Survey of Consumer Finances

Survey of Consumer Finances
Name	Survey of Consumer Finances
Country	United States
Producer	Federal Reserve Board, University of Chicago Booth School of Business, National Bureau of Economic Research
Frequency	Triennial
Started	1983
Subject	Household finance, wealth, assets, liabilities

Survey of Consumer Finances

The Survey of Consumer Finances is a triennial United States household-level survey conducted by the Federal Reserve Board in collaboration with academic and research institutions to measure wealth, assets, liabilities, and demographic characteristics of households. It is used by policymakers, scholars, and institutions such as the National Bureau of Economic Research, Brookings Institution, Harvard University, Princeton University, and University of Chicago to analyze distributional questions affecting programs like Social Security, Tax Reform Act of 1986, Affordable Care Act, and regulatory work by the Securities and Exchange Commission and Consumer Financial Protection Bureau. Major users include researchers at Columbia University, Yale University, Stanford University, Massachusetts Institute of Technology, and analysts at Congressional Budget Office and Office of Management and Budget.

Overview

The dataset samples households across the United States using stratified multistage probability designs with oversamples of wealthy households and demographic groups tracked by institutions like the Census Bureau, Internal Revenue Service, Bureau of Labor Statistics, Office for National Statistics counterparts, and academic centers at University of Michigan, Johns Hopkins University, New York University, Duke University, and Northwestern University. Core modules include detailed questions on net worth, pension holdings, noncorporate business ownership, home equity, student loans, credit card debt, and financial literacy topics informed by research from National Bureau of Economic Research, Brookings Institution, Urban Institute, American Enterprise Institute, and scholars affiliated with Columbia University, Harvard Kennedy School, Princeton School of Public and International Affairs, and Yale School of Management.

Methodology

The survey uses in-person and telephone interviews with supplemental administrative matchings and high-wealth screening procedures developed in collaboration with teams at University of Chicago Booth School of Business, National Bureau of Economic Research, RAND Corporation, Mathematica Policy Research, and survey methodologists connected to American Association for Public Opinion Research and Institute for Social Research. Sampling frames incorporate household address lists, tax-centric enrichments referencing Internal Revenue Service data proxies, and stratification reflecting demographic benchmarks from the United States Census Bureau and population controls used by the Bureau of Labor Statistics. Wealthy-unit oversampling and multiple imputation techniques draw on methods advanced by scholars at Stanford University, Massachusetts Institute of Technology, Harvard University, Columbia University, and Princeton University. Weighting and variance estimation procedures reference standards from the National Research Council and experts at University of Pennsylvania, University of California, Berkeley, University of Chicago, and Yale University.

Key Findings

Analyses using the survey document rising wealth concentration among the top 1% and 10%, patterns first highlighted in work by scholars at Harvard University, Princeton University, Stanford University, MIT, University of Chicago, Columbia University, and Yale University. Findings show heterogeneous retirement savings across cohorts studied by researchers at University of Michigan, Cornell University, Duke University, Northwestern University, and Boston College; disparities in homeownership and mortgage leverage emphasized by teams at New York University, University of Pennsylvania, Johns Hopkins University, and Brown University; and differential debt burdens including student loans shaped by analyses from Syracuse University, University of California, Los Angeles, University of Texas at Austin, and Arizona State University. The survey supports influential papers and reports produced for Congressional Budget Office, International Monetary Fund, Organisation for Economic Co-operation and Development, World Bank, and think tanks such as Brookings Institution and American Enterprise Institute.

Historical Trends and Changes

Since inception in 1983 the instrument and sampling have evolved alongside policy episodes and academic advances traced by experts at National Bureau of Economic Research, Brookings Institution, Harvard University, Princeton University, University of Chicago, Stanford University, Yale University, and MIT. Major revisions followed the Great Recession and mortgage crisis examined in studies by Federal Reserve Bank of New York, Federal Reserve Bank of St. Louis, Institute for Fiscal Studies, and scholars at Columbia University and University of Pennsylvania. Changes include expanded modules on defined-contribution pensions, small-business equity, student loans, and detailed portfolio questions influenced by methodology work at RAND Corporation, Mathematica Policy Research, University of Michigan, and University of California, Berkeley.

Uses and Impact

Policymakers at Federal Reserve Board, Department of the Treasury, Congressional Budget Office, and Office of Management and Budget use the survey to calibrate models of household behavior employed by researchers at National Bureau of Economic Research, Harvard University, Princeton University, Stanford University, and MIT. Academics rely on the dataset for dissertations, peer-reviewed articles in journals connected to American Economic Association, Journal of Political Economy, Quarterly Journal of Economics, and Review of Economic Studies, and policy reports from Brookings Institution, Urban Institute, and Center on Budget and Policy Priorities. Financial institutions and rating agencies like Moody's Investors Service, Standard & Poor's, Goldman Sachs, JPMorgan Chase, and Fidelity Investments reference the survey for household balance sheet assessments.

Criticisms and Limitations

Critiques arise from survey nonresponse bias, undercoverage of the ultra-wealthy, and measurement error debated by researchers at National Bureau of Economic Research, University of Chicago, Harvard University, Stanford University, and Princeton University. Comparisons with administrative tax records used in studies at Internal Revenue Service collaborations, Harvard Business School, Oxford University, London School of Economics, and University of Toronto highlight potential gaps. Methodological debates involve imputation strategies, top-income adjustments, and frequency of waves discussed in forums organized by American Economic Association, National Academies of Sciences, Institute of Labor Economics (IZA), and specialist centers at University of Michigan and University of California, Berkeley.

Category:Surveys in the United States