Wealth survey provides clues for business start-ups

Date: 11th December 2009

A major household wealth survey which could be used by entrepreneurs planning to set up a business has been published by the Office for National Statistics (ONS), revealing big regional gaps.

Scottish homes were found to have the lowest wealth overall, with the median household having assets of £150,000, including wealth from property, pensions and possessions, between the years 2006 and 2008.

The second and third-poorest areas were found to be the north-west and north-east of England, while the south-east topped the list with a median of £287,900.

The information could prove useful for small business owners choosing a location in which to set up.

According to the ONS, debts were revealed to be a problem for many, with ten per cent of households owed more in unsecured and secured credit than their total assets were worth.

Around one in three homes have never saved and one in two are using unsecured credit of some kind.

The ONS said that, on average, this group owed £2,700 each on their cards and loans.

Money problems are also likely to have increased since the survey was taken, with the current recession having begun only in late 2008.

Posted by Jacob Williams