around one-third of the aggregate figure. Second, this level of under-recording is broadly similar across the distribution of deposits. Thus, the HFCS appears to provide an accurate picture of the distribution of household deposits. Third, the degree of under-recording does not appear to be heavily concentrated in any one population group, i.e. by region or age group. With regard to the reason for the under-recording, we find no one single factor behind the underrecording. Issues identified in the survey design literature around sample design (sampling the wealthy), item and unit non-response all appear to play some role.

Suggested Citation

  • Cussen, Mary & Lydon, Reamonn & O'Sullivan, Cormac, 2018. "Macro and Micro Estimates of Household Wealth," Research Technical Papers 11/RT/18, Central Bank of Ireland.
    • Handle: RePEc:cbi:wpaper:11/rt/18
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    File URL: https://www.centralbank.ie/docs/default-source/publications/research-technical-papers/11rt18---macro-and-micro-estimates-of-irish-household-wealth-(cussen-lydon-and-o'sullivan).pdf?sfvrsn=4
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    Citations

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    Cited by:

    1. Engel, Janina & Riera, Pau Gayà & Grilli, Joseph & Sola, Pierre, 2022. "Developing reconciled quarterly distributional national wealth – insight into inequality and wealth structures," Working Paper Series 2687, European Central Bank.
    2. Engel, Janina & Ohlwerter, Dennis & Scherer, Matthias, 2023. "On the estimation of distributional household wealth: addressing under-reporting via optimization problems with invariant Gini coefficient," Working Paper Series 2865, European Central Bank.
    3. McIndoe-Calder, Tara, 2024. "Administrative meets survey data: measuring household indebtedness in Ireland," Research Technical Papers 2/RT/24, Central Bank of Ireland.
    4. Apostolos Fasianos & Reamonn Lydon, 2022. "Do households with debt cut back their consumption more? New evidence from the United Kingdom," Bulletin of Economic Research, Wiley Blackwell, vol. 74(3), pages 737-760, July.

    More about this item

    Keywords

    Assets; deposits; balance sheet; households; wealth.;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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