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Changes in U.S. family finances from 2004 to 2007: evidence from the Survey of Consumer Finances

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Author Info

  • Brian K. Bucks
  • Arthur B. Kennickell
  • Traci L. Mach
  • Kevin B. Moore
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    Abstract

    The Federal Reserve Board's Survey of Consumer Finances for 2007 provides insights into changes in family income and net worth since the 2004 survey. The survey shows that, over the 2004-07 period, the median value of real (inflation-adjusted) family income before taxes was little changed, while mean income climbed 8.5 percent. Unlike family income over this period, both median and mean net worth increased; the median rose 17.7 percent, and the mean rose 13.0 percent. This article reviews these and other changes in the financial condition of U.S. families, including developments in assets, liabilities, and debt payments.

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    File URL: http://www.federalreserve.gov/pubs/bulletin/2009/pdf/scf09.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): (2009)
    Issue (Month): ()
    Pages:

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    Handle: RePEc:fip:fedgrb:y:2009:n:v.95

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    Related research

    Keywords: Consumer surveys ; Households - Economic aspects;

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    Cited by:
    1. Jing Jian Xiao & Rui Yao, 2011. "Debt Holding and Burden by Family Structure in 1989-2007," NFI Working Papers 2011-WP-04, Indiana State University, Scott College of Business, Networks Financial Institute.
    2. Bonaparte, Yosef & Kumar, Alok, 2013. "Political activism, information costs, and stock market participation," Journal of Financial Economics, Elsevier, vol. 107(3), pages 760-786.
    3. Tang, Ning & Mitchell, Olivia S. & Mottola, Gary R. & Utkus, Stephen P., 2010. "The efficiency of sponsor and participant portfolio choices in 401(k) plans," Journal of Public Economics, Elsevier, vol. 94(11-12), pages 1073-1085, December.
    4. Sandra Phillips, 2012. "The Subprime Mortgage Calamity and the African American Woman," The Review of Black Political Economy, Springer, vol. 39(2), pages 227-237, June.
    5. Ronald Lee, 2012. "Macroeconomic Implications of Demographic Changes: A Global Perspective," IMES Discussion Paper Series 12-E-11, Institute for Monetary and Economic Studies, Bank of Japan.
    6. Grinstein-Weiss, Michal & Spader, Jonathan & Yeo, Yeong Hun & Taylor, Andréa & Books Freeze, Elizabeth, 2011. "Parental transfer of financial knowledge and later credit outcomes among low- and moderate-income homeowners," Children and Youth Services Review, Elsevier, vol. 33(1), pages 78-85, January.
    7. Philip Maymin & Zakhar Maymin, 2012. "Any regulation of risk increases risk," Financial Markets and Portfolio Management, Springer, vol. 26(3), pages 299-313, September.

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