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Saving and Wealth Accumulation in the PSID, 1984-2005

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  • Barry P. Bosworth
  • Sarah Anders

Abstract

This paper reports on a project to construct and evaluate a wealth and saving dataset for those households who responded to the supplementary wealth and active saving modules of the Panel Study of Income Dynamics (PSID) over the period of 1984 to 2005. The PSID is unique in providing household-level estimates of active saving and net wealth accumulation. The dataset includes measures of wealth, net wealth accumulation, and active saving covering seven wealth surveys and six periods for saving and wealth accumulation. For individual years, the sample sizes vary between 7 and 8 thousand families. The number of families participating in multiple periods is less, but 1,963 have participated in all seven of the wealth surveys. In comparisons with the SCF, we find that the wealth data of the PSID yield very similar results for the bottom 95 percent of the wealth distribution, but the very wealthy are underrepresented in the PSID. The major advantage is that the PSID has multiple observations on a family’s wealth over the two decades of coverage.

Suggested Citation

  • Barry P. Bosworth & Sarah Anders, 2008. "Saving and Wealth Accumulation in the PSID, 1984-2005," Working Papers, Center for Retirement Research at Boston College wp2008-2, Center for Retirement Research, revised Feb 2008.
    • Handle: RePEc:crr:crrwps:wp2008-2
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    File URL: http://crr.bc.edu/working-papers/saving-and-wealth-accumulation-in-the-psid-1984-2005/
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    Cited by:

    1. Bucks, Brian & Pence, Karen, 2015. "Wealth, pensions, debt, and savings: Considerations for a panel survey," Journal of Economic and Social Measurement, IOS Press, issue 1-4, pages 151-175.
    2. Felipe S. Iachan & Plamen T. Nenov & Alp Simsek, 2021. "The Choice Channel of Financial Innovation," American Economic Journal: Macroeconomics, American Economic Association, vol. 13(2), pages 333-372, April.
    3. Campanale, Claudio & Sartarelli, Marcello, 2024. "Life-cycle wealth accumulation and consumption insurance," Journal of Macroeconomics, Elsevier, vol. 79(C).
    4. Tokuoka, Kiichi, 2013. "Saving response to unemployment of a sibling," Journal of Economic Behavior & Organization, Elsevier, vol. 89(C), pages 58-75.
    5. Marco Cozzi, 2012. "Risk Aversion Heterogeneity, Risky Jobs And Wealth Inequality," Working Paper 1286, Economics Department, Queen's University.
    6. Claudio Campanale, 2020. "Consumption insurance and education: A puzzle?," Working papers 069, Department of Economics, Social Studies, Applied Mathematics and Statistics (Dipartimento di Scienze Economico-Sociali e Matematico-Statistiche), University of Torino.
    7. Oviedo Moguel Rodolfo, 2020. "The Role of Credit on the Evolution of Wealth Inequality in the USA," Working Papers 2020-13, Banco de México.

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