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  4. Current: 2020 Volume 106
  5. Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances

Federal Reserve Bulletin

Accessible Version - Changes in U.S. Family Finances from 2016 to 2019 - Vol. 106, No. 5

Figure 1. Change in median and mean family incomes, 2013–19 surveys

Percent

Survey year Median Mean
2013–16 9 14
2016–19 5 -3

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, 2013–19 surveys

Percent

Survey year Median Mean
2013–16 16 25
2016–19 18 2

Note: Changes are based on inflation-adjusted dollars.

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Figure A. Between-survey changes in median income

Percent

Survey year All observations Excluding families in top percent of income distribution
2001–04 1.6 2.3
2004–07 -0.4 -1.2
2007–10 -7.7 -5.9
2010–13 -4.9 -5.9
2013–16 9.3 8.3
2016–19 4.6 5.2
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Figure B. Between-survey changes in mean income

Percent

Survey year All observations Excluding families in top percent of income distribution
2001–04 -2.3 -0.3
2004–07 8.4 2.8
2007–10 -11.1 -6.4
2010–13 3.5 -0.2
2013–16 14.1 9.2
2016–19 -2.6 3.1
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Figure A. Families that saved by usual income, 2013–19 surveys

Percent

Percentile of usual income 2013 2016 2019
Total 53.0 55.4 58.6
0–49.9 40.2 42.9 46.3
50–89.9 61.7 64.8 67.4
90–100 82.4 80.2 84.4

Note: Key identifies series in order from left to right.

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Figure A. Median wealth, by parental education and own education

Dollars

Own education Parents do not have a college degree Parents have a college degree
All 191,700 316,900
No college degree 134,200 118,600
College degree 425,000 533,200
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Figure A. Participation in banking activities, 2016 and 2019

Percent

Banking activity 2016 2019
Used online banking 70.9 77.6
Written a paper check 70.8 66.0
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Figure A. Families with direct and indirect holdings of stock, 2013–19 surveys

Percent

Percentile of usual income 2013 2016 2019
Total 48.8 51.9 52.6
0–49.9 25.3 28.1 30.8
50–89.9 67.5 71.2 70.1
90–100 92.1 93.6 92.3

Note: Key identifies series in order from left to right.

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Figure A. Participation in any retirement plan, by usual income group, over time

Percent

Percentile of usual income 2013 2016 2019
Total 66 67 65
0–49.9 38 41 38
50–89.9 81 83 81
90–100 95 95 93

Note: Key identifies series in order from left to right.

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Figure B. 2016–19 changes in defined contribution and defined-benefit plan participation, by usual income

Percentage points

Percentile of usual income IRA+DC DB
Total -2.6 0.4
0–49.9 -2.6 -2.4
50–89.9 -4.0 1.9
90–100 -0.9 3.2

Note: IRA is individual retirement account, DC is defined contribution plan, and DB is defined-benefit pension. Key identifies series in order from left to right.

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Figure A. Homeownership rate, by usual income group, 1995–2019 surveys

Percent

Percentile of usual income 1995 1998 2001 2004 2007 2010 2013 2016 2019
Total 64.7 66.2 67.7 69.1 68.6 67.3 65.2 63.7 64.9
0–49.9 50.5 51.8 51.9 53.6 52.9 51.5 49.2 46.9 49.1
50–89.9 75.7 77.7 80.9 82.1 82.4 80.8 78.1 77.8 77.5
90–100 91.5 92.5 93.5 94.1 92.3 92.0 93.5 91.4 93.6
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Figure A. Families with holdings of business equity, by usual income group

Percent

Percentile of usual income 2013 2016 2019
Total 11.7 13.0 13.4
0–49.9 4.6 5.6 6.1
50–89.9 14.4 15.8 16.4
90–100 36.3 38.7 38.1

Note: Key identifies series in order from left to right.

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Figure B. Share of education debt, by quintile of usual income over time

Percent

Quintile of usual income 2001 2007 2013 2019
Lowest 6.1 11.6 14.0 8.2
Second 15.2 9.0 13.9 15.6
Middle 25.8 17.3 18.0 21.0
Fourth 21.1 30.8 27.2 24.0
Highest 31.7 31.3 26.9 31.3

Note: Key identifies series in order from left to right.

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Last Update: October 05, 2020