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Exploring Alternative Data Sources for Household Wealth Statistics

Author

Listed:
  • Arnab Bhattacharjee
  • Larissa Marioni
  • Max Mosley
  • Adrian Pabst

Abstract

This paper aims to explore and assess alternative data sources for wealth in order to improve existing pension wealth statistics. We find that, notwithstanding some limitations, the Wealth and Assets Survey (WAS) is currently the most comprehensive source. Then, we conduct a comparative analysis of WAS against alternative data sources, including potential new sources. Our findings suggest that, despite WAS being somewhat good at capturing variations in pension wealth across the population, it appears deficient in capturing well pension uptake for the lower three deciles. Together, pension wealth at the top end is also underreported. We recommend using alternative sources of information, such as a one-time survey and/or using a microsimulation approach to complement the available data.

Suggested Citation

  • Arnab Bhattacharjee & Larissa Marioni & Max Mosley & Adrian Pabst, 2024. "Exploring Alternative Data Sources for Household Wealth Statistics," National Institute of Economic and Social Research (NIESR) Discussion Papers 552, National Institute of Economic and Social Research.
    • Handle: RePEc:nsr:niesrd:552
    as

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    File URL: https://www.niesr.ac.uk/wp-content/uploads/2024/01/DP-552-Exploring-Alternative-Data-Sources-for-Household-Wealth-Statistics.pdf
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    References listed on IDEAS

    as
    1. Marta Lachowska & Michał Myck, 2018. "The Effect of Public Pension Wealth on Saving and Expenditure," American Economic Journal: Economic Policy, American Economic Association, vol. 10(3), pages 284-308, August.
    2. Laurent Bach & Laurent E. Calvet & Paolo Sodini, 2020. "Rich Pickings? Risk, Return, and Skill in Household Wealth," American Economic Review, American Economic Association, vol. 110(9), pages 2703-2747, September.
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    More about this item

    Keywords

    pension wealth; wealth distribution; inequality;
    All these keywords.

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance

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