Federal Reserve Begins Next Survey of Consumer Finances

The data collected will provide a representative picture of what Americans own--from houses and cars to stocks and bonds--how and how much they borrow and how they bank. Past study results have been important in policy discussions regarding pension and social security reform, tax policy, deposit insurance reform, consumer debt and a broad range of other issues.

"The results of the survey will fill a gap in our knowledge about the financial circumstances of different types of households," Ben S. Bernanke, Chairman of the Board of Governors of the Federal Reserve System, said in a letter to prospective survey participants. "Our previous surveys ... have helped the Federal Reserve and other parts of the government make policy decisions and have also supported a wide variety of basic research," the Chairman noted.

The 2007 survey will contain a revised set of questions on home mortgages with variable interest rates and other variable terms. The questions will address how much interest rates or other features of such loans can change. Taken together with other survey variables, they will allow a better understanding of the types of households that have such loans. Another set of new questions will address the connection between self-employment and business ownership.

Participants in the study are chosen at random from seventy-nine areas, including metropolitan areas and rural counties across the United States, using a scientific sampling procedure. A representative of NORC contacts each potential participant personally to explain the study and request time for an interview.

Summary results for the 2007 study will be published in early 2009 after all data from the survey have been assessed and analyzed.