Third of Scots children in families with ‘no wealth’

Almost a third of children in Scotland are living in households which have almost no wealth, according to new analysis of a UK-wide survey.

The Wealth and Assets Survey 2008-10 shows that 30% of children in Scotland live in households which do not own property, have an occupational pension or savings, or own items such as cars or household goods.

The survey also shows that the wealthiest 30% of households own more than three-quarters of all private household wealth in Scotland, while the least wealthy 30% of households own less than 2%.

One-parent families and single working-age adults are most likely to have little or no wealth.

The information was gathered during the first detailed analysis of Scottish data from the Wealth and Assets Survey by the Office of National Statistics.

The survey gathers information on the ownership of all assets by households, including pension wealth, financial wealth, property wealth, and physical wealth.

Commenting on the analysis, Deputy First Minister Nicola Sturgeon said: “These alarming figures highlight that almost one third of our children are not getting a fair start in life.

“Our poorest households do not have the income needed to gain the wealth – and security – that comes from owning property or having pension wealth. Unless action is taken soon, this cycle of deprivation will continue, with more children continuing to be born into poverty.

“We’re currently doing everything we can within our limited powers to tackle this huge inequality.

“However, the reality is that over the years the Westminster system has failed to properly address the deep social inequalities which exist in Scottish society, with generation after generation feeling the impact.”