Wave 3 of the Innovation Panel was used to examine four different question designs for collecting the amount of money held in savings and investments:
Table: Schematic design of Wave 3 measuring wealth experiment treatments
| Individual Reporting | Financial Reporting | |
|---|---|---|
| Aggregate Amounts | Group 1 | Group 2 |
| Itemized Amounts | Group 3 | Group 4 |
For all groups, an initial question asks respondents to report which specific types of savings or investments they hold. The two factors concern whether reports are collected as aggregate amounts or itemized (itemization) and whether reports are from each individual adult or about the entire household (individual vs. financial reporting). Under financial reporting, all individuals reported on savings or deposit accounts, National Savings accounts, Individual Saving Accounts (ISAs), and Premium Bonds, whereas the ‘financial reporter’ at the household level reported on National Savings certificates, Unit or Investment Trusts, all Shares apart from ISAs, National Savings bonds, and any other investment the household may have.
Households within PSUs were randomly assigned to one of the four experimental treatments. Allocations were independent of the showcard experiment. All individuals interviewed as part of the household were treated the same. The controlling variable is C_FF_HHDAW3 on record C_HHSAMP_IP and is coded as follows:
Group 1 – Aggregation, Individual reporting
Group 2 – Aggregation, Financial reporting
Group 3 – Itemization, Individual reporting
Group 4 – Itemization, Financial reporting
The variables affected by the design are as follows:
Table: Variables in experiment measuring wealth
| Group 1 | Group 2 | Group 3 | Group 4 |
|---|---|---|---|
| Household Questionnaire: c_nvestrt_a4 to c_nvestrt_b96 on record c_hhresp_ip c_nvestkrt to c_nvestsprt on record c_hhresp_ip | Household Questionnaire: c_nvestrt_a4 to c_nvestrt_b96 on record c_hhresp_ip c_investrtcode to c_nvestlsprt on record c_hholdinvest_ip | ||
| Individual Questionnaire: c_nvest_a1 to c_nvest_a96, c_nvest_b1 to c_nvest_b96, c_nvest1 to c_nvest96 on record c_indresp_ip c_svack to c_nvestc4 on record c_indresp_ip c_nvestsj to c_nvestsp on record c_indresp_ip | Individual Questionnaire: c_nvest_a1 to c_nvest_a96, c_nvest_b1 to c_nvest_b96, c_nvest1 to c_nvest96 on record c_indresp_ip c_svack to c_nvestc4 on record c_indresp_ip | Individual Questionnaire: c_nvest_a1 to c_nvest_a96, c_nvest_b1 to c_nvest_b96, c_nvest1 to c_nvest96 on record c_indresp_ip c_investcode to c_nvestlsp on record c_wealth_ip | Individual Questionnaire: c_nvest_a1 to c_nvest_a96, c_nvest_b1 to c_nvest_b96, c_nvest1 to c_nvest96 on record c_indresp_ip c_investcode to c_nvestlsp on record c_wealth_ip |
