Survey of Consumer Finances 2013

The Survey of Consumer Finances consist of personal finance information gathered from U. S. households across of country. The information is designed to provide insight about the current financial condition of U. S. citizens.

The survey is sponsored by the Board of Governors of the Federal Reserve System and it is conducted every three years by the Federal Reserve Board and NORC at the University of Chicago. Survey participants are randomly selected through a scientific process which is designed to show a balanced representation of U. S. households.

It should also be noted that the Survey of Consumer Finances is currently the only survey that provides in-depth details about personal financial situations in this country.

Some of the type of information gathered from the survey includes types of assets, the amount of assets, types and amounts of liabilities, along with data about individual employment history, individual personal income and pensions, and also demographic locations. Specific questions are related to mortgage or personal loan debt, number of cars and amount of car payments, charitable contributions and personal views about current economic conditions.

The 2013 survey revealed that as a result of declining economic conditions over the past few years, the personal financial situation in the United States has dramatically changed. This has included more people today working part time jobs. Because of this, many U. S. citizens are falling behind in their monthly bill payments. The reduced number of working hours has also caused an increase in personal bankruptcy filings. In addition, the number of people being unemployed for over six months has also been steadily increasing. This type of survey data helps various governmental agencies and congress gain a better understanding of what type of financial assistance programs are needed. This information also helps to identify which parts of the country have the highest percentage of unemployment and low income residents.

Other interesting facts featured in the survey include how some unemployed people have started launching businesses in order to generate income. Some of these people would have probably never thought about launching a business if they had not lost their job. The fear of long term unemployment however encouraged them to take that leap of faith.

Many colleges and universities are also interested in the results from this survey because personal financial conditions have an impact on student loans and college enrollment. During a time of economic stress the number of people enrolling in college and applying for student loans usually decreases. This is because many people don't feel confident enough that they will find a job to pay back the loan once they graduate.

To learn more how the Survey of Consumer Finances is conducted, go to www.scf.norc.org.