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Recent changes in U. S. family finances: results from the 1998 Survey of Consumer Finances

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Author Info

  • Arthur B. Kennickell
  • Martha Starr-McCluer
  • Brian J. Surette

Abstract

Using data from the Federal Reserve Board's two most recent Surveys of Consumer Finances, this article provides a detailed picture of changes in the financial condition of U.S. families between 1995 and 1998. The financial situation of families changed notably in the three-year period. While income continued a moderate upward trend, net worth grew strongly, and the increase in net worth was broadly shared by different demographic groups. A booming stock market accounts for a substantial part of the rise in net worth, but the data also suggest that improvements in financial circumstances extended to many families that did not own stocks. The indebtedness of families grew, but less rapidly than their assets. Nonetheless, compared with 1995, debt repayments in 1998 accounted for a larger share of the income of the typical family with debt, and the proportion of debtors who were late with their payments by sixty days or more in the year preceding the survey was also higher.

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File URL: http://www.federalreserve.gov/pubs/bulletin/2000/0100lead.pdf
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Bibliographic Info

Article provided by Board of Governors of the Federal Reserve System (U.S.) in its journal Federal Reserve Bulletin.

Volume (Year): (2000)
Issue (Month): Jan ()
Pages: 1-29

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Handle: RePEc:fip:fedgrb:y:2000:i:jan:p:1-29:n:v.86no.1

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Related research

Keywords: Income ; Consumer behavior ; Saving and investment;

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Cited by:
  1. Martin Gervais & Manish Pandey, 2005. "Who Cares about Mortgage Interest Deductibility?," University of Western Ontario, Economic Policy Research Institute Working Papers 20059, University of Western Ontario, Economic Policy Research Institute.
  2. John V. Duca, 2004. "Why have U.S. households increasingly relied on mutual funds to own equity?," Working Papers 04-03, Federal Reserve Bank of Dallas.
  3. Jim MacGee & Igor Livshits & Michele Tertilt, 2008. "Costly Contracts and Consumer Credit," 2008 Meeting Papers 385, Society for Economic Dynamics.
  4. Jon D. Wisman & Barton Baker, 2010. "Rising Inequality and the Financial Crises of 1929 and 2008," Working Papers 2010-10 JEL classificatio, American University, Department of Economics.
  5. De Nicolo, Gianni & Kwast, Myron L., 2002. "Systemic risk and financial consolidation: Are they related?," Journal of Banking & Finance, Elsevier, vol. 26(5), pages 861-880, May.
  6. Lehn Benjamin & Julia Sass Rubin & Sean Zielenbach, 2003. "Community development financial institutions: current issues and future prospects," Proceedings, Board of Governors of the Federal Reserve System (U.S.).
  7. Claudio Campanale, 2008. "Life-Cycle Portfolio Choice: The Role of Heterogeneity and Under-diversification," Working Papers. Serie AD 2008-06, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  8. Alicia H. Munnell & Francesca Golub-Sass & Dan Muldoon, 2009. "An Update on 401(k) Plans: Insights From the 2007 SCF," Issues in Brief ib2009-9-5, Center for Retirement Research, revised Mar 2009.
  9. Arthur B. Kennickell, 2000. "An Examination of Changes in the Distribution of Wealth From 1989 to 1998: Evidence from the Survey of Consumer Finances," Macroeconomics 0004054, EconWPA.
  10. Alla A. Melkumian, 2006. "The opportunity cost of being constrained by the type of assets: Bonds only or stocks only," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 325-343, November.
  11. Thomas L. Hungerford, 2002. "The Persistence of Hardship Over the Life Course," Economics Working Paper Archive wp_367, Levy Economics Institute, The.
  12. Alicia H. Munnell & Richard W. Kopcke & Francesca Golub-Sass & Dan Muldoon, 2009. "An Update on 401(k) Plans: Insights from the 2007 Survey of Consumer Finance," Working Papers, Center for Retirement Research at Boston College wp2009-26, Center for Retirement Research, revised Nov 2009.
  13. Charles W. Calomiris & Stanley D. Longhofer & William Miles, 2012. "The Housing Wealth Effect: The Crucial Roles of Demographics, Wealth Distribution and Wealth Shares," NBER Working Papers 17740, National Bureau of Economic Research, Inc.
  14. Xavier Gabaix & David Laibson, 2002. "The 6D Bias and the Equity Premium Puzzle," Harvard Institute of Economic Research Working Papers 1947, Harvard - Institute of Economic Research.
  15. Arthur B. Kennickell, 2000. "An Examination of Changes in the Distribution of Wealth from 1989 to 1998: Evidence from the Survey of Consumer Finances," Economics Working Paper Archive wp_307, Levy Economics Institute, The.
  16. Song Han, 2011. "Creditor Learning and Discrimination in Lending," Journal of Financial Services Research, Springer, vol. 40(1), pages 1-27, October.

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