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1992 Survey of Consumer Finances
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*******************************************************************
****** SAS code to calculate Assets, Debt, and Net Worth **********
*******************************************************************
* NOTE! This code is furnished to uses as a guide to defining
net worth using the 1992 Survey of Consumer Finances. The
definitions in this file may have changed since the preparation
of the October 1994 Bulletin article. In addition, these
definitions may not correspond to what other analysts may
prefer. Users are STRONGLY urged to inspect each definition
and decide if it meets their analytic needs. The Federal
Reserve takes no responsibility for the accuracy or
reliability of the program code. All responsibility for
errors rests with the user.
******** Financial assets ****************************************;
* checking accounts other than money market;
CHECKING =MAX(0,X3506)*(X3507=5)+MAX(0,X3510)*(X3511=5)+
MAX(0,X3514)*(X3515=5)+MAX(0,X3518)*(X3519=5)+
MAX(0,X3522)*(X3523=5)+MAX(0,X3526)*(X3527=5)+
MAX(0,X3529)*(X3527=5);
* savings accounts;
SAVING = MAX(0,X3804)+MAX(0,X3807)+MAX(0,X3810)+MAX(0,X3813)
+MAX(0,X3816)+MAX(0,X3818);
* money market deposit accounts;
MMDA= MAX(0,X3506)*((X3507=1)*(11<=X9113<=13))
+MAX(0,X3510)*((X3511=1)*(11<=X9114<=13))
+MAX(0,X3514)*((X3515=1)*(11<=X9115<=13))
+MAX(0,X3518)*((X3519=1)*(11<=X9116<=13))
+MAX(0,X3522)*((X3523=1)*(11<=X9117<=13))
+MAX(0,X3526)*((X3527=1)*(11<=X9118<=13))
+MAX(0,X3529)*((X3527=1)*(11<=X9118<=13))
+MAX(0,X3706)*(11<=X9131<=13)
+MAX(0,X3711)*(11<=X9132<=13)
+MAX(0,X3716)*(11<=X9133<=13)
+MAX(0,X3718)*(11<=X9133<=13);
* money market mutual funds;
MMMF= MAX(0,X3506)*(X3507=1)*(X9113<11|X9113>13)
+MAX(0,X3510)*(X3511=1)*(X9114<11|X9114>13)
+MAX(0,X3514)*(X3515=1)*(X9115<11|X9115>13)
+MAX(0,X3518)*(X3519=1)*(X9116<11|X9116>13)
+MAX(0,X3522)*(X3523=1)*(X9117<11|X9117>13)
+MAX(0,X3526)*(X3527=1)*(X9118<11|X9118>13)
+MAX(0,X3529)*(X3527=1)*(X9118<11|X9118>13)
+MAX(0,X3706)*(X9131<11|X9131>13)
+MAX(0,X3711)*(X9132<11|X9132>13)
+MAX(0,X3716)*(X9133<11|X9133>13)
+MAX(0,X3718)*(X9133<11|X9133>13);
* total money market accounts;
MMA=MMDA+MMMF;
* call accounts at brokerages;
CALL=MAX(0,X3930);
* transaction accounts;
LIQ=CHECKING+SAVING+MMA+CALL;
* certificates of deposit;
CDS = MAX(0,X3721);
* mutual funds;
* stock mutual funds;
STMUTF=(X3821=1)*MAX(0,X3822);
* tax-free bond mutual funds;
TFBMUTF=(X3823=1)*MAX(0,X3824);
* government bond mutual funds;
GBMUTF=(X3825=1)*MAX(0,X3826);
* other bond mutual funds;
OBMUTF=(X3827=1)*MAX(0,X3828);
* combination and other mutual funds;
COMUTF=(X3829=1)*MAX(0,X3830);
* total directly-held mutual funds, excluding MMMFs;
NMMF=STMUTF+TFBMUTF+GBMUTF+OBMUTF+COMUTF;
* stocks;
STOCKS = MAX(0,X3915);
* bonds, not including bond funds or savings bonds;
NOTXBND = X3910;
MORTBND = X3906;
GOVTBND = X3908;
OBND = X7634+X7633;
BOND = NOTXBND + MORTBND + GOVTBND + OBND;
* quasi-liquid retirement accounts (IRAs and thrift-type accounts);
* individual retirement accounts;
IRAKH = MAX(0,X3610)+MAX(0,X3620)+MAX(0,X3630);
* thrift-type plans (included if type is 401k, 403b, thrift,
savings, SRA, or if participant has option to borrow or
withdraw);
* PENEQ counts thrift amounts invested in stock;
ARRAY PTYPE{*} X4216 X4316 X4416 X4816 X4916 X5016;
ARRAY PAMT{*} X4226 X4326 X4426 X4826 X4926 X5026;
ARRAY PBOR{*} X4227 X4327 X4427 X4827 X4927 X5027;
ARRAY PWIT{*} X4231 X4331 X4431 X4831 X4931 X5031;
ARRAY PALL{*} X4234 X4334 X4434 X4834 X4934 X5034;
THRIFT = 0; PENEQ =0 ;
DO I=1 TO DIM(PTYPE);
THRIFT=THRIFT+PAMT{I}*(PTYPE{I}=1|PTYPE{I}=2|PBOR{I}=1|PWIT{I}=1);
PENEQ =PENEQ + PAMT{I}*(PTYPE{I}=1|PTYPE{I}=2|PBOR{I}=1|PWIT{I}=1)*
((PALL{I}=1) + .5*(PALL{I}=3));
END;
* future pensions (accumulated in an account for R/S);
FUTPEN=MAX(0,X5604)+MAX(0,X5612)+MAX(0,X5620)+MAX(0,X5628)+
MAX(0,X5636)+MAX(0,X5644);
* sum of IRAs, thrift accounts, and future pensions;
RETQLIQ=IRAKH+THRIFT+FUTPEN;
*savings bonds;
SAVBND = X3902;
* cash value of whole life insurance;
CASHLI=MAX(0,X4006);
* other managed assets (trusts, annuities and managed investment accounts);
OTHMA=X3942;
*other financial assets;
* includes loans, future proceeds, royalties, futures, non-public stock,
deferred compensation, oil/gas/mineral invest., cash n.e.c.;
OTHFIN = X4018+X4022*(X4020 IN (61,62,63,64,65,66,72,73,74)) +
X4026*(X4024 IN (61,62,63,64,65,66,72,73,74)) +
X4030*(X4028 IN (61,62,63,64,65,66,72,73,74));
FIN=LIQ+CDS+NMMF+STOCKS+BOND+RETQLIQ+SAVBND+CASHLI+OTHMA+OTHFIN;
******** Nonfinancial assets ******************************;
* vehicles (includes autos, motorhomes, RVs, airplanes, boats);
* NB '95 includes 4th vehicle, X8188;
VEHIC=MAX(0,X8166)+MAX(0,X8167)+MAX(0,X8168)+
MAX(0,X2422)+MAX(0,X2506)+MAX(0,X2606)+MAX(0,X2623);
* primary residence;
* X507 is maxed at 90%, as some cases report having 100%
of their property used for farming;
IF X507 > 9000 THEN X507=9000;
HOUSES=SUM(0,X604,X614,X623,X716) + ((10000-X507)/10000)*(X513+X526);
* other residential real estate;
* land contracts, Section E properties coded as 1-4 family residence,
misc vacation homes;
ORESRE =MAX(X1405,X1409)+MAX(X1505,X1509)+MAX(X1605,X1609)+
MAX(0,X1619)
+ (X1703 IN (12,14,21,22,25,40,41,42,43,44,49,50,52,999))*MAX(0,X1706)*(X1705/10000)
+ (X1803 IN (12,14,21,22,25,40,41,42,43,44,49,50,52,999))*MAX(0,X1806)*(X1805/10000)
+ (X1903 IN (12,14,21,22,25,40,41,42,43,44,49,50,52,999))*MAX(0,X1906)*(X1905/10000)
+ MAX(0,X2002);
* net equity in nonresidential real estate;
* Section E not coded as 1-4 family residence, misc property;
* nets out debt for nonresidential property => Section E
nonresidential, misc property, and Section I apparently nonresidental (78);
NNRESRE =(X1703 IN (1,2,3,4,5,6,7,10,11,13,24,45,46,47,48,51,-7))*MAX(0,X1706)*(X1705/10000)
+ (X1803 IN (1,2,3,4,5,6,7,10,11,13,24,45,46,47,48,51,-7))*MAX(0,X1806)*(X1805/10000)
+ (X1903 IN (1,2,3,4,5,6,7,10,11,13,24,45,46,47,48,51,-7))*MAX(0,X1906)*(X1905/10000)
+ MAX(0,X2012)
- (X1703 IN (1,2,3,4,5,6,7,10,11,13,24,45,46,47,48,51,-7))*X1715*(X1705/10000)
- (X1803 IN (1,2,3,4,5,6,7,10,11,13,24,45,46,47,48,51,-7))*X1815*(X1805/10000)
- (X1903 IN (1,2,3,4,5,6,7,10,11,13,24,45,46,47,48,51,-7))*X1915*(X1905/10000)
- X2016
- X2723*(X2710 IN (78)) - X2740*(X2727 IN (78))
- X2823*(X2810 IN (78)) - X2840*(X2827 IN (78))
- X2923*(X2910 IN (78)) - X2940*(X2927 IN (78));
* business interests;
* for active businesses, value is net equity if business were sold
today, plus loans from business to household, minus loans from
HH to business not previously reported, plus value of personal
assets used as collateral for business loans ;
BUS = MAX(0,X3129) + MAX(0,X3124) - MAX(0,X3126)*(X3127=5) + MAX(0,X3121)*(X3122=1) +
MAX(0,X3229) + MAX(0,X3224) - MAX(0,X3226)*(X3227=5) + MAX(0,X3221)*(X3222=1) +
MAX(0,X3329) + MAX(0,X3324) - MAX(0,X3326)*(X3327=5) + MAX(0,X3321)*(X3322=1) +
MAX(0,X3335) + (X507/10000)*(X513+X526)+
MAX(0,X3408)+MAX(0,X3412)+MAX(0,X3416)+MAX(0,X3420)+MAX(0,X3424)+MAX(0,X3428);
* other nonfinancial;
OTHNFIN = X4022 + X4026 + X4030 -
X4022*(X4020 IN (61,62,63,64,65,66,72,73,74)) -
X4026*(X4024 IN (61,62,63,64,65,66,72,73,74)) -
X4030*(X4028 IN (61,62,63,64,65,66,72,73,74));
NFIN=VEHIC+HOUSES+ORESRE+NNRESRE+BUS+OTHNFIN;
NHNFIN=NFIN-HOUSES;
ASSET=FIN+NFIN;
*********** Debts ******************************************;
* housing debt (mortgage, home equity loans and HELOCs);
* spillover LOCs divided between HE and other;
IF (X1108+X1119+X1130)>=1 THEN DO;
MRTHEL=X805+X905+X1005+
X1108*(X1103=1)+X1119*(X1114=1)+X1130*(X1125=1)+
MAX(0,X1136)*(X1108*(X1103=1)+
X1119*(X1114=1)+X1130*(X1125=1))/(X1108+X1119+X1130);
END;
ELSE DO;
MRTHEL=X805+X905+X1005+.5*(MAX(0,X1136));
END;
* other lines of credit ;
IF (X1108+X1119+X1130)>=1 THEN DO;
OTHLOC=X1108*(X1103^=1)+X1119*(X1114^=1)+X1130*(X1125^=1)+
MAX(0,X1136)*(X1108*(X1103^=1)+X1119*(X1114^=1)+
X1130*(X1125^=1))/(X1108+X1119+X1130);
END;
ELSE DO;
OTHLOC=.5*(MAX(0,X1136));
END;
* debt for other residential property => land contracts, Section E residential, misc
vacation, and Section I cottage/vacation home (67);
ORESDBT =X1417 + X1517 + X1617 + X1621
+ (X1703 IN (12,14,21,22,25,40,41,42,43,44,49,50,52,999))*X1715*(X1705/10000)
+ (X1803 IN (12,14,21,22,25,40,41,42,43,44,49,50,52,999))*X1815*(X1805/10000)
+ (X1903 IN (12,14,21,22,25,40,41,42,43,44,49,50,52,999))*X1915*(X1905/10000)
+ X2006
+ X2723*(X2710 IN (67)) + X2740*(X2727 IN (67))
+ X2823*(X2810 IN (67)) + X2840*(X2827 IN (67))
+ X2923*(X2910 IN (67)) + X2940*(X2927 IN (67));
* credit card debt;
CCBAL = MAX(0,X427)+MAX(0,X413)+MAX(0,X421)+MAX(0,X430)+
MAX(0,X424)+MAX(0,X7575);
* installment loans;
* '95 has additional car loan, X7169, and new loan mopups, X7179 and X7183;
INSTALL=X2218+X2318+X2418+
X2424+X2519+X2619+X2625+
X2723*(X2710^=67 & X2710^=78)+X2740*(X2727^=67 & X2727^=78)+
X2823*(X2810^=67 & X2810^=78)+X2840*(X2827^=67 & X2827^=78)+
X2923*(X2910^=67 & X2910^=78)+X2940*(X2927^=67 & X2927^=78)+
X7824+X7847+X7870+X7924+
X7947+X7970+
X1044+X1215+X1219;
* other debts (loans vs pensions, loans vs life insurance,
margin loans, miscellaneous);
ODEBT=MAX(0,X4229)*(X4230=5)+MAX(0,X4329)*(X4330=5)+MAX(0,X4429)*(X4430=5)+
MAX(0,X4829)*(X4830=5)+MAX(0,X4929)*(X4930=5)+MAX(0,X5029)*(X5030=5)+
MAX(0,X4010)+MAX(0,X4032)+MAX(0,X3932);
* total debt;
DEBT=MRTHEL+ORESDBT+OTHLOC+CCBAL+INSTALL+ODEBT;
* total net worth;
NETWORTH=ASSET-DEBT;