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  4. Report on the Economic Well-Being of U.S. Households in 2016 - May 2017

Report on the Economic Well-Being of U.S. Households in 2016 - May 2017

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Figure 1. Adults who are doing okay or living comfortably (by survey year and education). Percent
Year High school degree or less Some college or associate degree Bachelor's degree or more Overall
2013 53 62 77 62
2014 57 62 77 65
2015 61 66 80 69
2016 60 69 82 70

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

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Figure 2. Adults who are doing okay or living comfortably (by education and race/ethnicity). Percent
  High school degree or less Some college or associate degree Bachelor's degree or more Overall
White, non-Hispanic 62 71 85 72
Black, non-Hispanic 58 65 73 64
Hispanic 58 64 77 64

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Figure 3. Areas of concern cited in open-ended question on self-reported financial challenges (by family income). Percent
  Less than $40,000 $40,000-100,000 Greater than $100,000
Short-term concerns 24 19 9
Employment 20 15 12
Medical 16 22 18
Debt 9 15 16
Retirement 12 16 26
Education 7 10 18
Other 36 33 31

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 financial challenges (by family income).
Panel A. Income <=$40,000 Panel B. Income $40,000-$100,000 Panel C. Income >$100,000
Occurrences (number) Word Occurrences (number) Word Occurrences (number) Word
199 money 102 health 94 retirement
190 bills 95 money 57 paying
165 pay 93 paying 55 saving
151 income 88 retirement 52 enough
126 paying 85 bills 50 college
123 enough 83 insurance 45 income
117 work 81 cost 43 will
103 living 81 income 42 debt
102 job 80 pay 42 health
98 can 69 debt 41 money
96 health 67 expenses 41 pay
87 able 64 credit 36 insurance
87 cost 64 living 36 savings
87 get 60 enough 32 cost
81 time 60 medical 32 costs
78 live 58 care 32 medical
73 insurance 56 costs 31 children
72 because 55 will 29 care
71 care 50 work 29 home
71 medical 47 home 29 living
68 being 47 job 28 expenses
65 need 46 card 25 financial
63 make 45 get 25 student
63 will 44 savings 24 credit
62 expenses 43 financial 24 years
62 just 43 high 23 able
61 month 41 able 23 job
60 security 41 can 23 time
59 debt 40 student 22 about
59 going 39 husband 22 can
57 social 37 taxes 22 high
52 credit 36 saving 22 need
52 now 36 years 21 loans
50 years 35 college 21 save
48 car 34 about 20 future
48 trying 34 month 20 trying
47 afford 33 going 19 bills
47 due 33 just 19 concern
47 hard 33 time 19 house
46 food 31 due 18 due
45 getting 31 make 18 get
45 much 30 live 18 kids
45 one 28 keep 17 retire
44 financial 28 making 17 taxes
44 find 28 save 17 work
44 rent 28 when 17 year
43 like 28 year 16 being
43 only 27 because 16 child
42 home 27 been 16 husband
42 house 27 being 15 card
41 about 26 over 15 interest
40 retirement 25 everything 15 live
40 working 25 expensive 15 month
39 when 25 like 14 after
38 save 25 loans 14 current
37 back 25 much 14 just
37 husband 25 trying 14 life
37 what 24 family 14 making
36 new 24 house 14 much
36 student 24 loan 14 new
35 been 24 need 14 when
35 card 24 rising 13 economy
35 high 24 wife 13 etc
34 keep 22 don 13 low
34 over 22 getting 12 also
33 don 22 hard 12 market
33 prices 21 each 12 son
33 savings 21 main 12 sure
33 they 21 prices 12 tax
33 year 21 security 11 because
32 paid 21 spouse 11 down
32 some 20 car 11 even
32 there 20 children 11 family
31 buy 20 interest 11 getting
31 costs 20 social 11 increasing
31 full 20 some 11 still
31 help 20 there 11 wife
31 other        
31 take        

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 -- which are those that do not provide information about financial challenges, such as "the" and "are" -- are excluded. Results for the open-ended text response question are unweighted.

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Figure 5. Magnitude of raises among employed workers (by education). Percent
  Raise exceeded change in living expenses Raise in line with change in living expenses Raise less than change in living expenses No raise or promotion
High school degree or less 2 18 18 62
Some college or associate degree 5 23 22 51
Bachelor's degree or more 8 21 19 52

Note: Among adults who are employed for someone else.

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Figure 6. Approximately how far in advance does your employer usually tell you the hours that you will need to work on a given day?
  Percent
One day or less 37
2-3 days 16
4-6 days 12
1-2 weeks 19
2-4 weeks 8
More than a month 7

Note: Among workers whose schedule varies primarily based on their employer's needs.

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Figure 7. Main reasons for conducting informal income-generating activities. Percent
To earn extra money on top of other regular source of income 42
To earn money as a primary source of income 18
Just for fun (as a hobby) 17
To earn extra money to help family members 8
To acquire new job-related skills 2
To maintain existing job-related skills 1
To network/meet people 1
Other 10

Note: Among adults who performed an informal income-generating activity in the past month.

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Figure 8. Significance of money earned through informal income-generating activities to family incomes (by education). Percent
  High school degree or less Some college or associate degree Bachelor's degree or more
Very much significant 14 12 5
Somewhat significant 26 26 19
Not at all 40 47 65
Does not apply 19 14 11

Note: Among adults who performed an informal income-generating activity in the past month.

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Figure 9. Family income distribution. Percent
$0 6
$1-$4,999 6
$5,000-$14,999 8
$15,000-$24,999 9
$25,000-$39,999 12
$40,000-$49,999 9
$50,000-$74,999 16
$75,000-$99,999 11
$100,000-$149,999 13
$150,000-$199,999 6
$200,000 or higher 5

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Figure 10. Reasons that income changed from month to month in the past year. Percent
Other 17
Commissions 7
Investment income 9
Seasonal employment 13
Bonuses 15
Periods of unemployment 16
Irregular work schedule 43

Note: Among respondents whose income varies somewhat or quite a bit from month to month. Respondents can select multiple answers.

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Figure 11. Have you and your family living with you experienced each of the following hardships in the past year? Percent
A family member had a significant health problem 13
I had a significant health problem 12
I had my work hours and/or pay reduced 8
I lost a job 7
My spouse/partner had their work hours and/or pay reduced 5
My spouse/partner lost a job 4
A business I owned had financial difficulty 2
Told by landlord that I had to move out 2
Divorce 2
Received a foreclosure or eviction notice 2
Death of primary breadwinner 1

Note: Respondents can select multiple answers.

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Figure 12. Ways that individuals will cover a $400 emergency expense when not using cash or its functional equivalent. Percent
Put it on my credit card and pay it off over time 45
Borrow from a friend or family member 29
I wouldn't be able to pay for the expense right now 27
Sell something 18
Use money from a bank loan or line of credit 8
Use a payday loan, deposit advance, or overdraft 5
Other 3

Note: Among those who would not pay the expense in full using cash or its functional equivalent. Respondents can select multiple answers.

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Figure 13. Adults who would still be able to pay all of their current month's bills in full if faced with a $400 emergency expense that they had to pay (by education and race/ethnicity). Percent
  White, non-Hispanic Black, non-Hispanic Hispanic Overall
High school degree or less 56 42 45 52
Some college or associate degree 66 49 50 61
Bachelor's degree or more 83 64 60 79

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Figure 14. 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? (by survey year). Percent
  2016 2015 2014 2013
Prescription medicine 11 11 13 14
To see a doctor 12 12 15 16
Dental care 18 20 25 24
To see a specialist 9 9 11 11
Mental health care or counseling 5 5 6 6
Follow-up care 7 7 8 10

Note: Respondents can select multiple answers.

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Figure 15. Banking status
  Percent
Fully banked 74
Unbanked, used alternative financial service 4
Unbanked, no alternative financial service use 3
Underbanked 19

Note: Fully banked individuals have a bank or credit union account and have not used an alternative financial service in the past year.

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Figure 16. Types of credit applied for in the past 12 months. Percent
Credit card 65
Car/auto loan 26
Personal general-purpose loan from a bank 10
Mortgage to buy a new home 10
Refinance of a home mortgage 9
Student loan 9
Home-equity loan or line of credit 6
Personal loan from friends or family 3
Other 4

Note: Among respondents who applied for some form of credit in the past 12 months. Respondents can select multiple answers.

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Figure 17. Percent of credit applicants who received at least one denial or offer of less credit (by form of credit applied for). Percent
Credit card 33
Personal loan from friends or family 30
Personal general-purpose loan from a bank 25
Mortgage to buy a new home 18
Home-equity loan or line of credit 17
Car/auto loan 14
Student loan 14
Refinance of a home mortgage 10
Other loan 18

Note: Among respondents who applied for each type of credit. Respondents who applied for multiple forms of credit report their credit outcomes for each type of credit separately.

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Figure 18. Frequency of carrying a credit card balance on one or more cards in the past 12 months.
  Percent
Once 6
Some of the time 20
Most or all of the time 28
Never carried a balance 45

Note: Among respondents with at least one credit card.

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Figure 19. Reasons for renting.
  Percent
I can't afford the down payment to buy a home 50
I can't qualify for a mortgage to buy a home 30
It's more convenient to rent 28
I plan on moving in the near future 26
It's cheaper to rent than to own a home 23
Owning a home is a bigger financial risk 22
I simply prefer to rent 19
I'm currently looking to buy a home 13
Other 10

Note: Among renters. Respondents can select multiple answers.

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Figure 20. Reasons for owning.
  Percent
Owning a home is a good financial investment 72
Simply prefer to own 69
It's cheaper to own than rent a home 46
Fewer rules/able to customize house 45
Building equity with payments 43
Don't like to move 27
Certainty about monthly payments 23
Other 4

Note: Among homeowners. Respondents can select multiple answers.

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Figure 21. Difficulty getting landlord to fix problems with rental unit (by race/ethnicity). Percent
  None A little difficulty Moderate difficulty Substantial difficulty
White, non-Hispanic 54 18 14 14
Black, non-Hispanic 33 25 22 20
Hispanic 35 21 29 15
Overall 46 22 17 15

Note: Among renters.

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Figure 22. 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). Percent
  Benefits much higher Benefits somewhat higher Same costs and benefits Costs somewhat higher Costs much higher
Completed degree, private for-profit 15 25 21 17 22
Completed degree, private not-for-profit 37 28 19 8 8
Completed degree, public 41 24 21 8 6
No degree, private for-profit 18 17 29 12 22
No degree, private not-for-profit 24 17 32 10 16
No degree, public 19 17 37 12 12

Note: Among respondents who completed at least some college. Degree completers are those with at least an associate degree or a bachelor's degree. Bachelor's and associate degree recipients are asked to report on their perceptions of that degree. Those without at least an associate degree are asked to report on their most recent educational program.

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Figure 23. Knowing what you know now about the benefits and costs of your education, if you could go back and make your education decisions again, would you have done each of these things? (by institution type). Percent
  Public Private, not- for-profit Private, for-profit
Chosen a different field of study 37 31 39
Attended a different school 19 28 48
Completed less education or not attended college 9 5 23
Completed more education 49 37 54

Note: Among respondents who completed at least some college. Respondents can select multiple answers.

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Figure 24. Educational attainment of young adults ages 25-39 (by parents' education). Percent
  Both parents high school degree or less At least 1 parent with some college, neither with a bachelor's degree At least 1 parent with a bachelor's degree
High school degree or less 52 24 9
Some college or associate degree 30 44 25
Bachelor's degree or more 18 32 66

Note: Among respondents ages 25-39.

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Figure 25. Institutions attended by young adults ages 25-39 (by parents' education). Percent
  Both parents high school degree or less At least 1 parent with some college, neither with a bachelor's degree At least 1 parent with a bachelor's degree
Public 67 77 68
Private not-for-profit 17 12 27
Private for-profit 16 11 4

Note: Among respondents who completed at least some college.

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Figure 26. Institutions attended by young adults ages 25-39 (by race/ethnicity). Percent
  White, non-Hispanic Black, non-Hispanic Hispanic
Public 72 63 71
Private not-for-profit 23 21 9
Private for-profit 6 16 20

Note: Among respondents who completed at least some college.

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Figure 27. Use of debt to finance own education, including loans which have been fully repaid (by age and highest degree completed). Percent
Age group 18-29 30-44 45-59 60+
Some college or certificate 53 37 23 11
Associate degree 55 49 38 17
Bachelor's degree 63 53 44 28
Graduate degree 69 67 62 34

Note: Among respondents who completed at least some college.

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Figure 28. Payment status of student loans acquired for own education (by parents' education).
  Not first-generation college students (all) First-generation college students (all) Not first-generation college students (ages 18-39) First-generation college students (ages 18-39)
Currently owe education debt, behind 7 12 8 16
Currently owe education debt, not behind 54 39 69 57
Paid off loans 39 49 23 27

Note: Among respondents who borrowed for their own education.

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Figure 29. Payment status of student loans acquired for own education (by age and race/ethnicity). Percent
  Hispanic (all) Black, non-Hispanic (all) White, non-Hispanic (all) Hispanic (ages 18-39) Black, non-Hispanic (ages 18-39) White, non-Hispanic (ages 18-39)
Currently owe education debt, behind 23 20 6 26 25 6
Currently owe education debt, not behind 45 56 41 56 69 62
Paid off loans 32 24 53 17 7 31

Note: Among respondents who borrowed for their own education.

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Figure 30. Forms of retirement savings among non-retirees. Percent
401(k) 50
Outside savings 46
IRA 31
Defined benefit pension 25
Real estate 14
Business 7
Other 4
None 28

Note: Among respondents not currently retired. Respondents can select multiple answers.

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Figure 31. Presence of any retirement savings (by age and employment status). Percent
Status 60+ 45-59 30-44 18-29
Overall 81 80 76 53
Not working due to a disability 45 30 15 20
Not employed 63 49 24 27
Homemaker 71 69 68 35
Employed 90 89 85 66

Note: Among respondents not currently retired.

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Figure 32. Comfort investing self-directed retirement savings (by gender and education). Percent
Gender Education Very comfortable Mostly comfortable
Male High school degree or less 11 34
Male Some college or associate degree 20 34
Male Bachelor's degree or more 26 38
Female High school degree or less 9 28
Female Some college or associate degree 11 25
Female Bachelor's degree or more 9 29

Note: Among respondents not currently retired.

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Figure 33. Reasons for not participating in a 401(k).
Reasons Percent
Offered, does not participate 38
Not offered, would particpate 41
Not offered, would not particpate 21

Note: Among respondents employed for somebody else who do not have a 401(k) type account.

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Last Update: June 14, 2017