Many
households in the United States have been tested by the Great Recession.
Large-scale financial strain at the household level ultimately fed
into broader economic challenges for the country, and the completion of
the national recovery will ultimately be, in part, a reflection of the
well-being of households and consumers. Because households’ finances can
change at a rapid pace and new opportunities and risks may emerge, such
recovery can be complex to monitor.
To
better understand the financial state of U.S. households, the Federal
Reserve Board conducted a new
consumer survey, the results of which are described in this report. The
Survey of Household Economics and Decision making (SHED) was conducted by
the Board’s Division of Consumer and Community Affairs in September 2013 using
a nationally representative online survey panel. The purpose of the SHED
was to capture a snapshot of the financial and economic well-being of U.S.
households and the issues they face, as well as to monitor their recovery
from the Great Recession and identify perceived risks to their financial
stability. It further collected information on households that was not readily
available from other sources or was not available in combination with
other variables of interest.
Key
Findings
This
report presents findings from the September 2013 survey. The survey
covered a range of topics—including household financial well-being,
housing, credit availability, borrowing for education, savings, retirement,
and medical expenses—meant to round out the understanding of how
households are faring financially.
Overall,
the survey found that many households were faring well, but that sizable
fractions of the population were at the same time displaying signs of
financial stress:
• Over
60 percent of respondents reported that their families are either “doing
okay” or “living comfortably” financially; another one-fourth, however,
said that they were “just getting by” financially andanother 13 percent
said they were struggling to do so
• The
effects of the recession continued to be felt by many: 34 percent reported
that they were somewhat worse off or much worse off financially than they
had been five years earlier, 34 percent reported that they were about the same,
and 30 percent reported that they were somewhat or much better off
• 42
percent reported that they had delayed a major purchase or expense
directly due to the recession, and 18 percent put off what they considered to
be a major life decision as a result of the recession
• Just
over half of respondents were putting some portion of their income away in
savings, although about one-fifth were spending more than they earned
• 61
percent reported that they expected their income to stay the same in the
next 12 months, while 21 percent expected it to increase and 16
percent expected it to decline. The survey asked questions about a
number of specific aspects of households’ financial lives:
To find
out more on some of the specifics, you can access the full report at:
Amos B
Robinson,
Data
Scientist
Robinson
Analytics
(919)348-9153
or (804)651-5400
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