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Accuracy and reliability

Contact info

Personal Finances and Welfare, Social Statistics
Jarl Quitzau
+45 3917 3594

jaq@dst.dk

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Personal assets and Liabilities

The quality of the financial data is high since most of the data is validated by the tax authorities. But there can be some uncertainty regarding the precise classification of the individual financial components if the classification does not have tax-related or administrative importance. There is much larger uncertainty on the imputed market value of owned property and cars and the value of lifetime pensions.

Overall accuracy

The Quality of financial data are quite high as the data are checked by the Tax administration. It should be noted that the value of unlisted shares are not included. Wealth and their associated income generated from interests and dividends that are hidden abroad are not included either. However it may in some cases be difficult to distinguish between the different types of components. I.E. between 2015 and 2016 large amounts have been moved from "F.1.1 other bank loans" to "E.2. Mortgage debt in banks". This does not affect the overall amount of assets or liabilities. Data on pensions does not serve administrative purposes which might affect quality. Data are validated by comparing data at the micro level with the aggregate levels in annual financial reports from the pension companies. The value of pension assets abroad are not included. Data on ownership of houses and cars are of high quality, but assessing the exact market value of these assets is difficult. These estimates are linked with uncertainty.

Sampling error

Not relevant for these statistics.

Non-sampling error

Assets not registered by the authorities are not in the statistics. This includes "hidden" wealth abroad, stocks of cash and stocks that are not in bank deposits (Often non-traded stocks). The value in owned property is based on the public evaluations that have been shown to occasionally be severely inaccurate at the individual level. The model that re-calculate evaluations to market prices cannot compensate for this.

Quality management

Statistics Denmark follows the recommendations on organisation and management of quality given in the Code of Practice for European Statistics (CoP) and the implementation guidelines given in the Quality Assurance Framework of the European Statistical System (QAF). A Working Group on Quality and a central quality assurance function have been established to continuously carry through control of products and processes.

Quality assurance

Statistics Denmark follows the principles in the Code of Practice for European Statistics (CoP) and uses the Quality Assurance Framework of the European Statistical System (QAF) for the implementation of the principles. This involves continuous decentralized and central control of products and processes based on documentation following international standards. The central quality assurance function reports to the Working Group on Quality. Reports include suggestions for improvement that are assessed, decided and subsequently implemented.

Quality assessment

The quality of data varies dependent on the type of component. Financial components are assumed to collectively be of high quality as data that are relevant to tax payments are verified by the tax administration albeit the distinction between the individual components may not be perfect, if the distinction does not serve an administrative purpose. But incorrect codes have been utilized – especially in areas that do not have direct administrative importance. This could have as consequences that sums move between individual components if the person registering the data uses and invalid code. The ladder should not affect the total assets or debt. While ownership is based on solid register data, the values of houses and cars are imputed based on sales prices and used car prices. These evaluations might be uncertain. Finally note, that not all types of wealth and debt are covered.

Data revision - policy

Statistics Denmark revises published figures in accordance with the Revision Policy for Statistics Denmark. The common procedures and principles of the Revision Policy are for some statistics supplemented by a specific revision practice.

Data revision practice

Annual revisions are not conducted. The statistics remains under development. Revisions can occur to the degree that we post-publication receive significantly better data or that we make improvements of the statistics. Lately in 2020, we have revised the value of condominiums and civil servant’s pensions.