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Author:Hsu, Joanne W. 

Report
Changes in U.S. Family Finances from 2010 to 2013: Evidence from the Survey of Consumer Finances

The Federal Reserve Board’s triennial Survey of Consumer Finances (SCF) collects information about family incomes, net worth, balance sheet components, credit use, and other financial outcomes.1 The 2013 SCF reveals substantial disparities in the evolution of income and net worth since the previous time the survey was conducted, in 2010.
Reports and Studies

Working Paper
Returning to the Nest: Debt and Parental Co-residence Among Young Adults

This paper examines the relationship between a young adults' debt burden and the decision to co-reside with a parent. Using a quarterly panel of young adults' credit histories, and controlling for age, county, and quarter fixed effects, and local demographic characteristics, unemployment rates, and house prices, we estimate the relationship between current period debt and subsequent decisions to co-reside with a parent. Our results indicate that indebtedness--as measured by average loan balances, declining credit scores and delinquency on accounts--increases flows into parental co-residence. ...
Finance and Economics Discussion Series , Paper 2014-80

Working Paper
Analysis of wealth using micro and macro data: a comparison of the Survey of Consumer Finances and Flow of Funds Accounts

Researchers use different types of household balance sheet data to study different aspects of lifecycle saving and wealth accumulation behavior. Macro data from the Flow of Funds Accounts (FFA) are produced at a quarterly frequency and are available in a timely manner, but they can only be used to study the behavior of the household sector as a whole. Micro data from the Survey of Consumer Finances (SCF) are available every three years and only with a lag, but they can be used to address questions that involve differences in behavior over time and across various types of households. Despite ...
Finance and Economics Discussion Series , Paper 2013-46

Working Paper
Minimum Wages and Consumer Credit : Impacts on Access to Credit and Traditional and High-Cost Borrowing

Proponents of minimum wage legislation point to its potential to raise earnings and reduce poverty, while opponents argue that disemployment effects lead to net welfare losses. But these arguments typically ignore the possibility of spillover effects on other aspects of households' financial circumstances. This paper examines how state-level minimum wages affect the decisions of lenders and low-income borrowers. Using data derived from direct mailings of credit offers, survey-reported usage of high-cost alternative credit products, and debt recorded in credit reports, we find that higher ...
Finance and Economics Discussion Series , Paper 2017-010

Working Paper
Aging and strategic learning: the impact of spousal incentives on financial literacy

American women tend to be less financially literate than men, which is consistent with a household division of labor in which men manage finances. However, women also tend to outlive their husbands, so they will eventually need to take over this task. Using a new survey of older couples, I find that women acquire financial literacy as they approach widowhood. At an estimated increase of 0.04 standard deviations per year approaching widowhood, 80 percent of women in the sample would catch up with their husbands prior to the expected onset of widowhood. These findings reflect actual increases ...
Finance and Economics Discussion Series , Paper 2011-53

Discussion Paper
Why Boomerang? Debt, Access to Credit, and Parental Co-residence among Young Adults

A persistent media narrative from the Great Recession is the phenomenon of "boomerang" kids, that is, the rapid increase of young adults moving back in with their baby boomer parents. From a life-cycle perspective, boomerang kids may be delaying wealth-building, and they may be a strain on parental resources. From a macroeconomic perspective, increased rates of parental co-residence have important implications for the economy at large. In this note, we describe our research examining the relationship between debt, access to affordable credit and parental co-residence decisions among young ...
FEDS Notes , Paper 2015-10-01-2

Journal Article
Changes in U.S. Family Finances from 2013 to 2016: Evidence from the Survey of Consumer Finances

Evidence from the Survey of Consumer Finances The Federal Reserve Board's Survey of Consumer Finances for 2016 provides insights into the evolution of family income and net worth since the previous time the survey was conducted, in 2013. The survey shows that, over the 2013-16 period, the median value of real (inflation-adjusted) family income before taxes rose 10 percent, and mean income increased 14 percent. Real median net worth increased 16 percent, and mean net worth increased 26 percent. The data also indicate that gains in income and net worth are broad based, occurring across many ...
Federal Reserve Bulletin , Volume 103 , Issue 3

Discussion Paper
A Wealthless Recovery? Asset Ownership and the Uneven Recovery from the Great Recession

Data from the Federal Reserve Board's Survey of Consumer Finances indicate that although total household wealth has fully recovered from the Great Recession, there has been only modest growth for the vast majority of families since 2010, and most families have not recovered to pre-recession wealth levels. This uneven recovery is explained by declines in home and stock ownership, which have shown little signs of reversing; thus, these disparities appear poised to persist.
FEDS Notes , Paper 2018-09-13

Working Paper
Financial Profiles of Workers Most Vulnerable to Coronavirus-Related Earnings Loss in the Spring of 2020

In spring 2020, the COVID-19 pandemic and related shutdowns had huge effects on unemployment. Using data from the Survey of Consumer Finances, we describe the financial profiles of US families whose workers were most vulnerable to coronavirus-related earnings losses in the spring of 2020, based on whether a particular worker was deemed "essential" and whether a worker's job could be conducted remotely. We use descriptive analytic techniques to examine how families' baseline financial situations would allow them to weather COVID-shutdown-related earnings losses. We find that families with ...
Finance and Economics Discussion Series , Paper 2020-093

Discussion Paper
Recent Trends in Wealth-Holding by Race and Ethnicity : Evidence from the Survey of Consumer Finances

Data from the newly released 2016 Survey of Consumer Finances show wealth has grown for families across race and ethnicity groups since 2013, but substantial disparities between groups persist.
FEDS Notes , Paper 2017-09-27

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