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Changes in U.S. family finances from 2007 to 2010: evidence from the Survey of Consumer Finances

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The Federal Reserve Board's Survey of Consumer Finances for 2010 provides insights into changes in family income and net worth since the 2007 survey. The survey shows that, over the 2007?10 period, the median value of real (inflation-adjusted) family income before taxes fell 7.7 percent, while mean income fell more sharply, an 11.1 percent decline. Both median and mean net worth decreased even more dramatically than income over this period, though the relative movements in the median and the mean are reversed; the median fell 38.8 percent, and the mean fell 14.7 percent. This article reviews these and other changes in the financial condition of U.S. families, including developments in assets, liabilities, and debt payments.

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  • Jesse Bricker & Arthur B. Kennickell & Kevin B. Moore & John Edward Sabelhaus, 2012. "Changes in U.S. family finances from 2007 to 2010: evidence from the Survey of Consumer Finances," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), vol. 98(June), pages 1-80.
    • Handle: RePEc:fip:fedgrb:y:2012:i:june:p:1-80:n:v.98no.2
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    File URL: http://www.federalreserve.gov/pubs/bulletin/2012/PDF/scf12.pdf
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    1. McInerney, Melissa & Mellor, Jennifer M. & Nicholas, Lauren Hersch, 2013. "Recession depression: Mental health effects of the 2008 stock market crash," Journal of Health Economics, Elsevier, vol. 32(6), pages 1090-1104.
    2. Dunn, Lucia & Olsen, Randall, 2014. "US household real net worth through the Great Recession and beyond: Have we recovered?," Economics Letters, Elsevier, vol. 122(2), pages 272-275.
    3. Elliott, William & Rauscher, Emily & Nam, Ilsung, 2018. "Unequal returns: Intragenerational asset accumulation differs by net worth in early adulthood," Children and Youth Services Review, Elsevier, vol. 85(C), pages 253-263.
    4. Doerrenberg, Philipp & Duncan, Denvil & Zeppenfeld, Christopher, 2015. "Circumstantial risk: Impact of future tax evasion and labor supply opportunities on risk exposure," Journal of Economic Behavior & Organization, Elsevier, vol. 109(C), pages 85-100.
    5. Bucciol, Alessandro & Veronesi, Marcella, 2014. "Teaching children to save: What is the best strategy for lifetime savings?," Journal of Economic Psychology, Elsevier, vol. 45(C), pages 1-17.
    6. Friedline, Terri & Elliott, William, 2013. "Connections with banking institutions and diverse asset portfolios in young adulthood: Children as potential future investors," Children and Youth Services Review, Elsevier, vol. 35(6), pages 994-1006.
    7. Benítez-Silva, Hugo & Eren, Selçuk & Heiland, Frank & Jiménez-Martín, Sergi, 2015. "How well do individuals predict the selling prices of their homes?," Journal of Housing Economics, Elsevier, vol. 29(C), pages 12-25.
    8. Bricker, Jesse & Bucks, Brian, 2016. "Negative home equity, economic insecurity, and household mobility over the Great Recession," Journal of Urban Economics, Elsevier, vol. 91(C), pages 1-12.
    9. Bucciol, Alessandro & Zarri, Luca, 2015. "The shadow of the past: Financial risk taking and negative life events," Journal of Economic Psychology, Elsevier, vol. 48(C), pages 1-16.
    10. Zhan, Min & Xiang, Xiaoling & Elliott, William, 2016. "Education loans and wealth building among young adults," Children and Youth Services Review, Elsevier, vol. 66(C), pages 67-75.
    11. Giordana, Gastón & Ziegelmeyer, Michael, 2020. "Stress testing household balance sheets in Luxembourg," The Quarterly Review of Economics and Finance, Elsevier, vol. 76(C), pages 115-138.
    12. Turnbull, Geoffrey K. & van der Vlist, Arno J., 2022. "The price of ignorance: Foreclosures, uninformed buyers and house prices," Journal of Housing Economics, Elsevier, vol. 57(C).
    13. Terri Friedline & Ilsung Nam, 2014. "Savings From Ages 16 to 35: A Test to Inform Child Development Account Policy," Poverty & Public Policy, John Wiley & Sons, vol. 6(1), pages 46-70, March.
    14. Jones, Lauren E. & Loibl, Cäzilia & Tennyson, Sharon, 2015. "Effects of informational nudges on consumer debt repayment behaviors," Journal of Economic Psychology, Elsevier, vol. 51(C), pages 16-33.
    15. Marco Angrisani & Kevin Foster & Marcin Hitczenko, 2014. "The 2011 and 2012 Surveys of Consumer Payment Choice: technical appendix," Research Data Report 14-2, Federal Reserve Bank of Boston.
    16. Schmidt, Tobias & Alik-Lagrange, Arthur, 2016. "The Pattern of Home Ownership Across Age Cohorts and its Impact on the German Net Wealth Distribution," VfS Annual Conference 2016 (Augsburg): Demographic Change 145604, Verein für Socialpolitik / German Economic Association.
    17. Zhan, Min & Xiang, Xiaoling, 2018. "Education loans and asset building among black and Hispanic young adults," Children and Youth Services Review, Elsevier, vol. 91(C), pages 121-127.
    18. Goodstein, Ryan M. & Rhine, Sherrie L.W., 2017. "The effects of bank and nonbank provider locations on household use of financial transaction services," Journal of Banking & Finance, Elsevier, vol. 78(C), pages 91-107.
    19. Bergmans, Rachel S. & Wegryn-Jones, Riley, 2020. "Examining associations of food insecurity with major depression among older adults in the wake of the Great Recession," Social Science & Medicine, Elsevier, vol. 258(C).
    20. Sunder, Aman & Palmer, Lance & Chatterjee, Swarn & Goetz, Joseph, 2024. "Benefits of consistent and comprehensive financial advice during the Great Recession," Journal of Behavioral and Experimental Finance, Elsevier, vol. 41(C).
    21. Tucker, Jenna N. & Key, Clinton C. & Grinstein-Weiss, Michal, 2014. "The benefits of saving at tax time: Evidence from the $aveNYC evaluation," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 48(C), pages 50-61.
    22. Bucciol, Alessandro & Miniaci, Raffaele & Pastorello, Sergio, 2017. "Return expectations and risk aversion heterogeneity in household portfolios," Journal of Empirical Finance, Elsevier, vol. 40(C), pages 201-219.
    23. Yilmazer, Tansel & Babiarz, Patryk & Liu, Fen, 2015. "The impact of diminished housing wealth on health in the United States: Evidence from the Great Recession," Social Science & Medicine, Elsevier, vol. 130(C), pages 234-241.

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