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The Decline in Household Saving: What Can We Learn from Survey Data?

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  • Barry P. Bosworth
  • Lisa Bell

Abstract

We examine the saving decline from the perspective of microeconomic survey data on the wealth position of American households. Can the surveys provide information on the nature and causes of the saving decline that are not evident in the macroeconomic information? The analysis concentrates on data obtained from six Surveys of Consumer Finances (SCF) covering the period of 1983-2001. The SCF had a panel dimension only in the 1983-89 period. We conclude that the 1983-89 panel survey is a very valuable, but often ignored, exercise in measuring saving behavior. It is particularly instructive in demonstrating the heterogeneous nature of saving behavior and the dominant role of high-income households. Unfortunately, the panel component of the survey was discontinued after 1989. We conclude that cohort-based estimates of saving that can be derived from successive rounds of the SCF cross-section are not effective substitutes for a panel survey. The most substantial opportunity to improve our knowledge of the reasons for the decline in household saving would be to repeat the 1989 exercise by re-interviewing a portion of the households in each SCF survey.

Suggested Citation

  • Barry P. Bosworth & Lisa Bell, 2005. "The Decline in Household Saving: What Can We Learn from Survey Data?," Working Papers, Center for Retirement Research at Boston College wp2005-15, Center for Retirement Research, revised Dec 2005.
    • Handle: RePEc:crr:crrwps:wp2005-15
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    Cited by:

    1. Bunting, David, 2009. "The saving decline: Macro-facts, micro-behavior," Journal of Economic Behavior & Organization, Elsevier, vol. 70(1-2), pages 282-295, May.
    2. Jerry Green & Laurence J. Kotlikoff, 2006. "On the General Relativity of Fiscal Language," NBER Working Papers 12344, National Bureau of Economic Research, Inc.
    3. Willaim G. Gale & Karen M. Pence, 2006. "Are Successive Generations Getting Wealthier, and If So, Why?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 37(1), pages 155-234.
    4. Jörg Bibow, 2010. "Alternative Strategien der Budgetkonsolidierung in Österreich nach der Rezession," IMK Studies 03-2010, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    5. Gale, William & Pence, Karen, 2006. "Are Successive Generations Getting Wealthier, and If So, Why?Evidence from the 1990s," MPRA Paper 55502, University Library of Munich, Germany.

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