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  4. Current: 2017 Volume 103
  5. Changes in U.S. Family Finances from 2013 to 2016: Evidence from the Survey of Consumer Finances

Federal Reserve Bulletin

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Figure 1. Change in median and mean family incomes, 2010-16 surveys
Percent
Survey year Median Mean
2010-13 -4.94 3.69
2013-16 9.56 14.24

Note: Changes are based on inflation-adjusted dollars.

Source: Here and in subsequent figures and tables, Federal Reserve Board, Survey of Consumer Finances.

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Figure 2. Change in median and mean family net worth, 2010-16 surveys
Percent
Survey year Median Mean
2010-13 -1.99 0.00
2013-16 16.25 25.54

Note: Changes are based on inflation-adjusted dollars.

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Box 2. New Questions from the 2016 Survey of Consumer Finances Redesign: Figure A. Objective financial literacy by self-rated financial knowledge, 2016 survey
Rating on a scale of 0 to 10 and number of correct responses out of three questions
Self-rated financial knowledge Number of correct responses (mean)
Not at all knowledgeable 1.69
1 1.46
2 1.80
3 1.93
4 1.96
5 1.94
6 2.12
7 2.25
8 2.28
9 2.43
Very knowledgeable 2.18

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Box 2. New Questions from the 2016 Survey of Consumer Finances Redesign: Figure B. Main approaches to resolving income shortfall by whether a family actually experienced an income shortfall, 2016 survey
Percent
Approach to resolving income shortfall Actual shortfall of income Hypothetical shortfall of income
Spend out of savings 44.36 58.17
Borrow 42.81 21.43
Postpone 3.07 11.22
Cut back 3.73 9.18

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Box 2. New Questions from the 2016 Survey of Consumer Finances Redesign: Figure C. Median income and net worth by parental educational attainment, 2016 survey
Thousands of 2016 dollars
Parental educational attainment Income Net worth
No high school diploma 34.02 64.01
High school diploma or some college 52.66 95.97
College degree 75.86 130.91

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Box 3. Recent Trends in the Distribution of Income and Wealth: Figure A. Income shares by income percentile, 1989-2016 surveys
Percent
Survey year Top 1 percent Next 9 percent Bottom 90 percent
1989 16.48 25.30 58.22
1992 11.68 25.89 62.43
1995 14.22 25.03 60.75
1998 16.79 24.48 58.73
2001 18.76 25.79 55.45
2004 17.13 25.54 57.33
2007 21.42 25.93 52.65
2010 17.25 27.06 55.69
2013 20.27 27.00 52.73
2016 23.80 26.51 49.69

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Box 3. Recent Trends in the Distribution of Income and Wealth: Figure B. Wealth shares by wealth percentile, 1989-2016 surveys
Percent
Survey year Top 1 percent Next 9 percent Bottom 90 percent
1989 29.60 37.20 33.20
1992 30.07 36.87 33.07
1995 34.35 33.25 32.40
1998 33.88 34.72 31.40
2001 32.64 37.14 30.23
2004 33.23 36.22 30.55
2007 33.73 37.72 28.55
2010 34.57 39.98 25.45
2013 36.30 39.01 24.70
2016 38.65 38.53 22.82

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Box 4. Usual versus Actual Income: Figure A. Families with positive and negative income shocks, 2010-16 surveys
Percent
Survey year Income below usual (negative shock) Income equal to usual (no shock) Income above usual (positive shock)
2010 25.16 68.81 6.03
2013 18.44 74.16 7.40
2016 15.09 76.39 8.52

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Box 5. Saving Behavior: Figure A. Families that saved, 2010-16 surveys
Percent
Survey year All percentiles of usual income 0-49.9 percentile of usual income 50-89.9 percentile of usual income 90-100 percentile of usual income
2010 52.0 41.4 58.9 77.1
2013 53.0 40.2 61.7 82.4
2016 55.3 42.9 64.6 80.3

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Box 6. Direct and Indirect Holdings of Publicly Traded Stock: Figure A. Families with direct and indirect holdings of stock, 2010-16 surveys
Percent
Survey year All percentiles of usual income 0-49.9 percentile of usual income 50-89.9 percentile of usual income 90-100 percentile of usual income
2010 49.88 27.87 67.79 88.29
2013 48.85 25.25 67.51 92.15
2016 51.88 28.12 71.17 93.58

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Box 7. Retirement Accounts and Plan Participation: Figure A. Participation in any retirement plan for families ages 35-64, 2010-16 surveys
Percent
Survey year All percentiles of usual income Bottom 50 percentile of usual income Next 40 percentile of usual income Top 10 percentile of usual income
2010 67.7 43.4 80.9 92.5
2013 67.3 40.2 81.9 94.6
2016 68.1 42.3 83.5 94.7

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Box 8. Homeownership and Net Housing Wealth: Figure A. Homeownership rate, 2010-16 surveys
Percent
Survey year All percentiles of usual income Bottom 50 percentile of usual income Next 40 percentile of usual income Top 10 percentile of usual income
2010 67.3 51.5 80.8 92.0
2013 65.2 49.2 78.1 93.5
2016 63.7 46.9 77.8 91.4

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Box 9. Holdings of Business Equity: Figure A. Families with holdings of business equity, 2010-16 surveys
Percent
Survey year All percentiles of usual income 0-49.9 percentile of usual income 50-89.9 percentile of usual income 90-100 percentile of usual income
2010 13.3 5.6 16.1 40.4
2013 11.7 4.6 14.4 36.3
2016 13.0 5.6 15.8 38.7

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Box 10. Education Debt: Figure B. Share of young families' education loan debt, by income group, 2013 and 2016 surveys
Percent
Survey year Usual income of less than $30,000 Usual income of $30,000 to $60,000 Usual income of more than $60,000
2013 23.64 25.77 50.59
2016 18.32 29.88 51.80

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Last Update: October 17, 2017