Household income components
Hi - In the User Guide it says "At the household level, w_fihhmnnet1_dv is the net household monthly income. It is the sum of net monthly incomes from all household members (including proxies and within household non-respondents, see w_fimnnet_dv). It can be decomposed into the six subcomponents: net labour income (w_fihhmnlabnet_dv), miscellaneous income (w_fihhmnmisc_dv), private benefit income (w_fihhmnprben_dv), investment income (w_fihhmninv_dv), pension income (w_fihhmnpen_dv), and social benefit income (w_fihhmnsben_dv)." Should then the 6 income components (w_fihhmnlabnet_dv, w_fihhmnmisc_dv, w_fihhmnprben_dv, w_fihhmninv_dv, w_fihhmnpen_dv, w_fihhmnsben_dv) sum to equal w_fihhmnnet1_dv? When using the hhresp file, this only seems to happen for about 80% of households (give or take a few £s difference). The difference for some households is large. I ask as I'm trying to analyse changes in total household income over time and to look at which components of income are causing this change. Thanks for your help. - Matt
Updated by Understanding Society User Support Team about 1 year ago
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Thanks for your question. Our income team has had a deeper a look into the issue and can confirm the variables containing household total net income and components are correct, but we have identified a small coding error in the variable fihhmninv_dv. This will be corrected for the wave 11 data release later this year.
In the meantime, you can simply recalculate fihhmninv_dv as total household net income minus the other components of household income. So:
fihhmninv_dv = fihhmnnet1_dv-(fihhmnlabnet_dv+fihhmnmisc_dv+fihhmnprben_dv+fihhmnpen_dv+fihhmnsben_dv))
and this will correct the issue.
Hope this helps and thanks very much for your useful question.
Understanding Society User Support Team