FRB: Accessible Data, Report on the Economic Well-Being of U.S. Households in 2015

Report on the Economic Well-Being of U.S. Households in 2015

Accessible Data

Report on the Economic Well-Being of U.S. Households in 2015

Accessible Data

Figure 1. Adults who are "doing okay" or "living comfortably"

(by survey year)

Figure A. Self-assessed trajectory in financial well-being in 2015 for individuals with different levels of contemporaneous well-being in 2014

Figure 2. Number of jobs and types of work performed by respondents

Percent

Figure 3. Areas of concern cited in open-ended question on self-reported financial challenges

(by family income)

Panel A. Respondents with a family income less than $40,000

Panel B. Respondents with a family income between $40,000 and $100,000

Panel C. Respondents with a family income greater than $100,000

Figure 5. Family income distribution

Figure 6. In the past 12 months, would you say that your and your spouse's total spending was more, the same, or less than your income?

(by family income)

Figure 7. Percent of income saved among non-retirees

(by family income)

Figure 8. Please indicate whether each of the following is a reason that your income changed from month to month in the past year

Figure 9. Percent of respondents with income or expense fluctuations who have struggled to pay their bills some months because of these fluctuations

(by income and perceived credit access)

Figure 10. Which of the following economic hardships did you or your family living with you experience in the past year?

Figure 11. Ways that individuals will cover a $400 emergency expense when not using cash or its functional equivalent

Figure 12. Respondents who would completely pay an emergency expense that costs $400 using cash or a credit card that they pay off at the end of the month

(by family income, race, and ethnicity)

Figure 13. During the past 12 months, was there a time when you needed any of the following, but did not get it because you could not afford it?

Figure 14. During the past 12 months, was there a time when you needed medical treatment, but did not get it because you could not afford it?

(by family income and health insurance status)

Figure 15. Unbanked and underbanked status

Figure 16. Types of credit applied for in the past 12 months

Percent

Figure 17. Respondents who received at least one denial or offer of less credit for each credit type among those applying for that type of credit

Percent

Figure 18. If you had to guess, how would you rate your credit score?

(by family income)

Figure 19. In the past 12 months, how frequently have you carried a balance on one or more of your credit cards?

Figure 20. What is the interest rate on the credit card that you use most often?

(by family income)

Figure 21. Respondents who are "mostly satisfied" or "completely satisfied" with each neighborhood characteristic

(by housing tenure)

Figure 22. Homeowners who think that the value of their home is higher than it was 12 months ago

Percent

Figure 23. Homeowners who think that home prices in their neighborhood will increase in the next 12 months

Percent

Figure 24. Source of newly acquired automobiles

(by family income)

Figure 25. Length of auto loans for vehicles purchased in the past year

Percent

Figure 26. Interest rate on auto loans

(by source of the loan)

Figure 27. Educational attainment of young adults

(by parents' education)

Figure 28. Institutions attended by young adults

(by parents' education)

Figure 29. Overall, how would you say the lifetime financial benefits of your bachelor's degree, associate degree, or most recent educational program compare to its financial costs?

(by completion of at least an associate degree and institution type)

Figure 30. Overall, how would you say the lifetime financial benefits of your bachelor's or associate degree program compare to its financial costs?

(by employment in a field related to field of study)

Figure 31. Use of debt to finance own education, including loans which have been fully repaid

(by age and highest degree completed)

Figure 32. Payment status of student loans acquired for own education

(by parental education)

Figure 33. Payment status of student loans acquired for own education

(by race, ethnicity, and age)

Figure 34. Presence of any retirement savings

(by age and employment status)

Figure 35. Presence of any retirement savings

(by income, race, and ethnicity)

Figure 36. Reasons for not investing in employer's 401(k), 403(b), thrift, or other defined benefit contribution plan

Figure 37. How confident are you in your ability to make the right investment decisions when managing and investing the money in your retirement accounts?

Percent

Figure 38. Which of the following are sources of funds for you in retirement?

Figure 1. Adults who are "doing okay" or "living comfortably" (by survey year)

Figure A. Self-assessed trajectory in financial well-being in 2015 for individuals with different levels of contemporaneous well-being in 2014

Figure 2. Number of jobs and types of work performed by respondents Percent

Figure 3. Areas of concern cited in open-ended question on self-reported financial challenges (by family income)

Panel A. Respondents with a family income less than $40,000

Panel B. Respondents with a family income between $40,000 and $100,000

Panel C. Respondents with a family income greater than $100,000

Figure 5. Family income distribution

Figure 6. In the past 12 months, would you say that your and your spouse's total spending was more, the same, or less than your income? (by family income)

Figure 7. Percent of income saved among non-retirees (by family income)

Figure 8. Please indicate whether each of the following is a reason that your income changed from month to month in the past year

Figure 9. Percent of respondents with income or expense fluctuations who have struggled to pay their bills some months because of these fluctuations (by income and perceived credit access)

Figure 10. Which of the following economic hardships did you or your family living with you experience in the past year?

Figure 11. Ways that individuals will cover a $400 emergency expense when not using cash or its functional equivalent

Figure 12. Respondents who would completely pay an emergency expense that costs $400 using cash or a credit card that they pay off at the end of the month (by family income, race, and ethnicity)

Figure 13. During the past 12 months, was there a time when you needed any of the following, but did not get it because you could not afford it?

Figure 14. During the past 12 months, was there a time when you needed medical treatment, but did not get it because you could not afford it? (by family income and health insurance status)

Figure 15. Unbanked and underbanked status

Figure 16. Types of credit applied for in the past 12 months Percent

Figure 17. Respondents who received at least one denial or offer of less credit for each credit type among those applying for that type of credit Percent

Figure 18. If you had to guess, how would you rate your credit score? (by family income)

Figure 19. In the past 12 months, how frequently have you carried a balance on one or more of your credit cards?

Figure 20. What is the interest rate on the credit card that you use most often? (by family income)

Figure 21. Respondents who are "mostly satisfied" or "completely satisfied" with each neighborhood characteristic (by housing tenure)

Figure 22. Homeowners who think that the value of their home is higher than it was 12 months ago Percent

Figure 23. Homeowners who think that home prices in their neighborhood will increase in the next 12 months Percent

Figure 24. Source of newly acquired automobiles (by family income)

Figure 25. Length of auto loans for vehicles purchased in the past year Percent

Figure 26. Interest rate on auto loans (by source of the loan)

Figure 27. Educational attainment of young adults (by parents' education)

Figure 28. Institutions attended by young adults (by parents' education)

Figure 29. Overall, how would you say the lifetime financial benefits of your bachelor's degree, associate degree, or most recent educational program compare to its financial costs? (by completion of at least an associate degree and institution type)

Figure 30. Overall, how would you say the lifetime financial benefits of your bachelor's or associate degree program compare to its financial costs? (by employment in a field related to field of study)

Figure 31. Use of debt to finance own education, including loans which have been fully repaid (by age and highest degree completed)

Figure 32. Payment status of student loans acquired for own education (by parental education)

Figure 33. Payment status of student loans acquired for own education (by race, ethnicity, and age)

Figure 34. Presence of any retirement savings (by age and employment status)

Figure 35. Presence of any retirement savings (by income, race, and ethnicity)

Figure 36. Reasons for not investing in employer's 401(k), 403(b), thrift, or other defined benefit contribution plan

Figure 37. How confident are you in your ability to make the right investment decisions when managing and investing the money in your retirement accounts? Percent

Figure 38. Which of the following are sources of funds for you in retirement?

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Figure 1. Adults who are "doing okay" or "living comfortably"

(by survey year)

Figure 2. Number of jobs and types of work performed by respondents

Percent

Figure 3. Areas of concern cited in open-ended question on self-reported financial challenges

(by family income)

Figure 6. In the past 12 months, would you say that your and your spouse's total spending was more, the same, or less than your income?

(by family income)

Figure 7. Percent of income saved among non-retirees

(by family income)

Figure 9. Percent of respondents with income or expense fluctuations who have struggled to pay their bills some months because of these fluctuations

(by income and perceived credit access)

Figure 12. Respondents who would completely pay an emergency expense that costs $400 using cash or a credit card that they pay off at the end of the month

(by family income, race, and ethnicity)

Figure 14. During the past 12 months, was there a time when you needed medical treatment, but did not get it because you could not afford it?

(by family income and health insurance status)

Figure 16. Types of credit applied for in the past 12 months

Percent

Figure 17. Respondents who received at least one denial or offer of less credit for each credit type among those applying for that type of credit

Percent

Figure 18. If you had to guess, how would you rate your credit score?

(by family income)

Figure 20. What is the interest rate on the credit card that you use most often?

(by family income)

Figure 21. Respondents who are "mostly satisfied" or "completely satisfied" with each neighborhood characteristic

(by housing tenure)

Figure 22. Homeowners who think that the value of their home is higher than it was 12 months ago

Percent

Figure 23. Homeowners who think that home prices in their neighborhood will increase in the next 12 months

Percent

Figure 24. Source of newly acquired automobiles

(by family income)

Figure 25. Length of auto loans for vehicles purchased in the past year

Percent

Figure 26. Interest rate on auto loans

(by source of the loan)

Figure 27. Educational attainment of young adults

(by parents' education)

Figure 28. Institutions attended by young adults

(by parents' education)

Figure 29. Overall, how would you say the lifetime financial benefits of your bachelor's degree, associate degree, or most recent educational program compare to its financial costs?

(by completion of at least an associate degree and institution type)

Figure 30. Overall, how would you say the lifetime financial benefits of your bachelor's or associate degree program compare to its financial costs?

(by employment in a field related to field of study)

Figure 31. Use of debt to finance own education, including loans which have been fully repaid

(by age and highest degree completed)

Figure 32. Payment status of student loans acquired for own education

(by parental education)

Figure 33. Payment status of student loans acquired for own education

(by race, ethnicity, and age)

Figure 34. Presence of any retirement savings

(by age and employment status)

Figure 35. Presence of any retirement savings

(by income, race, and ethnicity)

Figure 37. How confident are you in your ability to make the right investment decisions when managing and investing the money in your retirement accounts?

Percent

	2013	2014	2015
High school degree or less	52.5	57.0	61.0
Some college or associate degree	62.0	61.7	66.0
Bachelor's degree or higher	77.1	77.0	80.4
Overall	62.4	64.5	68.6

Note: Here and in subsequent figures and tables, percents may not sum to 100 due to rounding and question non-response.

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Which one of the following best describes how well you are managing financially	Somewhat or much worse off	About the same	Somewhat or much better off
Finding it difficult to get by in 2014	49	32	18
Just getting by in 2014	29	52	19
Doing okay in 2014	12	61	26
Living comfortably in 2014	7	58	35

Note: Among re-interviewed respondents.

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One formal Job	78
Multiple formal jobs	11
One formal job and informal work	9
Multiple formal jobs and informal work	2
Total	100

Note: Among non-student, non-retired respondents who report that they are employed in at least one formal job. Respondents are prompted in the question that work for pay that is not through a formal job "may include activities like selling items you make at flea markets or online; freelance work through companies like Uber, Care.com, or Airbnb; or providing services for others like paid child care or yard work."

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	Short-term needs	Employment	Medical	Debt and credit cards	Retirement	Education
Less than $40,000	30	17	17	11	11	8
$40,000-$100,000	19	15	22	14	16	9
Greater than $100,000	10	11	11	17	23	17

Note: Among respondents who report any concerns. Results for the open-ended text response question are unweighted.

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Figure 4. Concerns cited in open-ended question on self-reported challenges (by family income)

Words	Occurrences
bills	191
money	177
pay	173
enough	149
income	143
paying	122
job	103
medical	97
expenses	87
health	80
living	80
work	76
food	68
time	67
cost	65
insurance	65
credit	63
need	62
rent	60
make	58
able	54
month	52
car	51
trying	51
live	50
debt	49
home	48
because	47
student	46
being	44
social~security	44
due	42
care	41
retirement	41
savings	41
cover	40
family	37
hard	36
card	35
getting	35
loans	35
years	35
house	34
making	34
everything	33
afford	32
financial	32
find	32
only	32
increase	30
keep	30
low	30
paid	30
save	30
main	29
needs	29
working	29
costs	28
husband	26
life	26
other	26
over	26
buy	25
college	25
every	25
full	25
help	25
keeping	24
taxes	24
there	24
each	23
finding	23
hours	23
loan	23
about	22
after	22
been	22
disability	22
down	22
monthly	22
some	22
they	22
utilities	22

Words	Occurrences
health	90
pay	89
income	88
money	78
insurance	75
enough	74
paying	73
retirement	72
medical	70
bills	67
cost	66
expenses	58
job	54
debt	52
care	47
costs	47
living	47
credit	46
savings	43
taxes	39
work	38
home	36
saving	34
rising	33
student	33
make	29
save	28
card	26
due	26
food	26
mortgage	26
trying	26
wife	26
loans	25
years	25
college	24
able	23
keep	23
time	23
year	23
need	22
car	21
children	21
financial	21
live	21
family	20
husband	20
increase	20
only	20
over	20
social~security	20
been	19
getting	19
less	19
about	18
afford	18
being	18
like	18
loan	18
expense	17
house	17
paid	17
prices	17
interest	16
months	16
retire	16
spouse	16
cards	15
fixed	15
increasing	15
inflation	15
keeping	15
making	15
month	15
salary	15

Words	Occurrences
retirement	75
money	47
income	43
paying	43
college	41
saving	39
debt	37
pay	37
enough	36
expenses	34
credit	31
living	30
children	29
cost	27
job	26
costs	25
home	24
insurance	21
year	21
years	21
student	20
card	19
care	19
medical	19
health	18
savings	18
save	17
loans	16
time	16
bills	15
financial	15
future	15
house	15
taxes	15
there	14
trying	14
about	13
being	13
kids	13
month	13
need	13
over	13
spending	13
when	13
able	12
child	12
education	12
concern	11
getting	11
increasing	11
mortgage	11
wife	11
due	10
help	10
keep	10
old	10
rising	10
still	10
unexpected	10
because	10
cards	9
increase	9
live	9
property	9
work	9
another	8
find	8
husband	8
increases	8
loan	8
main	8
major	8
retire	8
same	8
school	8

Note: Among respondents who report any concerns. Word clouds include the 75 most common words referenced, plus ties. The larger the word, the more frequently it was cited by respondents. Common stop words are those that do not provide information about financial challenges, such as "the" and "are." Results for the open-ended text response question are unweighted.

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$0	6
$1 to $4,999	6
$5,000 to $14,999	8
$15,000 to $24,999	10
$25,000 to $39,999	12
$40,000 to $49,999	8
$50,000 to $74,999	16
$75,000 to $99,999	11
$100,000 to $149,999	16
$150,000 to $199,999	4
$200,000 or higher	3

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	Spending less than income	Spending equals income	Spending more than income	No income
Less than $40,000	31	36	19	13
$40,000-$100,000	55	30	14	0
Greater than $100,000	68	22	10	0
Overall	48	31	15	6

Note: Respondents who reported they had no income are not asked how their spending comapres to their income, and are included separately.

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	21%+	16-20%	11-15%	6-10%	1-5%	Zero
Less than $40,000	4	2	3	11	28	51
$40,000-$100,000	5	6	11	22	30	25
Greater than $100,000	15	13	15	24	23	9
Overall	7	6	9	19	27	31

Note: Among respondents not fully retired who had at least some income in the past year.

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Irregular work schedule	43
Bonuses	16
Periods of unemployment	15
Seasonal employment	13
Investment income	8
Commissions	8
Other	19

Note: Among respondents whose income varies somewhat or quite a bit from month to month.

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	Somewhat or very confident in credit card approval	Not confident in credit card approval	Overall
Less than $40,000	45	72	54
$40,000-$100,000	33	74	39
Greater than $100,000	17	67	22

Note: Among respondents whose income or expenses vary somewhat or quite a bit from month to month.

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Had a health emergency	36
I lost a job	25
I had my work hours and/or pay reduced	18
My spouse/partner lost a job	13
My spouse/partner had their work hours and/or pay reduced	12
Divorce	6
Received a foreclosure or eviction notice	4
Death of primary breadwinner	4
A business I owned had financial difficulty	3
Other	20

Note: Among respondents who experienced a hardship.

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Put it on my credit card and pay it off over time	38
I wouldn’t be able to pay for the expense right now	31
By borrowing from a friend or family member	28
By selling something	17
Using money from a bank loan or line of credit	7
Using a payday loan, deposit advance, or overdraft	4
Other	5

Note: Among those who would not pay the expense in-full using cash or its functional equivalent.

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Race/ethnicity	Less than $40,000	$40,000-$100,000	Greater than $100,000
Hispanic	27	46	67
Black, non-Hispanic	20	53	63
White, non-Hispanic	40	66	83
Overall	34	62	81

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Dental care	20
To see a doctor	12
Prescription medicine	11
To see a specialist	9
Follow-up care	7
Mental health care or counseling	5

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	Health insurance	No health insurance
Less than $40,000	38	48
Greater than $40,000	16	45

Note: The $40,000-$100,000 and greater than $100,000 income categories are combined due to the small number of respondents with an income over $100,000 who lack health insurance.

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Unbanked, used alternative financial service	4.86
Unbanked, no alternative financial service used	2.89
Underbanked	20.62
Fully banked	71.05

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Type of credit
Credit card	67
Car/auto loan	27
Personal general-purpose loan from a bank	10
Student loan	9
Mortgage to buy a new home	8
Refinance of a home mortgage	8
Home equity loan or line of credit	5
Personal loan from friends or family	4
Other	5

Note: Among respondents who applied for some form of credit in the past 12 months.

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Type of account
Personal general-purpose loan from a bank	38
Personal loan from friends or family	36
Credit card	35
Refinance of a home mortgage	22
Home equity loan or line of credit	22
Car/auto loan	21
Student loan	15
Mortgage to buy a new home	14
Other loan	21

Note: Among respondents who applied for each type of credit.

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	Excellent or very good	Good	Fair or poor	Don't know my score or how to rate it
Less than $40,000	29	20	36	14
$40,000-$100,000	59	20	18	3
Greater than $100,000	77	13	8	2
Overall	51	18	23	8

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Most or all of the time	31
Some of the time	20
Once	6
Never carried a balance	42

Note: Among respondents with at least one credit card.

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	0-10%	10-20%	>20%	I don't know
Less than $40,000	24	35	21	21
$40,000-$100,000	25	48	14	14
Greater than $100,000	32	48	8	12
Overall	26	43	15	16

Note: Among respondents who carried a balance at least once in the past year.

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	Renters	Owners	Overall
Neighborhood quality overall	58	76	70
Local schools	50	64	59
Neighborhood safety	58	74	68
Neighborhood amenities	51	61	58
House/apartment quality	52	75	67
Cost of house/apartment	41	66	59

Note: Responses to the cost of the house/apartment are among respondents who either own or rent.

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Census Division
New England	51.4
Middle Atlantic	44.6
South Atlantic	46.4
East North Central	40.7
East South Central	43.7
West North Central	55.0
West South Central	58.2
Mountain	57.7
Pacific	67.4

Note: Among respondents who applied for some form of credit in the past 12 months.

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Census Division
New England	38.9
Middle Atlantic	35.8
South Atlantic	43.8
East North Central	35.0
East South Central	31.1
West North Central	36.5
West South Central	48.3
Mountain	45.9
Pacific	57.7

Note: Among homeowners.

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	New	Used (dealer)	Used (private)	Lease
Less than $40,000	27	35	31	7
$40,000-$100,000	40	36	13	10
Greater than $100,000	47	35	6	11

Note: Among respondents who purchased or leased a vehicle in the past 12 months.

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0-24 months	8.3
25-36 months	17.2
37-48 months	10.2
49-60 months	29.9
61 months or longer	31.1
Don't know	3.1

Note: Among respondents who took out a loan to purchase a vehicle in the past year.

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	Car dealership or seller	Bank, credit union, or Internet lender
0-1.99	30	11
2-3.99	29	44
4-5.99	12	20
6-7.99	8	7
8-9.99	2	5
10 percent or higher	5	4
Don't know	13	10

Note: Among respondents who took out a loan to purchase a vehicle in the past year.

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	Both parents high school degree or less	At least 1 parent with some college, neither with bachelor's degree	At least 1 parent with bachelor's degree
High school degree or less	58	22	10
Some college, certificate, or technical degree	18	37	19
Associate degree	9	9	6
Bachelor's or graduate degree	16	32	65

Note: Among respondents ages 25 to 34.

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	Both parents high school degree or less	At least 1 parent with some college, neither with bachelor's degree	At least 1 parent with bachelor's degree
Private for-profit	22	10	3
Private not-for-profit	15	19	26
Public	63	71	71

Note: Among respondents ages 25 to 34 who completed at least some college and reported school attended.

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Note: Among respondents who completed at least some college and report the school attended.

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	Not employed and not retired	Employed in unrelated occupation	Employed in occupation related to field of study
Benefits much higher	21	31	43
Benefits somewhat higher	26	25	24
Benefits same as costs	27	23	19
Costs somewhat higher	13	11	8
Costs much higher	12	9	5

Note: Among non-retired respondents who completed at least an associate degree.

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Age group	Some college or certificate	Associate degree	Bachelor's degree	Graduate degree
18-29	51	44	66	55
30-44	38	39	56	61
45-59	24	32	44	56
60+	11	20	27	30

Note: Among respondents who completed at least some college.

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	Currently owe education debt, behind	Currently owe education debt, not behind	Paid off loans
First-generation college students (ages 18-44)	14	62	24
Not first-generation college students (ages 18-44)	6	65	29
First-generation college students (all)	11	44	44
Not first-generation college students (all)	5	52	43

Note: Among respondents who borrowed to pay for their own education.

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	Currently owe education debt, behind	Currently owe education debt, not behind	Paid off loans
White, non-Hispanic (ages 18-44)	5	60	35
Black, non-Hispanic (ages 18-44)	14	76	10
Hispanic (ages 18-44)	27	58	15
White, non-Hispanic (all)	5	42	53
Black, non-Hispanic (all)	16	58	26
Hispanic (all)	23	52	25

Note: Among respondents who borrowed to pay for their own education.

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	18-29	30-44	45-59	60+
Employed	62	81	89	86
Disabled and not working	20	25	29	39
Homemaker	50	55	74	79
Not employed or temporarily laid-off	37	37	55	59
Overall	52	72	78	73

Note: Among respondents not currently retired.

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	White, non-Hispanic	Black, non-Hispanic	Other, non-Hispanic	Hispanic	2+ races, non-Hispanic
Less than $40,000	48	34	44	40	27
$40,000-$100,000	83	89	71	75	72
Greater than $100,000	94	95	96	95	97
Overall	74	60	67	57	58

Note: Among respondents not currently retired.

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Unable to afford contributions to a retirement plan	27
Prefer to save for retirement in other ways	20
Not eligible to participate in retirement plan	18
Unsure of best way to invest money contributed to the retirement plan	18
Plan to invest through the retirement plan but have not signed up yet	16
Prefer to spend the money rather than save	6
Employer offers a plan but does not match contributions	6
Other	12

Note: Among respondents not currently retired who work for somebody else and do not invest in their employer's 401(k) type plan.

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Very confident	15
Mostly confident	36
Slightly confident	33
Not confident	15
Refused	0

Note: Among respondents with retirement savings in a self-directed retirement account.

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Social Security	90
Defined benefit pension from work	65
Savings outside a retirement account	53
Individal retirement account (IRA)	43
401(k), 403(b), thrift, or other defined contribution pension plan	36
Other retirement savings	19
Income from real estate or the sale of real estate	14
My spouse/partner has a job	14
I have a job	7
Income from a business or the sale of a business	4
Relying on children, grandchildren, or other family	4

Note: Among respondents who are currently retired.

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Last update: June 14, 2016

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No degree, private for-profit

Completed degree, public

Completed degree, private not-for-profit

Completed degree, private for-profit

Benefits much higher

Benefits somewhat higher

Benefits same as costs

Costs somewhat higher

Costs much higher