IDEAS home Printed from https://ideas.repec.org/a/fip/fedgrb/y2009nv.95.html
   My bibliography  Save this article

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

Author

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

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.

Suggested Citation

  • Brian K. Bucks & Arthur B. Kennickell & Traci L. Mach & Kevin B. Moore, 2009. "Changes in U.S. family finances from 2004 to 2007: evidence from the Survey of Consumer Finances," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.).
  • Handle: RePEc:fip:fedgrb:y:2009:n:v.95
    as

    Download full text from publisher

    File URL: http://www.federalreserve.gov/pubs/bulletin/2009/pdf/scf09.pdf
    Download Restriction: no

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Philip Maymin & Zakhar Maymin, 2012. "Any regulation of risk increases risk," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 26(3), pages 299-313, September.
    2. Smriti Rao & Hazel Malapit, 2015. "Gender, Household Structure and Financial Participation in the United States," Journal of Family and Economic Issues, Springer, vol. 36(4), pages 606-620, December.
    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. 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.
    5. Hisahiro Naito, 2018. "Welfare-improving Consumption Tax in the Presence of Wage Tax under Idiosyncratic Returns from Investment and Incomplete Markets," Tsukuba Economics Working Papers 2018-002, Economics, Graduate School of Humanities and Social Sciences, University of Tsukuba.
    6. Annamaria Lusardi & Olivia S. Mitchell, 2017. "Older Women's Labor Market Attachment, Retirement Planning, and Household Debt," NBER Chapters,in: Women Working Longer: Increased Employment at Older Ages, pages 185-215 National Bureau of Economic Research, Inc.
    7. Lusardi, Annamaria & Mitchell, Olivia S. & Oggero, Noemi, 2017. "Debt and financial vulnerability on the verge of retirement," CFS Working Paper Series 574, Center for Financial Studies (CFS).
    8. Sandra Phillips, 2012. "The Subprime Mortgage Calamity and the African American Woman," The Review of Black Political Economy, Springer;National Economic Association, vol. 39(2), pages 227-237, June.
    9. Bonaparte, Yosef & Kumar, Alok, 2013. "Political activism, information costs, and stock market participation," Journal of Financial Economics, Elsevier, vol. 107(3), pages 760-786.
    10. 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.
    11. Mathieu R. Despard & Gina A. N. Chowa, 2014. "Testing a Measurement Model of Financial Capability Among Youth in Ghana," Journal of Consumer Affairs, Wiley Blackwell, vol. 48(2), pages 301-322, June.
    12. 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.
    13. Neil Bhutta & Benjamin J. Keys, 2016. "Interest Rates and Equity Extraction during the Housing Boom," American Economic Review, American Economic Association, vol. 106(7), pages 1742-1774, July.
    14. Lucy Reuben & Pamela Queen, 2015. "Capital Constraints and Industry Mix Implications for African-American Business Success," The Review of Black Political Economy, Springer;National Economic Association, vol. 42(4), pages 355-378, December.
    15. Solomon Y. Deku & Alper Kara & Phil Molyneux, 2014. "Access to Consumer Credit in the UK," Working Papers 14004, Bangor Business School, Prifysgol Bangor University (Cymru / Wales).
    16. repec:spr:sjecst:v:152:y:2016:i:1:d:10.1007_bf03399421 is not listed on IDEAS
    17. Heimer, Rawley Z., 2014. "Friends do let friends buy stocks actively," Journal of Economic Behavior & Organization, Elsevier, vol. 107(PB), pages 527-540.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedgrb:y:2009:n:v.95. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Franz Osorio). General contact details of provider: http://edirc.repec.org/data/frbgvus.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.