Guest blog by Dakota Langhals, RSS Policy Researcher
Earlier this month, the RSS and the Centre for Public Data (CfPD) brought together leading researchers and statisticians for a roundtable discussion on the state of wealth data in the UK, as part of our ongoing research into poverty data gaps and how to address them, supported by the Joseph Rowntree Foundation’s (JRF) Insight Infrastructure team. Joining us were experts studying wealth in a variety of ways and representatives from the ONS, who are working on the Wealth and Assets Survey. Together, we explored the gaps in current data and what’s needed to build a clearer picture of financial wellbeing across the country.
Wealth plays a crucial role in understanding poverty – without accurate data on wealth, we risk misrepresenting who is experiencing poverty and misdirecting policies designed to tackle it.
Right now, the UK’s wealth statistics are facing challenges. The ONS Wealth and Assets Survey – our most comprehensive source of wealth data – recently lost its official accreditation. In response, the statistics regulator has called on ONS to improve user engagement and prioritise efforts to fill the gaps. Parliament is also paying attention: in July, the Public Accounts Committee asked HMRC to explain how it plans to use data more effectively to understand wealth.
This was the second in a series of roundtables we’re hosting as part of our poverty data gaps project. With growing scrutiny on wealth statistics, it’s a timely opportunity to spotlight the issues researchers face and gather insights that will shape future discussions. Later roundtables will focus more directly on identifying and prioritising policy solutions – but for now, we’re listening, learning and laying the groundwork for change.
Roundtable Objectives
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To identify specific data gaps that are affecting researchers and campaigners that utilise wealth statistics.
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To collate views on how the Wealth and Assets Survey in particular should evolve.
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To understand other opportunities for improving the overall picture of wealth in the UK.
Key Themes
Some cross-cutting themes emerged from the roundtable discussion, including:
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The conversation on poverty is shifting to a more holistic view of living standards and financial wellbeing. Acquiring a thorough understanding of wealth is now important to our understanding of how well those at the bottom of UK society are faring. Perhaps even more importantly, a better picture of wealth will enable us to craft novel policies to alleviate poverty.
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There are a variety of core issues with the UK’s data on wealth. Currently available data do not enable answers to several fundamental questions about wealth and its relation to poverty. In particular, intergenerational wealth dynamics, financial precarity, and the distribution of wealth across society and between specific groups are all poorly understood within the landscape of the UK’s wealth statistics. These sorts of weaknesses in wealth data and the poor timeliness of their publication make it harder for government to design effective policy and for civil society to campaign or shape public narratives.
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Administrative data and surveys should be seen as complementary. Although there are important holes in the UK’s administrative data on wealth, especially when compared to international peers, improving our understanding of wealth and its relation to poverty going forward would benefit from greater linkage of between the data sources we have available. However, this should not detract from the welcome and vital efforts to restore the reliability of the Wealth and Assets survey and other survey-based sources of knowledge in this space.
Next Steps
The findings from this roundtable discussion will be integrated with our ongoing research collating poverty data gaps mentioned in civil society publications and government department consultations and parliamentary questions. Over the coming weeks, we will be working on mapping all of the various issues that have been identified and the systemic challenges that affect poverty-related research. We plan to publish our interim findings to date in November.
Get Involved
If you would like to share details of your experience with poverty-related data gaps, please fill out our open call for input. You can also use that form to register your interest in taking part in other roundtables or interviews that we conduct as part of this project.
See a full write-up of the discussion here.