The DOI matches its Crossref record; 5 of the 5 references it cites were found in a registry or an index.
Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances
Open accessAbstract
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.
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Cites
Introducing the Distributional Financial Accounts of the United States
Bricker, J., Sommer, K., Batty, M. M., Briggs, J., Holmquist, E. B., McIntosh, S. H., Moore, K. B., Nielsen, E. R., Reber, S., Shatto, M., et al. (2019) · Finance and Economics Discussion Series · doi:10.17016/feds.2019.017 · Cited by 70
Self-citationHenriques, A. M., & Hsu, J. W. (2013) · Finance and Economics Discussion Series · doi:10.17016/feds.2013.46 · Cited by 43
Self-citationDettling, L. J., Devlin-Foltz, S. J., Krimmel, J., et al. (2015) · Finance and Economics Discussion Series · doi:10.17016/feds.2015.086 · Cited by 37
Self-citationVolz, A. H., & Hsu, J. W. (2013) · SSRN Electronic Journal · doi:10.2139/ssrn.2340515 · Cited by 34
Self-citationUpdates to the Sampling of Wealthy Families in the Survey of Consumer Finances
Bricker, J., Henriques, A. M., & Moore, K. B. (2017) · Finance and Economics Discussion Series · doi:10.17016/feds.2017.114 · Cited by 27
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Research works printed but not linked: 3
- Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances (PDF), Federal Reserve Bulletin, 2020, Volume 106.
- Legal Developments: Second Quarter, 2020, Federal Reserve Bulletin, 2020, Volume 106.
- Legal Developments: Third Quarter, 2020, Federal Reserve Bulletin, 2020, Volume 106.
Cited by
Sorted by citations
The Distributional Effects of Student Loan Forgiveness
Catherine, S., & Yannelis, C. (2023) · Journal of Financial Economics · doi:10.1016/j.jfineco.2022.10.003 · Cited by 48
Metadata
- Authors
- Bhutta, N., Bricker, J., Chang, A. C., Dettling, L. J., Goodman, S., Hsu, J. W., Moore, K. B., Reber, S., Volz, A. H., & Windle, R. A.
- Affiliations
- Federal Reserve (US)
- Venue
- Federal Reserve Bulletin
- Published
- 2020-09
- Volume
- 106.0
- Issue
- 5
- Pages
- 1-42
- ISSN
- 0014-9209 (ISSN-L)
- OpenAlex
- W3093597247
- Cited by
- 161
- References
- 5
- Citations by year
- 2026: 8 · 2025: 14 · 2024: 22 · 2023: 33 · 2022: 36 · 2021: 19 · 2020: 8
- FWCI
- 44.65
- Type
- journal article
- Language
- en
- Open access
- diamond
- doi.org
- Licence
- Locations
- Federal Reserve Bulletin (publishedVersion, public-domain)
- RePEc: Research Papers in Economics (submittedVersion)
- SSRN Electronic Journal (submittedVersion)
- Funders
- University of Chicago
- Nutrition Obesity Research Center, University of North Carolina
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Literacy, Pension, Retirement Analysis
- Social Sciences › Sociology and Political Science › Income, Poverty, and Inequality
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Economic Theory and Policy
- Keywords
- household income, net worth, household wealth, Great Recession recovery, economic well-being, income inequality, wealth inequality, demographic disparities, household debt, credit markets, household assets and liabilities, Survey of Consumer Finances
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