publication . Article . 2009

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

Brian K. Bucks; Arthur B. Kennickell; Traci L. Mach; Kevin B. Moore;
Open Access
  • Published: 01 Jan 2009
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.
Subjects
Medical Subject Headings: health care economics and organizations
free text keywords: Consumer surveys ; Households - Economic aspects

2. Amount of before-tax family income, distributed by income sources, by percentile of net worth, 2004 and 2007 surveys 4. Family net worth, by selected characteristics of families, 1998-2007 surveys Thousands of 2007 dollars C. Use of the Internet for financial information or financial services, by age of head, 2007 6. Family holdings of financial assets, by selected characteristics of families and type of asset, 2004 and 2007 surveys 12. Leverage ratio of group by selected family 13. Family holdings of debt, by selected characteristics of families and type of debt, 2004 and 2007 surveys 13. Family holdings of debt, by selected characteristics of families and type of debt, 2004 and 2007 surveys-Continued 2007

(percent) 2007

(percent) 17. Amount of debt of all families, distributed by type of lending institution, 1998-2007 surveys

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