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This research note compares sequential and concurrent web-mail mixed-mode approaches and incentives for a survey on US consumers’ use of financial products, especially when their finances are tight. The sample (n = 2,000) was drawn from... more
This research note compares sequential and concurrent web-mail mixed-mode approaches and incentives for a survey on US consumers’ use of financial products, especially when their finances are tight. The sample (n = 2,000) was drawn from credit bureau data. We examine the effects on response rates, survey costs, and possible nonresponse bias in an experiment varying two factors in a 2x2 design: (1) using concurrent or sequential web and then mail survey modes, and (2) different incentive amounts given to initial survey nonrespondents ($5 versus $10). The sequential (web-first) design had a significantly lower response rate (3.9 percent) at week five—before the paper questionnaire was mailed—than the concurrent group (11.0 percent). This difference was nearly fully eliminated by the end of the field period. The higher incentive brought in slightly more respondents in the concurrent arm and slightly fewer respondents in the sequential arm, but neither difference is statistically significant. Compared with the sample frame, respondents in both groups were generally older and had many of the characteristics that come from being older: higher credit scores, more open credit cards, lower credit card utilization, greater likelihood of having a mortgage, and lower likelihood of being delinquent on credit card payments. Given the lower initial response rate and the need for more follow-up mailing, the sequential mixed-mode approach resulted in a higher cost per complete survey.
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To assess whether homeowners know their house values and mortgage terms, we compare the distributions of these variables in the household-reported 2001 Survey of Consumer Finances (SCF) to the distributions in lender-reported data. We... more
To assess whether homeowners know their house values and mortgage terms, we compare the distributions of these variables in the household-reported 2001 Survey of Consumer Finances (SCF) to the distributions in lender-reported data. We also examine the share of SCF respondents who report not knowing these variables. We find that most homeowners appear to report their house values and broad mortgage terms reasonably accurately. Some adjustable-rate mortgage borrowers, though, and especially those with below-median income, appear to underestimate or not know how much their interest rates could change.
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Reviews changes in the income and wealth of U.S. families between 2001 and 2004. The discussion draws on data from the Federal Reserve Board's triennial Survey of Consumer Finances for those years and also uses evidence from earlier... more
Reviews changes in the income and wealth of U.S. families between 2001 and 2004. The discussion draws on data from the Federal Reserve Board's triennial Survey of Consumer Finances for those years and also uses evidence from earlier years of the survey to place the 2001-04 changes in a broader context.
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NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminary materials circulated to stimulate discussion and critical comment. The analysis and conclusions set forth are those of the authors and do not... more
NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminary materials circulated to stimulate discussion and critical comment. The analysis and conclusions set forth are those of the authors and do not indicate concurrence by other members of the research staff or the Board of Governors. References in publications to the Finance and Economics Discussion Series (other than acknowledgement) should be cleared with the author(s) to protect the tentative character of these papers.
... Health Insurance, Household Debt, and Inequality: Evidence from the Survey of Consumer Finances Brian Bucks For additional information please contact: Brian Bucks Federal Reserve Board Mail Stop 153 20th and C Street Washington, DC... more
... Health Insurance, Household Debt, and Inequality: Evidence from the Survey of Consumer Finances Brian Bucks For additional information please contact: Brian Bucks Federal Reserve Board Mail Stop 153 20th and C Street Washington, DC 20551 brian.k.bucks@frb.gov ...
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This paper uses data from the 1989-2007 U.S. Surveys of Consumer Finances to examine how different concepts and measures of economic vulnerability affect estimates of the prevalence of economic insecurity and the characteristics of... more
This paper uses data from the 1989-2007 U.S. Surveys of Consumer Finances to examine how different concepts and measures of economic vulnerability affect estimates of the prevalence of economic insecurity and the characteristics of households classified as "economically insecure." The household-level measures include indicators of: i) vulnerability to health, employment, or income shocks; ii) adequacy of household savings and income to offset adverse economic shocks; and iii) high current debt-payment burdens and other potential borrowing constraints. The measures offer little evidence of changes in households' economic security since 1989. Economic security appears to increase with family income and the age of the household head; the relationship between education and economic security, however, may depend on the measure of economic security. Estimates of the share of families that are economically insecure vary widely and depend in large part on the number of criteri...
This paper uses data from the 1989-2007 U.S. Surveys of Consumer Finances to examine how different concepts and measures of economic vulnerability affect estimates of the prevalence of economic insecurity and the characteristics of... more
This paper uses data from the 1989-2007 U.S. Surveys of Consumer Finances to examine how different concepts and measures of economic vulnerability affect estimates of the prevalence of economic insecurity and the characteristics of households classified as "economically insecure." The household-level measures include indicators of: i) vulnerability to health, employment, or income shocks; ii) adequacy of household savings and income to offset adverse economic shocks; and iii) high current debt-payment burdens and other potential borrowing constraints. The measures offer little evidence of changes in households' economic security since 1989. Economic security appears to increase with family income and the age of the household head; the relationship between education and economic security, however, may depend on the measure of economic security. Estimates of the share of families that are economically insecure vary widely and depend in large part on the number of criteri...