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Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances

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Abstract

The Federal Reserve Board’s Survey of Consumer Finances for 2019 provides insights into the evolution of family income and net worth since the previous time the survey was conducted in 2016. The survey shows that over the 2016–19 period, the median value of real (inflation-adjusted) family income before taxes rose 5 percent, and mean income decreased 3 percent. Real median net worth increased 18 percent, and mean net worth rose 2 percent. This survey marks the first in the aftermath of the Great Recession in which between-survey changes in the median outpaced changes in the mean for either measure, indicating that families in large parts of both distributions enjoyed gains in economic well-being. And, while the data also reveal some disparities in the evolution of income and net worth since 2016 across families differentiated by economic characteristics, such as income or wealth, and demographic characteristics, such as age, education, or race and ethnicity, many groups with historically lower income and net worth saw relatively large gains. This article reviews these and other changes in the financial condition of U.S. families, including developments in assets, liabilities, debt payments, and credit market experiences. The findings in this article do not reflect the effects of the COVID-19 pandemic on family finances, as almost all of the data in the 2019 survey were collected before the onset of the pandemic.

Suggested Citation

  • Neil Bhutta & Jesse Bricker & Andrew C. Chang & Lisa J. Dettling & Sarena Goodman & Alice Henriques Volz & Joanne W. Hsu & Kevin B. Moore & Sarah Reber & Richard Windle, 2020. "Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), vol. 106(5), pages 1-42, September.
    • Handle: RePEc:fip:fedgrb:88954
    DOI: 10.17016/bulletin.2020.106
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    Cited by:

    1. Jordan B. Manes & Emily Moschini & Tom Phelan, 2022. "Student debt incidence: recent data and conceptual issues," Economic Commentary, Federal Reserve Bank of Cleveland, vol. 2022(16), December.
    2. Cupák, Andrej & Fessler, Pirmin & Hsu, Joanne W. & Paradowski, Piotr R., 2022. "Investor confidence and high financial literacy jointly shape investments in risky assets," Economic Modelling, Elsevier, vol. 116(C).
    3. Catherine, Sylvain & Yannelis, Constantine, 2023. "The distributional effects of student loan forgiveness," Journal of Financial Economics, Elsevier, vol. 147(2), pages 297-316.
    4. J. Michael Collins & Amrita Kulka, 2023. "Saving by buying ahead: stockpiling in response to lump‐sum payments," Fiscal Studies, John Wiley & Sons, vol. 44(4), pages 451-484, December.
    5. Wolf, David & Takeuchi, Kenji, 2022. "Holding back the storm: Dam capitalization in residential and commercial property values," Journal of Environmental Economics and Management, Elsevier, vol. 116(C).
    6. Mikołaj Raczyński, 2022. "Monetary policy and economic inequality: a literature review," Bank i Kredyt, Narodowy Bank Polski, vol. 53(2), pages 231-278.
    7. HanNa Lim & Su Hyun Shin & Hyunjung Ji, 2022. "The effect of natural disasters on household economic hardship during a pandemic," Journal of Consumer Affairs, Wiley Blackwell, vol. 56(4), pages 1525-1560, December.

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