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Changes in U.S. family finances from 2007 to 2010: evidence from the Survey of Consumer Finances

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Author Info

  • Jesse Bricker
  • Arthur B. Kennickell
  • Kevin B. Moore
  • John Sabelhaus
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    Abstract

    The Federal Reserve Board's Survey of Consumer Finances for 2010 provides insights into changes in family income and net worth since the 2007 survey. The survey shows that, over the 2007–10 period, the median value of real (inflation-adjusted) family income before taxes fell 7.7 percent, while mean income fell more sharply, an 11.1 percent decline. Both median and mean net worth decreased even more dramatically than income over this period, though the relative movements in the median and the mean are reversed; the median fell 38.8 percent, and the mean fell 14.7 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/2012/PDF/scf12.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): (2012)
    Issue (Month): June ()
    Pages: 1-80

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    Handle: RePEc:fip:fedgrb:y:2012:i:june:p:1-80:n:v.98no.2

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    Related research

    Keywords: Consumer finance;

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    Cited by:
    1. Dunn, Lucia & Olsen, Randall, 2014. "US household real net worth through the Great Recession and beyond: Have we recovered?," Economics Letters, Elsevier, vol. 122(2), pages 272-275.
    2. Tucker, Jenna N. & Key, Clinton C. & Grinstein-Weiss, Michal, 2014. "The benefits of saving at tax time: Evidence from the $aveNYC evaluation," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 48(C), pages 50-61.
    3. McInerney, Melissa & Mellor, Jennifer M. & Nicholas, Lauren Hersch, 2013. "Recession depression: Mental health effects of the 2008 stock market crash," Journal of Health Economics, Elsevier, vol. 32(6), pages 1090-1104.
    4. Friedline, Terri & Elliott, William, 2013. "Connections with banking institutions and diverse asset portfolios in young adulthood: Children as potential future investors," Children and Youth Services Review, Elsevier, vol. 35(6), pages 994-1006.

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