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.
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