Survey of Consumer Finances
Encyclopedia
The Survey of Consumer Finances (SCF) is a triennial survey of the balance sheet
, pension
, income
, and other demographic characteristics of U.S. families. The survey also gathers information on the use of financial institutions. The study is sponsored by the U.S. Federal Reserve Board in cooperation with the U.S. Department of the Treasury
. Since 1992, data have been collected by the National Organization for Research at the University of Chicago (NORC). Data from the SCF are widely used, from analysis at the Federal Reserve and other branches of government to scholarly work at the major economic research centers.
Participation in the study is strictly voluntary. However, because only about 4,500 families are interviewed in the main study, every family selected is very important to the results. In the 2004
SCF, the median interview length was about eighty minutes. However, in some particularly complicated
cases, the amount of time needed was substantially more than two hours. The majority of interviews were obtained in person, although interviewers were allowed to conduct telephone interviews if that was more convenient for the respondent.
Wealth in the U.S. is relatively concentrated, with more than a third of the total being held by one percent of the population. In order to address issues relevant to the full distribution of wealth, the SCF combines two techniques for random sampling. First, a standard multistage area-probability sample
(a geographically based random sample) is selected to provide good coverage of characteristics, such as homeownership, that are broadly distributed in the population. Second, a supplemental sample is selected to disproportionately include wealthy families, which hold a relatively large share of such thinly held assets as noncorporate businesses and tax-exempt bonds. Called the list sample, this group is drawn from a list of statistical records derived from tax returns. These records are used under strict rules governing confidentiality, the rights of potential respondents to refuse participation in the survey, and the types of information that can be made available. Individuals listed by Forbes magazine as being among the wealthiest 400 people in the United States
are excluded from sampling. The response rate
in the area-probability sample is more than double that in the list sample. In both 2001 and 2004, about 70 percent of households selected for the area-probability sample actually completed interviews. The overall response rate in the list sample was about 30 percent; in the part of the list sample likely containing the wealthiest families, the response rate was only about 10 percent. To retain the scientific validity of the study, interviewers are not allowed to substitute respondents for families that do not participate. Thus, if a family declines to participate, it means that families like theirs may not be represented clearly in national discussions.
Work on the 2010 SCF is ongoing. The SCF interviews are conducted largely between the months of May and December in each survey year by NORC. The latest available results are those of the 2007 survey. Two general types of data set are provided - first, the full public data set is given in DAP
/SAS
, Stata
, and ASCII
formats; second, an extract file of summary variables is provided in Excel
format. All of these files are provided in compressed form as ZIP
files.
Balance sheet
In financial accounting, a balance sheet or statement of financial position is a summary of the financial balances of a sole proprietorship, a business partnership or a company. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A...
, pension
Pension
In general, a pension is an arrangement to provide people with an income when they are no longer earning a regular income from employment. Pensions should not be confused with severance pay; the former is paid in regular installments, while the latter is paid in one lump sum.The terms retirement...
, income
Income
Income is the consumption and savings opportunity gained by an entity within a specified time frame, which is generally expressed in monetary terms. However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents and other forms of earnings...
, and other demographic characteristics of U.S. families. The survey also gathers information on the use of financial institutions. The study is sponsored by the U.S. Federal Reserve Board in cooperation with the U.S. Department of the Treasury
United States Department of the Treasury
The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue...
. Since 1992, data have been collected by the National Organization for Research at the University of Chicago (NORC). Data from the SCF are widely used, from analysis at the Federal Reserve and other branches of government to scholarly work at the major economic research centers.
Participation in the study is strictly voluntary. However, because only about 4,500 families are interviewed in the main study, every family selected is very important to the results. In the 2004
SCF, the median interview length was about eighty minutes. However, in some particularly complicated
cases, the amount of time needed was substantially more than two hours. The majority of interviews were obtained in person, although interviewers were allowed to conduct telephone interviews if that was more convenient for the respondent.
Wealth in the U.S. is relatively concentrated, with more than a third of the total being held by one percent of the population. In order to address issues relevant to the full distribution of wealth, the SCF combines two techniques for random sampling. First, a standard multistage area-probability sample
Multistage sampling
Multistage sampling is a complex form of cluster sampling.Advantages * cost and speed that the survey can be done in* convenience of finding the survey sample* normally more accurate than cluster sampling for the same size sampleDisadvantages...
(a geographically based random sample) is selected to provide good coverage of characteristics, such as homeownership, that are broadly distributed in the population. Second, a supplemental sample is selected to disproportionately include wealthy families, which hold a relatively large share of such thinly held assets as noncorporate businesses and tax-exempt bonds. Called the list sample, this group is drawn from a list of statistical records derived from tax returns. These records are used under strict rules governing confidentiality, the rights of potential respondents to refuse participation in the survey, and the types of information that can be made available. Individuals listed by Forbes magazine as being among the wealthiest 400 people in the United States
Forbes 400
The Forbes 400 or 400 Richest Americans is a list published by Forbes Magazine magazine of the wealthiest 400 Americans, ranked by net worth. The list is published annually in September, and 2010 marks the 29th issue. The 400 was started by Malcom Forbes in 1982 and treats those in the list like...
are excluded from sampling. The response rate
Response rate
Response rate in survey research refers to the number of people who answered the survey divided by the number of people in the sample...
in the area-probability sample is more than double that in the list sample. In both 2001 and 2004, about 70 percent of households selected for the area-probability sample actually completed interviews. The overall response rate in the list sample was about 30 percent; in the part of the list sample likely containing the wealthiest families, the response rate was only about 10 percent. To retain the scientific validity of the study, interviewers are not allowed to substitute respondents for families that do not participate. Thus, if a family declines to participate, it means that families like theirs may not be represented clearly in national discussions.
Work on the 2010 SCF is ongoing. The SCF interviews are conducted largely between the months of May and December in each survey year by NORC. The latest available results are those of the 2007 survey. Two general types of data set are provided - first, the full public data set is given in DAP
DAP (software)
Dap is a statistics and graphics program, that performs data management, analysis, and graphical visualization tasks which are commonly required in statistical consulting practice....
/SAS
SAS System
SAS is an integrated system of software products provided by SAS Institute Inc. that enables programmers to perform:* retrieval, management, and mining* report writing and graphics* statistical analysis...
, Stata
Stata
Stata is a general-purpose statistical software package created in 1985 by StataCorp. It is used by many businesses and academic institutions around the world...
, and ASCII
ASCII
The American Standard Code for Information Interchange is a character-encoding scheme based on the ordering of the English alphabet. ASCII codes represent text in computers, communications equipment, and other devices that use text...
formats; second, an extract file of summary variables is provided in Excel
Microsoft Excel
Microsoft Excel is a proprietary commercial spreadsheet application written and distributed by Microsoft for Microsoft Windows and Mac OS X. It features calculation, graphing tools, pivot tables, and a macro programming language called Visual Basic for Applications...
format. All of these files are provided in compressed form as ZIP
ZIP (file format)
Zip is a file format used for data compression and archiving. A zip file contains one or more files that have been compressed, to reduce file size, or stored as is...
files.