Report on the Economic Well-Being 

of U.S. Households in 2015

May 2016

B O A R D O F G O V E R N O R S O F T H E F E D E R A L R E S E R V E S Y S T E M

Report on the Economic Well-Being 

of U.S. Households in 2015

May 2016

B O A R D O F G O V E R N O R S O F T H E F E D E R A L R E S E R V E S Y S T E M
This and other Federal Reserve Board reports and publications are available online at

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Preface

This survey and report were prepared by the 

Consumer and Community Development Research 

Section of the Federal Reserve Board’s Division of 

Consumer and Community Affairs (DCCA).

DCCA directs consumer- and community-related 

functions performed by the Board, including conducting research on financial services policies and 

practices and their implications for consumer financial stability, community development, and neighborhood stabilization.

DCCA staff members Jeff Larrimore, Sam Dodini, 

and Logan Thomas prepared this report. Federal 

Reserve staff members Mario Arthur-Bentil, Eric 

Belsky, Anna Alvarez Boyd, Andrea Brachtesende, 

Alexandra Brown, David Buchholz, Angelyque 

Campbell, Allen Fishbein, Arturo Gonzalez, Ellen 

Merry, Barbara Robles, Maximilian Schmeiser, Jenny 

Schuetz, PJ Tabit, and Howard Williams provided 

valuable comments and feedback on the design of the 

survey and drafting of this report. The authors 

would also like to thank Richard Burkhauser, Don 

Dillman, and Jonathan Murdoch for their insights on 

questions in the survey.

iii

Executive Summary ................................................................................................................. 1 

Key Findings .............................................................................................................................. 1

Introduction ............................................................................................................................... 5

Survey Background .................................................................................................................... 5

Overall Economic Well-Being .............................................................................................. 7

Current Economic Circumstances ................................................................................................ 7

Employment, Multiple Jobs, and Informal Work ............................................................................ 8

Self-Assessed Financial Challenges ........................................................................................... 10

Financial Expectations for 2016 ................................................................................................. 12

Income and Savings ............................................................................................................... 15

Income Amounts and Sources ................................................................................................... 15

Spending Relative to Income ..................................................................................................... 17

Income and Spending Volatility .................................................................................................. 18

Economic Preparedness and Emergency Savings ........................................................ 21

Financial Hardships ................................................................................................................... 21

Emergency Savings .................................................................................................................. 22

Insurance against Financial Risks .............................................................................................. 24

Emergency Spending on Health Care ......................................................................................... 24

Banking, Credit Access, and Credit Usage .................................................................... 27

Unbanked and Underbanked ..................................................................................................... 27

Credit Applications and Outcomes ............................................................................................. 28

Additional Demand for Credit and Perceived Credit Access ......................................................... 29

Credit Card Usage .................................................................................................................... 30

Housing and Household Living Arrangements ........................................................... 33 

Home Ownership and Living Arrangements ................................................................................ 33

Neighborhood Satisfaction and Reasons for Moving ................................................................... 34

Home Value and Housing Expenses ........................................................................................... 35

Home Purchase Decision .......................................................................................................... 37

Automobile Purchase Decisions and Auto Lending .................................................. 41

Purchase and Financing of Newly Acquired Vehicles ................................................................... 41

Factors in the Car Purchase and Lease Decision ........................................................................ 43

Auto Loan Performance ............................................................................................................. 44

v

Contents
Higher Education and Human Capital ........................................................................... 47

Higher Education Decisions by Family Background .................................................................... 47

Value of Higher Education by Educational Characteristics ........................................................... 48

Desire to Change Educational Decisions .................................................................................... 50

Reasons for Not Starting or Not Finishing College ...................................................................... 50

Job Readiness .......................................................................................................................... 51

Education Debt and Student Loans ................................................................................ 53

Education Debt Overview .......................................................................................................... 53

Student Loan Payment Status by Demographic and Education Characteristics ............................ 55

Retirement ................................................................................................................................ 59

Saving for Retirement ................................................................................................................ 59

Self-Directed Retirement Savings ............................................................................................... 61

Expectations for Retirement ...................................................................................................... 63

Experiences in Retirement ......................................................................................................... 64

Conclusion ................................................................................................................................ 67

Appendix A: Technical Appendix on Survey Methodology .................................... 69

Appendix B: Survey of Household Economics and 

Decisionmaking—Questionnaire ...................................................................................... 71

Introduction .............................................................................................................................. 71

Demographics and Employment Section .................................................................................... 72

Labor Market Skills Section ....................................................................................................... 76

Financial Management and Stability Section ............................................................................... 77

General Housing Section ........................................................................................................... 78

Rent Section ............................................................................................................................. 80

Own Section ............................................................................................................................. 82

Mortgage Section ..................................................................................................................... 83

Banking Section ........................................................................................................................ 84

Credit Application Section ......................................................................................................... 85

Credit Condition Section ........................................................................................................... 88

Education Section ..................................................................................................................... 91

Student Loans Section .............................................................................................................. 99

Retirement Planning Section .................................................................................................... 102

Holiday Spending and Financing Section .................................................................................. 110

Auto Loans Section ................................................................................................................. 111

Income and Consumption Section ........................................................................................... 119

Emergency Fund Section ......................................................................................................... 124

Health and Insurance Section .................................................................................................. 126

Financial Hardship Section ...................................................................................................... 129

Appendix C: Consumer Responses to Survey Questionnaire ............................... 133

vi
Executive Summary

In order to monitor the financial and economic status of American consumers, the Federal Reserve 

Board conducted the third annual Survey of Household Economics and Decisionmaking in October and 

November 2015. This survey provides insights into 

the well-being of households and consumers, and 

provides important information about how individuals and their families are faring in the economy. Topics examined in the survey include the overall wellbeing of individual consumers, income and savings 

behaviors, economic preparedness, access to banking 

and credit, housing decisions, car purchases and auto 

lending, education and human capital, student loans, 

and retirement planning.

Key Findings

Overall, individuals and their families continue to 

express mild improvements in their general well-being 

relative to that seen in 2013 and 2014. However, a 

number of adults still indicate that they are experiencing financial challenges, and optimism about the future 

tempered in 2015.

• Sixty-nine percent of adults report that they are 

either “living comfortably” or “doing okay,” compared to 65 percent in 2014 and 62 percent in 2013. 

However, 31 percent, or approximately 76 million 

adults, are either “struggling to get by” or are “just 

getting by.”

• Individuals are 9 percentage points more likely to 

say that their financial well-being improved during 

the prior year than to say that their financial wellbeing declined.

• Twenty-two percent of employed adults indicate 

that they are either working multiple jobs, doing 

informal work for pay in addition to their main job, 

or both.

• Twenty-three percent of respondents expect their 

income to be higher in the year after the survey, 

down from 29 percent who expected income 

growth in the year after the 2014 survey. 

The survey also asks respondents about several specific aspects of their financial lives:

Income and Savings

Most respondents report that they saved at least some 

of their income in the prior year. Income volatility, 

however, represents a concern for many lower-income 

families.

• Sixty-eight percent of non-retired respondents 

saved at least a portion of their income in the prior 

year.

• Thirty-two percent of adults report that their 

income varies to some degree from month to 

month, and 43 percent report that their monthly 

expenses vary to some degree. Forty-two percent of 

those with volatile incomes or expenses say that 

they have struggled to pay their bills at times 

because of this volatility. 

Economic Preparedness

Nearly half of adults are ill-prepared for a financial 

disruption and would struggle to cover emergency 

expenses should they arise.

• Forty-six percent of adults say they either could 

not cover an emergency expense costing $400, or 

would cover it by selling something or borrowing 

money.

• Twenty-two percent of respondents experienced a 

major unexpected medical expense that they had to 

pay out of pocket in the prior year, and 46 percent 

of those who say they had a major medical expense 

report that they currently owe debt from that 

expense. 

1
Banking and Credit

A majority of individuals believe that credit is available 

to them should they apply for it. However, a sizeable 

minority of those who recently expressed a desire for 

credit report some difficulty in getting approved.

• Three-quarters of respondents are somewhat or 

very confident in their ability to obtain a credit 

card were they to apply for one. 

• Forty-six percent of adults desired additional credit 

in the prior year, and 40 percent of those who 

desired credit say that they faced a real or perceived 

difficulty in accessing credit.

• Fifty-seven percent of respondents with a credit 

card have carried a balance on that card at least 

once in the prior year. 

Housing and Living Arrangements

Most respondents are satisfied with the quality of their 

house and neighborhood, although this varies based on 

the income level of the community. Additionally, most 

homeowners feel that their house appreciated in value 

in the prior year.

• Seventy percent of all adults are mostly or completely satisfied with the overall quality of their 

neighborhood, although only 35 percent of those 

in very high-poverty census tracts report this level 

of satisfaction.

• Fifty-one percent of homeowners believe that their 

home value increased in the 12 months prior to the 

survey. Forty-three percent expect that home values 

in their neighborhood will increase in the next 

12 months. 

Car Purchasing and Auto Lending

Just under one-quarter of adults indicate that either 

they or their spouse or partner acquired a new vehicle 

in the year prior to the survey. When shopping for a 

new car, a majority of consumers shop around for both 

the car and for financing. 

• Seventy percent of car buyers compared prices 

from different sellers when purchasing their vehicle. 

Fifty-three percent of those who took out a loan 

for their vehicle compared interest rates or loan 

terms from different sellers.

• Twelve percent of car buyers who used a loan to 

finance the purchase took out a loan with a longer 

repayment period than their expected horizon for 

continuing to own the car. 

Education and Human Capital

The likelihood of attending college, and the type of 

college attended, differs based on the background of 

one’s parents. Additionally, the perceived value of a 

postsecondary education varies widely depending on 

program completion, institution type, and major.

• Just 16 percent of young adults (ages 25 to 

34) whose parents both have only a high-school 

degree or less completed a bachelor’s degree, 

whereas 65 percent of young adults with a parent 

who completed a bachelor’s degree have completed 

one themselves.

• Forty-nine percent of respondents who attended a 

for-profit institution say that they would attend a 

different school if they could make their educational decisions again. 

Education Debt and Student Loans

Over half of adults under age 30 who attended college 

took on at least some debt (student loans, credit card 

debt, and other forms of borrowing) while pursuing 

their education. The likelihood of falling behind on 

student loan payments varies depending on the type 

of institution attended and the level of education 

completed.

• In addition to any student loans, 21 percent of 

adults with debt from their own education have 

education-related credit card debt. The median 

outstanding education-related credit card debt is 

$3,000.

• Twenty-one percent of those who borrowed to 

attend a for-profit institution are behind on their 

loan payments. Among those who borrowed to 

attend a public or not-for-profit institution, 7 percent and 5 percent are behind on their payments, 

respectively. 

Retirement

Many individuals report that they have no retirement 

savings, and—among those who are saving—a number 

of respondents indicate that they lack confidence in 

their ability to manage their retirement investments.

• Thirty-one percent of non-retired respondents 

report that they have no retirement savings or pen2 Economic Well-Being of U.S. Households, 2015
sion at all, including 27 percent of non-retired 

respondents age 60 or older.

• Forty-nine percent of adults with self-directed 

retirement accounts are either “not confident” or 

only “slightly confident” in their ability to make 

the right investment decisions.

• Just over one-quarter of adults with self-directed 

retirement accounts do not seek out any financial advice when investing these funds. Fiftytwo percent of those who do not seek out advice 

say they either cannot afford assistance or would 

like help but do not know where to get it.

May 2016 3

Introduction

In October and November 2015, the Federal Reserve 

Board’s Division of Consumer and Community 

Affairs conducted the third Survey of Household 

Economics and Decisionmaking (SHED). This survey has been conducted annually in the fall of each 

year since 2013.

The SHED aims to capture a snapshot of the financial and economic well-being of U.S. households, as 

well as to monitor their recovery from the recent 

recession and identify any risks to their financial stability. It further collects information on household 

finances that is not readily available from other 

sources or that is not available in combination with 

other variables of interest. The survey was designed 

in consultation with Federal Reserve System staff 

and outside academics with relevant research 

backgrounds.

The SHED provides a nationally representative snapshot of the economic situations of households in the 

United States at the time of the survey, as well their 

perspectives on financial conditions in the recent past 

and expectations for conditions in the near future.

The 2015 survey focuses on a range of topics, 

including

• the personal finances of U.S. adults;

• income and spending;

• economic preparedness and emergency savings;

• banking, credit access, and credit usage;

• housing and living arrangements;

• auto lending;

• education and student debt; and

• retirement. 

Survey Background

The SHED was designed by Board staff and is 

administered by GfK, an online consumer research 

company, on behalf of the Board. The questions in 

the survey are designed to better illuminate the activities, experiences, and attitudes of individual consumers regarding their financial lives and the financial 

well-being of those in their household. They are 

intended to complement and augment the existing 

base of knowledge from other data sources, including 

the Board’s own Survey of Consumer Finances 

(SCF).1 In most cases, original questions are asked of 

respondents, although occasionally questions mirror 

those from other surveys in order to provide direct 

comparisons and understand how certain variables 

interact with others.2 In this year’s survey, many of 

the questions from the 2013 and 2014 surveys are 

repeated to enable longitudinal tracking, while new 

questions are introduced as well.

The survey is conducted using a sample of adults 

ages 18 and over from KnowledgePanel®

, a 

probability-based web panel designed by GfK that 

includes more than 50,000 individuals from randomly 

sampled households. The sample for the survey was 

drawn from the overall panel based on three criteria. 

As shown in table 1, e-mails were sent to 2,853 

respondents from the 2014 SHED (“re-interviewed 

1 For more information on the SCF or to access SCF data, see 

www.federalreserve.gov/econresdata/scf/scfindex.htm. 

2 Questions that mirror those in other datasets also allow for a 

confirmation of the quality of the SHED data by comparing 

results for similar questions to those of the other datasets. In 

2015, Federal Reserve Board researchers Jeff Larrimore, Maximilian Schmeiser, and Sebastian Devlin-Foltz compared SHED 

results to those of U.S. Census Bureau datasets and generally 

found comparable results on these overlapping questions (see 

www.federalreserve.gov/econresdata/notes/feds-notes/2015/

comparing-shed-and-census-bureau-survey-results-20151015

.html).

5
respondents”) and 3,332 randomly selected 

respondents from the remaining members of 

KnowledgePanel® (“fresh respondents”). The survey 

also includes an oversample of lower-income individuals by sending e-mails to 2,496 randomly selected 

respondents with a household income under $40,000 

per year who are not included in the initial sample of 

re-interviewed respondents or fresh respondents. This 

oversample improves the precision of estimates 

among the lower-income population, and allows for a 

sufficient sample size to reliably compare results for 

certain questions of interest across segments of the 

population. Of the 8,681 respondents contacted for 

the survey, 5,695 respondents completed it, yielding 

an overall final stage completion rate of 65.5 percent.3 The respondents completed the survey in 

approximately 20 minutes (median time).

Recognizing that the sample demographics may differ from that of the overall U.S. population, especially given the oversample of respondents making 

under $40,000, survey results are weighted based on 

the demographic characteristics of the respondents 

to match characteristics from 2015 March Current 

Population Survey. Further details on the survey 

methodology are included in appendix A. 

As is the case with all surveys, some caution in interpreting the survey results is prudent. Although the 

survey was designed to be nationally representative, 

some degree of selection bias beyond that which can 

be corrected through weighting is possible nonetheless (see appendix A).4 Further, the results are all selfreported, and respondents’ knowledge and memory 

may not always be completely accurate when answering survey questions. Readers of the survey results 

are encouraged to keep these limitations in mind.

The following sections of this report summarize key 

findings from the SHED. Unless otherwise noted, the 

numbers cited in this report are derived from the 

Board survey and are weighted to yield estimates for 

the U.S. adult population. Only a subset of questions 

asked in the SHED are discussed in the report; however, the complete survey questionnaire is summarized in appendix B. The responses to all the survey 

questions are presented in appendix C in the order 

that the questions were asked of respondents.

3 Of the 5,695 respondents who completed the survey, 53 were 

excluded from the analysis in this report due to either leaving 

responses to a large number of questions missing, completing 

the survey unusually quickly, or both. Hence, 5,642 respondents 

are included in the analysis in this report.

4 For example, while the survey does weight to match the race 

and ethnicity of the entire U.S. adult population, there is evidence that the Hispanic population in the survey is somewhat 

more likely to speak English than the overall Hispanic population in the United States. While the Census Bureau observed 

that 74 percent of Hispanics in the 2011 American Community 

Survey speak Spanish at home, just 65 percent of Hispanic 

SHED respondents who provide information on their language 

usage report that they speak Spanish at home (see www.census

.gov/library/publications/2013/acs/acs-22.html). This difference 

may result from the fact that the SHED survey is only conducted in English and, therefore, non-English speakers will 

likely be less likely to respond.

Table 1. Key survey response statistics

Sample type Number 

sampled

 Qualified 

completes

 Completion 

rate (percent)

 2014 re-interviews 2,853 2,137 74.9

 Fresh cases 3,332 2,036 61.1

 Lower-income oversample 2,496 1,522 61.0

Overall 8,681 5,695 65.5

6 Economic Well-Being of U.S. Households, 2015
Overall Economic Well-Being

Respondents to the survey are asked a range of questions relating to their financial well-being, including 

how they are currently faring overall, the change in 

their economic well-being in recent years, and their 

expectations for the future. The 2015 survey finds 

that individuals and their families showed continued 

improvement in their economic well-being relative to 

2013 and 2014. Nevertheless, many adults continue 

to exhibit signs of struggling in some aspects of their 

financial lives. This is manifested by the nearly onethird of respondents who say that they are struggling 

to get by or are just getting by, as well as by the many 

lower-income individuals who indicate that their biggest financial concerns involve simply meeting their 

short-term needs. Additionally, optimism about 

future income growth in the coming year has tempered throughout the distribution relative to that 

seen in the 2014 survey.

Current Economic Circumstances

In order to assess self-perceptions of financial wellbeing, the survey asks respondents how they are currently managing financially. Overall well-being of 

individuals and their families continued a mild path 

of improvement in 2015. Twenty-eight percent of 

respondents in the 2015 survey report that they are 

“living comfortably” and 41 percent report that they 

are “doing okay.” The combined 69 percent of 

respondents who are either living comfortably or 

doing okay is up a statistically significant 4 percentage points from that seen in 2014 and up just over 

6 percentage points from that seen in 2013.5

These improvements in self-assessed well-being have 

occurred across the socioeconomic spectrum. Since 

current income and self-assessed financial well-being 

are likely codetermined by recent financial circumstances, the relationship between well-being trends 

and socioeconomic characteristics is considered by 

comparing trends in well-being for those with different levels of education. Respondents with a bachelor’s degree or higher are by far the most likely to 

report that they are at least doing okay financially, 

with four out of five such individuals reporting they 

are doing okay or living comfortably. However, the 

likelihood of reporting this level of overall well-being 

has increased since 2013 for respondents with all levels of education (figure 1).

Nevertheless, while the self-assessed financial wellbeing of adults shows continued improvement in 

2015, just under one-third of respondents still report 

that they are either “finding it difficult to get by” 

(9 percent) or are “just getting by” (22 percent) financially. This represents approximately 76 million adults 

who are struggling to some degree to get by. The likelihood of experiencing this level of financial stress is 

also not uniform in the population. In particular, 

single parents, racial and ethnic minorities, and 

respondents with lower levels of income or education 

are all more likely to report that they were having 

some level of difficulty getting by financially 

(table 2).6

The survey also tracks overall economic well-being 

through the alternate approach of asking respondents whether they are better off now financially 

than they were 12 months ago. Measuring well-being 

in this way is important for tracking individuals’ economic trajectories, as some respondents may feel that 

their well-being has improved or declined but has not 

done so sufficiently to shift responses to the question 

5 References to statistical significance throughout this report are 

based on the 90 percent confidence level. Results for 2013 may 

deviate slightly from those presented in the Report on the Economic Well-Being of U.S Households in 2013. This reflects a 

change in weighting criteria in 2014 that included income brackets when weighting respondents to match the U.S. population. 

To ensure that any changes since 2013 reflect actual trends, 

rather than methodological differences, the 2013 data were 

re-weighted using the same weighting criteria as subsequent surveys for the purposes of comparisons within this report.

6 As is discussed in additional detail in the “Income and Savings” 

section of this report, income is measured in this report as the 

income of the respondent and his or her spouse or partner. This 

may differ from the total income received by all members of the 

household.

7
on their contemporaneous well-being. Additionally, 

without asking respondents directly about the trajectory in their well-being, potential declines in wellbeing for those who were already finding it difficult 

to get by would be overlooked, which can then yield 

an unbalanced picture of economic progress (see 

box 1).

When asked how they are faring financially compared to a year earlier, individuals are more likely to 

say that their financial well-being improved in the 

past year than to say that it declined. However, 

consistent with results from the 2014 survey, the 

responses to this question provide some evidence that 

economic advancement continues to be experienced 

to a greater degree for respondents in higher socioeconomic circumstances. Among those with only a 

high-school degree or less, respondents are just 1 percentage point more likely to report that they are better off than they were a year earlier than to say that 

they are worse off. Hence, the net-positive assessment 

of economic trajectories that is seen for the overall 

population is almost completely driven by respondents with at least some college education (table 3).

Employment, Multiple Jobs, and 

Informal Work

Closely related to overall economic well-being is one’s 

employment status. In the survey, 57 percent of 

respondents report being employed, while 19 percent 

are retired, 7 percent are disabled and not working, 

6 percent are homemakers, 4 percent are students, 

and 7 percent are not employed (including both those 

looking and not looking for work) or on temporary 

Figure 1. Adults who are “doing okay” or “living comfortably” (by survey year)

2015

2014

2013

Overall

Bachelor’s degree

or higher

Some college or

associate degree

High school

degree or less

 53

 57

 61

 62

 77

 62

 62

 77

 65

 66

 80

 69

Percent

Note: Here and in subsequent figures and tables, percents may not sum to 100 due to rounding and question non-response.

Table 2. Overall well-being (by family income, race, 

ethnicity, education, marital, and parental status) 

Percent

Characteristic

 Finding it 

difficult to 

get by

 Just 

getting by

 Doing

okay

 Living 

comfortably

Family income

Less than $40,000 17.7 31.6 38.5 12.1

 $40,000–$100,000 4.4 19.4 47.3 28.8

 Greater than $100,000 1.8 7.9 36.6 53.7

Race/ethnicity

White, non-Hispanic 8.5 20.3 40.7 30.3

 Black, non-Hispanic 10.3 28.3 40.9 20.4

 Hispanic 12.3 24.7 42.6 20.5

Education

High school degree or less 12.9 25.9 41.2 19.8

 Some college or associate 

degree 8.9 25.1 42.1 23.9

 Bachelor’s degree or more 5.7 13.8 39.5 40.9

Marital and parental status

Unmarried, no children 

under 18 12.1 25.0 41.7 21.0

 Married, no children 

under 18 5.6 15.3 42.5 36.7

 Unmarried, children 

under 18 18.7 34.3 33.7 13.3

 Married, children under 18 6.9 22.2 39.9 31.0

Overall 9.4 22.0 41.0 27.6

8 Economic Well-Being of U.S. Households, 2015
layoff. The employment-population ratio in the 

SHED is comparable to that reported by the Bureau 

of Labor Statistics using Current Population Survey 

data.7

Among the respondents who are employed, the 

SHED attempts to gauge the extent to which individuals who have a job desire additional employment 

7

In addition to the 57 percent of respondents who report being 

employed, about 2 percent of respondents indicate that they are 

primarily a student but also have a full-time or part-time job, 

and about 2 percent indicate that they are primarily retired but 

also have a full-time or part-time job. Looking at respondents 

ages 20 and older in this survey, 60 percent report having a job 

of any kind. This compares to a 61.5 percent employmentpopulation ratio reported by the Bureau of Labor Statistics for 

this age group in October 2015 (see www.bls.gov/news.release/

empsit.t01.htm).

Box 1. Tracking Well-Being over Time among Re-Interviewed

2014 Survey Respondents

Somewhat different pictures of the inclusiveness of

recent economic improvements emerge in the survey based on the responses to the two questions

“Overall, which one of the following best describes

how well you are managing financially these days?”

and “Compared to 12 months ago, would you say

that you are better off, the same, or worse off

financially?” Tracking responses among all respondents to the former question over time in the crosssectional data, it appears that individuals across the

socioeconomic spectrum improved at relatively even

rates from 2014 to 2015. However, based on all

responses to the latter question, it appears that

improvements over the previous year were largely

confined to those of higher socioeconomic status

with greater levels of education.

The panel of re-interviewed respondents can offer

insights into these divergent observations. The 2015

survey selected 2,117 respondents from the 2014

survey to be re-interviewed about their financial

experiences so that the well-being of these respondents can be linked over time. It is therefore possible to observe information over time on the

respondents’ contemporaneous well-being and link

this information to how individuals feel that their

well-being has changed over the past 12 months.

Among this group of re-interviewed respondents,

those who were well off in 2014 are the most likely

to say in the 2015 survey that they are better off

than they were a year earlier. Thirty-five percent of

re-interviewed respondents who were already living

comfortably in 2014 indicate that they are even better off than they had been in the previous year. In

contrast, only 18 percent of the disproportionately

less-educated individuals who were finding it difficult

to get by in 2014 report that they are somewhat or

much better off in 2015. Nearly half of those who

had been finding it difficult in 2014 now say that

they are actually worse off than they had been a

year earlier (figure A).

By tracking the responses of re-interviewed respondents over time, it is clear that while more individuals across the socioeconomic spectrum now feel

that they are doing okay than was the case a year

earlier (as was observed in the main text of this

report), many respondents who were struggling in

2014 feel that, if anything, their well-being has deteriorated even further during the past year. However,

given that these respondents were already reporting

that their well-being was at the lower tail of the contemporaneous self-assessed well-being scale, this

further deterioration in their financial circumstances

can only be observed by asking how their well-being

has changed over time and not just by asking how

they are faring economically today.

Figure A. Self-assessed trajectory in financial well-being in 2015 for individuals with different levels of

contemporaneous well-being in 2014

Finding it dif!cult to get by 2014 49 32 18

Just getting by 2014 29 52 19

Doing okay 2014 12 61 26

Living comfortably 2014 7 58 35

Percent

Somewhat or much worse off About the same Somewhat or much better off

Note: Among re-interviewed respondents.

May 2016 9
to supplement their income. It does so by asking 

non-self-employed respondents whether they would 

prefer to work more, less, or the same number of 

hours that they currently work at their current hourly 

wage from their main job.8 Thirty-five percent of 

these respondents indicate that they would prefer to 

work more hours at their current wage, which is 

nearly identical to the 36 percent with this preference 

in the 2014 survey. Lower-income respondents, nonHispanic blacks, Hispanics, younger respondents, 

and those with less education are the most likely to 

say that they would prefer to work more hours than 

they currently do (table 4).

One way in which some respondents may supplement 

their income is by taking on multiple jobs or parttime work. Another is through work performed outside of a formal employment situation, including 

activities such as selling handcrafted goods, freelance 

work for a company as an independent contractor, or 

providing services for others independently. Over 

one-fifth of employed adults indicate that they are 

either working multiple jobs, that they are doing 

informal work for pay, or that they are both working 

multiple jobs and doing informal work for pay (figure 2).9 Among respondents who report no formal 

employment, the survey similarly finds a robust 

level of informal work. Twenty-seven percent of nonstudent, non-retired respondents who do not have 

formal employment report that they are doing some 

form of work for pay that is not through a formal job.

There is evidence that young adults are more likely to 

be taking on informal work than those in older 

cohorts. Approximately 20 percent of non-students 

under age 30 report engaging in some form of informal work, whereas 15 percent of those ages 30 to 44 

and only about 11 percent of those age 45 or older 

are doing so. While not all differences by education 

and income group are statistically significant, there is 

also some evidence that those most likely to engage in 

such activities are individuals who have lower 

incomes but higher levels of education (table 5).

Self-Assessed Financial Challenges

The survey also explores the well-being of respondents by posing an open-ended question that inquires 

about any financial challenges that they currently 

face. Respondents were asked either to check a box 

indicating that they face no financial challenges or 

provide a response to the question, “In a couple of 

words (150 character max), please describe the main 

financial challenges or concerns facing you or your 

family?” Forty-nine percent of respondents 

(unweighted) checked the box, while most of the 

8 The question specifically asks respondents about their preference for more work at their current hourly wage in order to 

assess pent-up demand for more work, rather than demand that 

may exist for better work at a higher salary.

9

Informal work is considered work for pay that the respondent 

reports performing that is not through a formal job. Retirees, 

students, and individuals who are out of work due to a disability were not asked about multiple jobs or informal work, and 

are excluded from the calculations in this section.

Table 3. Compared to 12 months ago, would you say that 

you are better off, the same, or worse off financially? 

(by education)

Percent

Education level

 Somewhat 

or much 

worse off

 The same

 Somewhat 

or much 

better off

 Better off 

minus 

worse off

 High school degree or less 21.3 56.1 22.4 1.1

 Some college or associate degree 18.9 51.5 29.2 10.4

 Bachelor’s degree or more 14.7 54.0 31.1 16.4

Overall 18.5 54.0 27.3 8.8

Table 4. If you were paid the same hourly rate that you 

make at your main job regardless of the number of hours 

you work, would you prefer to work fewer hours, the same 

number of hours, or more hours than you currently work? 

(by family income, race and ethnicity, age, and education)

Percent

Characteristic Work fewer 

hours

 Work the 

same 

number of 

hours

 Work more 

hours

Family income

Less than $40,000 5.0 46.7 47.4

 $40,000–$100,000 6.7 60.4 32.5

 Greater than $100,000 9.6 65.6 24.6

Race/ethnicity

White, non-Hispanic 8.2 61.0 30.4

 Black, non-Hispanic 6.0 49.5 43.3

 Hispanic 3.5 53.1 42.9

Age

18–29 4.4 49.6 45.5

 30–44 6.7 58.0 34.8

 45–59 7.3 60.4 32.0

 60+ 12.0 64.6 22.1

Education

High school degree or less 6.7 55.4 37.6

 Some college or associate degree 6.5 54.6 37.9

 Bachelor’s degree or more 7.6 61.6 30.6

Overall 6.9 57.5 35.1

Note: Among respondents who are currently employed for someone else or who 

work as a consultant or contractor.

10 Economic Well-Being of U.S. Households, 2015
remaining 51 percent of respondents provided some 

response to the open-ended question.10 The content 

in these responses was then coded based on terms 

included in the responses in order to identify broad 

themes under which the respondents’ financial challenges can be grouped.11

While there is no statistically significant difference by 

income in the likelihood of respondents saying that 

they faced no financial challenges, the types of challenges differ greatly by income. Short-term challenges, such as rent, food, gas, utilities, and other 

bills, are reported as a financial challenge most frequently by respondents whose family income is under 

$40,000 per year. Similarly, while a number of 

respondents in all income groups discuss employment 

concerns, these too are most common among lowerincome respondents. Health care concerns are most 

common among lower- and middle-income respondents. In contrast, concerns relating to retirement or 

education are each most prevalent among respondents in the upper-income group (figure 3).12

The difference in the array of financial concerns 

can be seen visually in the word clouds in figure 4 (on 

page 13). Each word cloud includes the 75 most frequently observed words in the description of individuals’ challenges, with the size of the word reflecting its frequency. The word clouds closely mirror the 

observations regarding major challenges by income 

group that could be ascertained from figure 3. 

Among lower-income respondents, “bills” is the most 

commonly reported word. In contrast, “retirement” 

is the most dominant word to appear in the selfreported financial challenges of higher-income 

respondents. This provides some additional evidence 

that higher-income individuals are concerned about 

their long-run financial health, whereas those lower 

in the income distribution may be unable to focus on 

these long-run concerns as they struggle to meet their 

short-term financial obligations.

10 Five percent of respondents provided no response to the openended question and did not check the box indicating that they 

had no challenges. This group may include some people who 

had no concerns and others who simply chose not to provide an 

answer.

11 Sentences in which the respondent mentions any of the terms 

retire, pension, old age, Medicare, SSI, IRA, 401(k), or Social 

Security were grouped into the “retirement” theme; those that 

mentioned student loan, college, school, education, tuition, 

degree, university, or student were grouped into the “education” 

theme”; those mentioning job, employ, laid off, part-time, 

hours, full-time, overtime, cutback, skills, salary, wage, or work 

were grouped into the “jobs” theme; those mentioning food, 

gas, bills, utilities, rent, or mortgage, or car were grouped into 

the “short-term concerns” theme; those mentioning medical, 

medicine, health, insurance, Obamacare, Medicaid, and Medicare were grouped into the “medical” theme; and those mentioning credit card, loan, debt, or owe were grouped into the 

“debt” theme. Responses can be included in multiple themes, as 

the categories are not mutually exclusive. All results based on 

the text analysis of responses are unweighted.

12 Looking at concerns about retirement for individuals with different income levels who are within age bands, it remains true 

that higher-income individuals are more likely to mention concerns about retirement and less likely to mention concerns 

about short-term challenges. Therefore, while it is true that the 

greater concerns about retirement among higher-income individuals in part reflects the concerns of older individuals who are 

both closer to retirement and have higher income, income 

clearly plays an important role even independent of age.

Figure 2. Number of jobs and types of work performed by 

employed respondents

One formal job, 78%

Multiple formal jobs, 11% One formal job and

informal work, 9% 

Multiple formal

jobs and informal

work, 2%

Note: Among non-student, non-retired respondents who report that they are 

employed in at least one formal job. Respondents are prompted in the question 

that work for pay that is not through a formal job “may include activities like selling items you make at flea markets or online; freelance work through companies 

like Uber, Care.com, or Airbnb; or providing services for others like paid child care 

or yard work.”

Table 5. Adults reporting any informal work 

(by education and family income)

Percent

Education level Less than 

$40,000

 $40,000– 

$100,000

 Greater than 

$100,000

 High school degree or less 15.4 11.0 6.1

 Some college or associate degree 18.2 12.7 10.6

 Bachelor’s degree or more 21.1 18.3 12.7

Note: Excludes students, retirees, and individuals reporting that they are out of 

work due to a disability.

May 2016 11
Financial Expectations for 2016

While the survey primarily focuses on the current 

financial situation of respondents and how it has 

changed over the prior 12 months, it also asks individuals how they expect their financial situation to 

change in the coming year. Here, the trend in survey 

results over time is less positive than that seen for the 

current situation. Twenty-three percent of respondents expect their income to be higher in the next 

12 months (through October 2016) than it had been 

in the previous 12 months. This is 6 percentage points 

lower than was seen when the same question was 

asked in the 2014 survey.13

As was the case in the 2014 survey, optimism about 

future income growth is correlated with the age of 

respondents. Younger individuals are the most optimistic about their income trajectory in the near term, 

with 37 percent of those under age 30 believing their 

income will increase in the year after the survey, and 

28 percent of those between ages 30 and 44 expecting 

income growth over the same period. Expectations 

about income growth then decline with age (table 6). 

The low 10 percent of respondents age 60 or older 

who expect their income to increase in the coming 

year may partially reflect the lack of a cost of living 

increase for those on Social Security in 2016—which 

was announced approximately two weeks before the 

survey went into the field.

Also consistent with the prior year’s survey, those 

with lower incomes are the least optimistic about rising incomes going forward. Among those in the lowest income group, 20 percent of respondents expect 

that their income will be higher in the coming year. 

This compares to just over 30 percent of the respondents in the highest income group who expect rising 

incomes.

13 Since the survey was fielded in October/November of 2015, 

questions regarding the coming 12 months reflect respondents’ 

opinions on their incomes through approximately October/

November 2016. Responses about the previous year should 

reflect the period from approximately November/

December 2014 through October/November 2015.

Figure 3. Areas of concern cited in open-ended question on self-reported financial challenges (by family income)

Greater than $100,000

$40,000–$100,000

Less than $40,000

Education

Retirement

Debt and credit cards

Medical

Employment

Short-term needs

 30

 17

 17

 11

 11

 8

 19

 15

 22

 14

 16

 9

 10

 11

 11

 17

 23

 17

Percent

Note: Among respondents who report any concerns. Results for the open-ended text response question are unweighted.

12 Economic Well-Being of U.S. Households, 2015
Figure 4. Concerns cited in open-ended question on 

self-reported financial challenges (by family income)

A. Respondents with a family income less than $40,000

B. Respondents with a family income between $40,000 and $100,000

C. Respondents with a family income greater than $100,000

Note: Among respondents who report any concerns. Word clouds include the 75 

most common words referenced, plus ties. The larger the word, the more frequently it was cited by respondents. Common stop words are those that do not 

provide information about financial challenges, such as “the” and “are.” Results 

for the open-ended text response question are unweighted.

Table 6. During the next 12 months, do you expect your 

total income to be higher, about the same, or lower than 

during the past 12 months? (by family income and age)

Percent

Characteristic Lower About 

the same Higher

Family income

Less than $40,000 9.1 69.6 19.9

 $40,000–$100,000 7.7 69.9 22.0

 Greater than $100,000 5.9 63.6 30.5

Age

18–29 8.4 53.8 36.9

 30–44 6.4 64.4 28.2

 45–59 8.1 70.9 20.3

 60+ 8.9 80.8 9.8

Overall 7.9 68.3 23.0

May 2016 13

Income and Savings

An important measure of economic well-being is 

whether respondents feel that they have sufficient 

income to cover their expenses without incurring 

debt. To capture the extent to which individuals feel 

that they are able to both pay current expenses and 

save for the future, the survey asks a series of questions related to their income, income sources, and 

rate of savings. Most respondents report that they 

saved at least some of their income in the year prior 

to the survey, although a sizeable minority indicate 

that their spending exceeded their income. The survey 

results also demonstrate that spending and savings 

behaviors differ greatly by income, as lower-income 

respondents are less likely to be saving and more 

likely to be spending more than they earn.

Income Amounts and Sources

Survey respondents are asked about the income that 

they and their spouse or partner received in the past 

year from all sources. Recognizing that respondents 

may have imperfect recall about their income, and 

that some individuals are sensitive about reporting 

their precise income level, they are asked to provide 

this information in income ranges. Thirty percent of 

respondents report that their income in the last 

12 months was less than $25,000, and 42 percent 

report that their income was under $40,000 (figure 5). 

The median family income is in the range between 

$40,000 and $49,999.14 The distribution of incomes 

varies based on individual demographic characteristics (see box 2).

Respondents are also asked about the sources of 

income that they and their spouse or partner received 

in the past year. While wages and salaries are the 

dominant form of income for many families, 63 percent of adults report that they or their spouse 

received at least some form of non-wage income. The 

common forms of non-wage income differ across the 

life-course, however. Among young adults (ages 18 to 

29), freelance and hobby income was the most commonly received non-wage income (table 7). Among 

the three older cohorts, freelance income is less common but interest and dividends increase in prevalence. Additionally, those who are at or near retirement (age 60 and older) commonly report receiving 

Social Security and pension income—each of which 

is substantially less common for those in the younger 

age brackets. (The sources of income among retirees 

is discussed further in the “Retirement” section of 

this report.)

14 When comparing the income distribution of SHED respondents and their spouse or partner to that seen in the 2015 

March Current Population Survey, the two series are similar, 

although the SHED observes more respondents with incomes 

between $100,000 and $149,999 and fewer with incomes 

between $5,000 and $39,999. Recognizing that the household 

income distribution closely matches the March Current Population Survey, this may partially reflect that unmarried partners in 

the SHED are asked about the income that they and their partner receive, whereas the Current Population Survey treats these 

individuals as living in two separate families, so the partners 

cannot be directly linked. It also may reflect some SHED 

respondents who report their household income rather than just 

their own and their spouse’s.

Figure 5. Family income distribution

$200,000 or higher

$150,000–$199,999

$100,000–$149,999

$75,000–$99,999

$50,000–$74,999

$40,000–$49,999

$25,000–$39,999

$15,000–$24,999

$5,000–$14,999

$1–$4,999

$0 6

6

8

10

12

8

16

11

16

4

3

Percent

15
Respondents are also asked whether anyone else in 

their household besides a spouse or partner received 

any income in the past year. Twenty-six percent of all 

respondents indicate that there is an additional 

earner in their household, and 32 percent of respondents with a family income under $40,000 report having an additional earner in their household (table 8). 

The higher frequency of additional earners in the 

household of lower-income individuals is consistent 

with the higher propensity for these individuals to 

live with someone outside of their immediate family 

more generally, as discussed in the “Home Ownership and Living Arrangements” section of this 

report.

Box 2. Income Profiles by Demographic Groups

A primary focus of this report is the analysis of wellbeing for subsets of the adult population in order to

provide insights into the differing financial experiences of individuals from different backgrounds or

who face different individual circumstances. In many

cases, these comparisons are made based on the

income of the respondent, although for some questions comparisons based on other relevant individual

characteristics are also considered.

Consistent with that seen in other data, including the

U.S. Census Bureau’s Current Population Survey,

the family income of survey respondents is correlated with a number of individual and demographic

characteristics that are considered in this report.

Young respondents (ages 18 to 29) are disproportionately likely to have a family income less than

$40,000, as are respondents with lower levels of

education (table A). Single respondents—and particularly single women—are more likely to have

lower levels of income than are their married counterparts. Non-Hispanic black and Hispanic respondents are more likely to report lower levels of

income than are non-Hispanic white respondents.

Respondents who report a disability or functional

limitation are also disproportionately low income.

Furthermore, incomes appear to vary based on

whether the respondent lives in a metropolitan area.

These relationships between income levels and individual characteristics are valuable to remember

when considering the links between individual characteristics and the financial well-being measures

that are discussed in this report.

Table A. Family income levels (by demographic

characteristics)

Percent

Characteristic Less than

$40,000

$40,000–

$100,000

Greater than

$100,000

Age

18–29 64.4 24.5 11.1

30–44 33.3 36.9 29.8

45–59 30.2 37.5 32.3

60+ 45.6 37.1 17.3

Education

High school degree or less 55.4 34.9 9.6

Some college or associate degree 47.9 34.0 18.1

Bachelor’s degree or more 20.9 34.3 44.8

Race/ethnicity

White, non-Hispanic 36.8 37.2 26.0

Black, non-Hispanic 54.0 31.3 14.7

Hispanic 58.8 27.4 13.8

Gender and marital status

Single women 69.6 23.3 7.1

Single men 61.5 27.8 10.7

Married couple 21.4 42.6 36.0

Disability status

Health problem or work limitation 66.7 25.3 8.0

No limitation 36.4 36.7 26.9

Metropolitan area

Metropolitan 41.0 34.3 24.8

Non-metropolitan 50.9 35.5 13.6

Overall 42.4 34.4 23.1

Table 7. Which of the following income sources did you and/or your spouse receive in the past 12 months? (by age)

Percent

Income source 18–29 30–44 45–59 60+ Overall

 Wages or salaries 76.1 84.0 78.5 36.3 67.9

 Self-employment 11.0 15.1 16.3 12.7 13.9

 Freelance work or hobbies 18.2 15.4 11.9 6.1 12.5

 Interest, dividends, or rental income 12.3 17.2 24.0 35.7 23.0

 Social Security 2.2 4.8 13.2 75.6 25.6

 Supplemental Security (SSI) 2.5 4.8 6.0 5.0 4.7

 Unemployment income 3.3 4.1 3.4 1.9 3.1

 Pension income 0.8 2.2 11.7 49.8 17.3

 Any other income 11.2 10.1 8.6 18.0 12.1

16 Economic Well-Being of U.S. Households, 2015
Spending Relative to Income

When asked how their spending compares to their 

income, 48 percent of adults say that they spent less 

than they made in the last 12 months and 31 percent 

report that their spending was equal to their income. 

The frequency of saving is 7 percentage points higher 

than that observed in 2014 and 9 percentage points 

above that seen in 2013.15 However, there are still 

15 percent of respondents who report that they spent 

more than they earned and an additional 6 percent 

who report that they had no income at all. Consistent 

with that observed in the 2014 survey, lower-income 

respondents are more likely to report that their 

spending exceeded their income than those at higherincome levels (figure 6).

An alternate approach to measuring savings in the 

survey is to directly ask respondents who are not 

fully retired what portion of their income was set 

aside as savings. This question specifically asks 

respondents to include 401(k) savings and other 

retirement savings facilitated through work, thereby 

prompting them to consider savings more broadly 

than just funds saved out of their take-home pay. As 

such, reported frequencies of saving are higher than 

the fraction of respondents who say that they spend 

less than they earn.

Considering this broad measure of savings, 68 percent of respondents who are not fully retired indicate 

that they saved at least a portion of their income in 

the past 12 months. Among respondents who did 

save, however, 40 percent report saving less than 

5 percent of their income and two-thirds report saving 10 percent or less.

Non-retirees with higher levels of income are more 

likely to report that they are saving money than those 

lower in the income distribution. Less than half of 

non-retirees making under $40,000 per year report 

saving some of their income in the previous 

12 months, whereas three-quarters of those in the 

middle-income group ($40,000 to $100,000) and 

90 percent of those in the highest income group (over 

$100,000) indicate that they saved a portion of their 

income. Similarly, the fraction of higher-income 

respondents who are saving at least 10 or 20 percent 

of their income outpaces the frequency of such high 

15 A methodological difference between the 2014 and 2015 survey 

may result in a slight understatement of the increase in the 

number of individuals whose spending was less than, or equal 

to, their income over time. In 2014, all respondents were asked 

about their spending relative to their savings, whereas in 2015, 

respondents who have zero income are assumed to spend more 

than they earn. To the extent that individuals with zero income 

report that their spending equals their income, this will impact 

the comparison over time.

Table 8. Did anyone in your household other than you and 

your spouse/partner earn income from any source in the 

past 12 months? (by family income)

Income category Percent responding 

“Yes”

 Less than $40,000 31.9

 $40,000–$100,000 22.2

 Greater than $100,000 21.3

Overall 25.9

Note: Includes respondents living alone.

Figure 6. In the past 12 months, would you say that your and your spouse’s total spending was more, the same, or less than 

your income? (by family income)

48

68

55

31

31

22

30

36

15

10

14

19

6

13

Overall

Greater than $100,000

$40,000–$100,000

Less than $40,000

Percent

Spending less than income Spending equals income Spending exceeds income No income

Note: Respondents who reported they had no income are not asked how their spending compares to their income, and are included separately.

May 2016 17
rates of saving for lower- or middle-income adults 

(figure 7).

Income and Spending Volatility

While many economic surveys, including the SHED, 

focus their analyses on one-year periods, summing 

one year’s worth of income and expenses may mask 

substantial volatility that occurs for some families on 

a monthly basis. In order to assess this volatility, the 

SHED asks respondents about the level of consistency of both their spending and savings.

Two-thirds of respondents report that their income is 

roughly the same from month to month, 20 percent 

indicate that their monthly income varies occasionally, and 12 percent report that their income often 

varies quite a bit from month to month. This level of 

income volatility is similar to that observed in 2013, 

which is the most recent year in which this question 

was asked previously. When asked the reason their 

income varies, 43 percent indicate that it is due to an 

irregular work schedule (figure 8). Only 16 percent of 

those with volatile incomes attribute the volatility to 

bonuses, which is the next most-frequently cited 

reason.

Respondents are also asked about the stability of 

their expenses from month to month. Overall, individuals are somewhat less likely to report stable 

expenses than they are to report stable incomes. 

Fifty-five percent of adults indicate that their 

expenses are roughly the same each month, compared to the 67 percent who say that their income is 

roughly the same each month. Income and expense 

volatility also appear to be correlated, as over 40 percent of those whose income often varies say that their 

expenses do as well—whereas just 5 percent of those 

whose income is roughly the same amount each 

month feel that their expenses often vary.

Figure 7. Percent of income saved among non-retirees (by family income)

Overall

Greater than $100,000

$40,000–$100,000

Less than $40,000

21%+

16–20%

11–15%

6–10%

1–5%

Zero

Percent 

51

25

9

31

28

30

23

27

11

22

24

19

3

11

15

9

2

6

13

6

4

5

15

7

Note: Among respondents not fully retired who had at least some income in the past year.

18 Economic Well-Being of U.S. Households, 2015
Recognizing that income and expense fluctuations 

may be innocuous for some individuals but may 

cause financial stress for others, the survey also 

assesses the relationship between volatility and economic hardship. It does so by asking those who indicate at least some variation in their monthly income 

or expenses a follow-up question about whether they 

had any months when they struggled to pay their 

bills because their income was unusually low or their 

expenses were unusually high. Overall, 42 percent of 

those with volatile incomes or expenses report that 

they struggled to pay their bills at least once in the 

last year due to this kind of volatility.

The potential for hardship from volatile incomes and 

expenses appears to be greatest among lower-income 

respondents and among credit-constrained respondents. Among those with volatile incomes or 

expenses whose family income is under $40,000 per 

year, 54 percent report that they struggled to pay 

their bills due to this volatility. Among lower-income 

respondents who are not confident that they would 

be approved for a credit card if they were to apply for 

one, an even higher 72 percent report that they 

struggled to pay their bills due to income or expense 

fluctuations (figure 9).

Figure 8. Please indicate whether each of the following is a reason that your income changed from month to month 

in the past year

Other

Commissions

Investment income

Seasonal employment

Periods of unemployment

Bonuses

Irregular work schedule

 19

 8

 8

 13

 15

 16

 43

Percent

Note: Among respondent whose income varies somewhat or quite a bit from month to month.

Figure 9. Respondents with income or expense fluctuations who have struggled to pay their bills some months because of 

these fluctuations (by income and perceived credit access)

Not condent in credit card approval Somewhat or very condent in credit card approval Overall

Greater than $100,000

$40,000–$100,000

Less than $40,000

Percent

 22

 39

 54

 17

 33

 45

 67

 74

 72

Note: Among respondents whose income or expenses vary somewhat or quite a bit from month to month.

May 2016 19

Economic Preparedness and 

Emergency Savings

A key consideration regarding household finances 

and overall economic well-being is the ability to withstand financial disruptions. Just under one-fifth of 

adults indicate that they experienced a financial hardship in the prior year, and many Americans remain 

ill-prepared for such a financial disruption. While 

slightly more Americans have a safety net to withstand a small financial disruption than was the case 

in recent years, nearly half lack the resources to easily 

handle such an event. This lack of a financial safety 

net appears to have negative repercussions for some 

individuals when they face a financial challenge. Over 

one-quarter of respondents report having gone without medical treatment due to an inability to pay, and 

almost half of those who had an unexpected out-ofpocket medical expense in the prior year report that 

they currently have unpaid debt from that expense.

Financial Hardships

Eighteen percent of respondents indicate that either 

they, or their family living with them, experienced 

some form of financial hardship in the previous year. 

This is a 6 percentage point improvement over that 

seen in the 2014 survey, when 24 percent of respondents indicated that they experienced some form of 

financial hardship. Among those who experienced a 

hardship, 35 percent report that either they or their 

spouse or partner lost a job (3 percent indicate that 

both they and their spouse or partner lost a job). 

Twenty-six percent say that either they or their 

spouse or partner had their work hours cut, 36 percent had a health emergency, and 4 percent received a 

foreclosure or eviction notice (figure 10).

Figure 10. Which of the following economic hardships did you or your family living with you experience in the past year?

Other

A business I owned had nancial difculty

Death of primary breadwinner

Received a foreclosure or eviction notice

Divorce

My spouse/partner had their work hours and/or pay reduced

My spouse/partner lost a job

I had my work hours and/or pay reduced

I lost a job

Had a health emergency

 20

 3

 4

 4

 6

 12

 13

 18

 25

 36

Percent

Note: Among respondents who experienced a hardship.

21
Many individuals who experienced a financial hardship in the prior year indicate that over the same time 

frame they also drew down savings, undertook some 

form of borrowing, or both. Respondents who experienced a hardship, and particularly lower-income 

respondents who experienced a hardship, are more 

likely to report borrowing through an alternative 

financial service such as a tax refund anticipation 

loan, pawn shop loan, payday loan, auto title loan, 

or paycheck advance (table 9). Respondents who 

experienced a financial hardship are also almost twice 

as likely to have borrowed from, or withdrawn funds 

from, their retirement account as those who did not 

experience a hardship. Fifteen percent of non-retirees 

who experienced a hardship report that they borrowed from and/or cashed out a retirement account 

in the prior year, whereas 8 percent of those who did 

not experience a hardship borrowed from and/or 

cashed out their retirement savings.

Emergency Savings

In order to assess individuals’ preparedness for a 

financial hardship should one occur, the survey asks 

respondents several questions related to their ability 

to withstand emergencies of varying levels of severity. The results differ by the severity of the emergency 

presented, but, overall, many individuals appear illprepared for financial emergencies that may arise.

When asked if they have set aside an emergency or 

rainy day fund that would cover three months of 

expenses, nearly half of respondents (47 percent) 

indicate that they do. However, it is possible that personal savings alone do not fully reflect the way that 

individuals prepare for such a large financial disruption. Some individuals may, instead, expect to borrow 

or rely on others in these instances. To capture this 

possibility, respondents who do not have three 

months of emergency savings are asked the follow-up 

question, “If you were to lose your main source of 

income (e.g., job, government benefits), could you 

cover your expenses for 3 months by borrowing 

money, using savings, selling assets, or borrowing 

from friends/family?” An additional 21 percent of 

respondents indicate that they could cover three 

months of expenses using this broad array of 

options.

When combining the 21 percent of adults who indicate they could cover three months of expenses using 

assets or borrowing with the 47 percent who could 

cover three months of expenses using their personal 

savings, 68 percent of all respondents report that they 

would be prepared for a three-month financial disruption. Just under one-third of respondents in the 

2015 survey indicate that they would not be prepared 

for a three-month long financial disruption and 

could not cover their expenses in such a situation, 

even by borrowing. This is nearly unchanged from 

the 32 percent of respondents in the 2014 survey who 

indicated that they could not cover their expenses in 

such a situation by borrowing.

To determine individuals’ preparedness for a smallerscale financial disruption, respondents are asked how 

they would pay for a hypothetical emergency expense 

that would cost $400. Just over half (54 percent) 

report that they could fairly easily handle such an 

expense, paying for it entirely using cash, money currently in their checking/savings account, or on a 

credit card that they would pay in full at their next 

statement (collectively referred to here as “cash or its 

functional equivalent”). The remaining 46 percent 

indicate that such an expense would be more challenging to handle and that they either could not pay 

the expense or would borrow or sell something to 

do so.

Specifically, among respondents who would not pay 

the expense in-full using cash or its functional 

equivalent, 38 percent would use a credit card that 

they pay off over time and 31 percent simply could 

not cover the expense. Over a quarter would borrow 

from friends or family, and smaller fractions would 

either sell something, use a payday loan, bank overdraft, or bank loan (figure 11).

The fraction who indicate that they would pay for an 

emergency expense using cash or its functional 

equivalent is quite similar to that seen in 2014, when 

53 percent said that they would pay for a $400 

expense in this way. However, it does represent a conTable 9. Propensity to use a tax refund anticipation loan, 

pawn shop loan, payday loan, auto title loan, or paycheck 

advance (by income and whether experienced a hardship) 

Percent

Income category

 Among 

respondents 

who report a 

hardship

 Among 

respondents 

who do not 

report a 

hardship

 Less than $40,000 20.5 8.1

 $40,000–$100,000 11.0 3.7

 Greater than $100,000 9.3 1.2

Overall 16.5 4.7

22 Economic Well-Being of U.S. Households, 2015
tinued modest improvement from that seen in 2013, 

when 50 percent of respondents indicated that they 

would use cash or its functional equivalent to cover 

an emergency expense of this magnitude.

The approach to paying a $400 emergency expense 

varies substantially by income, and by the race and 

ethnicity of the respondent. Only 34 percent of 

respondents whose family income is under $40,000 

would pay the $400 expense using cash or its functional equivalent, far below that seen among those in 

the higher-income groups (figure 12). Similarly, while 

61 percent of non-Hispanic white respondents say 

that they would pay such an expense using cash or its 

functional equivalent, a lower 38 percent of Hispanic 

respondents and 36 percent of non-Hispanic black 

respondents would pay this way.

There also is some evidence that respondents differ in 

how they would pay for this type of expense based on 

their gender and marital status. While married men 

and women are likely to report that they would pay 

for this sort of modest emergency expense using cash 

or its functional equivalent at relatively similar rates, 

the same is not true for unmarried respondents. 

Unmarried women—and particularly those who are 

widowed, never married, or unmarried but living 

with a partner—are more likely to report that they 

Figure 11. Ways that individuals will cover a $400 emergency expense when not using cash or its functional equivalent

Other

Use a payday loan, deposit advance, or overdraft

Use money from a bank loan or line of credit

Sell something

Borrow from a friend or family member

I wouldn’t be able to pay for the expense right now

Put it on my credit card and pay it off over time

Percent

 5

 4

 7

 17

 28

 31

 38

Note: Among those who would not pay the expense in-full using cash or its functional equivalent.

Figure 12. Respondents who would completely pay an emergency expense that costs $400 using cash or a credit card that they 

pay off at the end of the month (by family income, race, and ethnicity)

Overall

Hispanic

Black, non-Hispanic

White, non-Hispanic

Greater than $100,000

$40,000–$100,000

Less than $40,000

 81

 62

 34

 67

 46

 27

 63

 53

 20

 83

 66

 40

Percent

May 2016 23
could not pay a $400 expense or would use some 

form of borrowing than are men with an equivalent 

marital status (table 10).

Respondents who indicate that they would pay the 

$400 expense using resources other than cash or its 

functional equivalent are also asked what the largest 

expense is that they could cover using cash on hand 

or money in their bank account. Thirty-nine percent 

of these respondents report that the largest expense 

that they could cover using cash on-hand is under 

$100. A further 16 percent indicate that they could 

only cover an expense between $100 and $200, and 

22 percent could cover an expense between $200 and 

$400. The remaining 22 percent report that they 

could cover over a $400 expense—suggesting that for 

this subset of respondents, paying the $400 expense 

in-part or in-full by using other means reflects a preference of payment methods rather than a necessity.16 

Insurance against Financial Risks

An additional way that individuals can insulate themselves from the negative repercussions of a financial 

shock is through insurance policies that cover specific 

economic risks. Respondents in the survey are asked 

whether they currently have various types of insurance. The vast majority of adults indicate that they 

have health insurance, auto insurance, and—among 

those who own their home—homeowners insurance. 

Just over half report having life insurance. However, 

only one-quarter have disability insurance and fewer 

than one in seven have long-term care insurance 

(table 11).

Consistent with the likelihood of having emergency 

savings, the odds that an individual has insurance 

against financial hardships is highly correlated with 

income. The highest-income respondents, whose family income is over $100,000, are more than three 

times as likely to have long-term care insurance and 

more than four times as likely to have disability insurance as those whose family income is under $40,000. 

They also are more likely to have health insurance, 

auto insurance, and homeowners or renters insurance. The only category of insurance where there was 

not a substantial difference in coverage rates by 

income was funeral insurance, which is held by 8 percent to 9 percent of adults of each income level.

Emergency Spending on Health Care

Although emergency expenses can take many forms, 

out-of-pocket expenses for health care are a particular concern for many individuals. Twenty-two percent 

of respondents experienced what they describe as a 

major unexpected medical expense that they had to 

pay out of pocket in the 12 months prior to the 

survey.

Among those who report that they had a major 

unexpected medical expense, the median out-ofpocket cost was $1,200 and the mean was $2,782.17 

Consistent with the earlier finding that many adults 

are ill-prepared for modest financial shocks, 46 percent of those who report a major out-of-pocket 

medical expense in the prior year also indicate that 

they currently have debt or unpaid balances related 

to these medical expenses.

16 It is also possible, however, that some who say that they could 

pay $400 or more using cash or its functional equivalent but 

would pay another way are making that choice not due to a payment preference, but instead because the cash is reserved for 

other bills that would otherwise go unpaid. This possibility cannot be observed directly in the survey.

17 The mean is higher than the median due to a long right-tail of 

the distribution, including one respondent reporting that his or 

her out-of-pocket medical expenses were $1,000,000 in the last 

12 months. Excluding this extreme case, the mean out-of-pocket 

medical expense for those who reported one was $2,383.

Table 10. Respondents who would completely pay an 

emergency expense that costs $400 using cash or 

a credit card that they pay off at the end of the month 

(by gender and marital status) 

Percent

Marital status Men Women

 Married 65.3 63.2

 Widowed 65.7 41.8

 Divorced/separated 41.8 38.3

 Never married 46.2 40.7

 Living with partner 58.7 34.4

Overall 57.4 51.5

Table 11. Are you currently covered by each of the 

following types of insurance? (by family income) 

Percent

Insurance type Less than 

$40,000

 $40,000–

$100,000

 Greater 

than 

$100,000

 Overall

 Health insurance 74.5 92.4 98.4 86.1

 Auto/car insurance 66.4 92.5 97.8 82.6

 Homeowners or renters insurance 40.9 79.6 92.6 66.3

 Life insurance 32.5 64.6 80.5 54.6

 Disability insurance 11.0 27.4 47.4 25.1

 Long-term care insurance 6.6 15.5 22.7 13.3

 Funeral insurance 8.8 8.2 8.0 8.4

24 Economic Well-Being of U.S. Households, 2015
Many respondents also report that they went without 

some type of care because they were unable to afford 

it. One-fifth of all respondents went without dental 

care in the prior 12 months because they could not 

afford it. Twelve percent went without a doctor visit, 

11 percent went without prescription medicine, and 

9 percent went without a visit to a specialist (figure 13). Overall, 27 percent of respondents report 

going without at least one of these types of care 

because they could not afford it. This is a statistically 

significant decline relative to the 31 percent of 

respondents in the 2014 survey who reported that 

they forewent medical care.

The likelihood of foregoing medical care due to cost 

is inversely correlated with one’s income. Among 

those whose family income is under $40,000, 39 percent have gone without some form of medical treatment in the preceding 12 months. This fraction is 

23 percent among respondents with incomes between 

$40,000 and $100,000, and just 10 percent among 

respondents making over $100,000.

One potential avenue for alleviating this inability to 

cover health care expenses is through health insurance, which can reduce the probability of large 

expenses and/or the hardship from such expense. 

However, while having health insurance reduces the 

probability of foregoing medical treatment due to an 

inability to pay, it does not eliminate it. Among uninsured respondents, 47 percent report that they had 

gone without some form of medical treatment in the 

preceding 12 months. This compares to 24 percent of 

respondents who have health insurance report that 

they went without some form of medical treatment in 

the same period.18

The impact of insurance on the likelihood of missing 

medical treatments differs based on one’s income. 

Among respondents with incomes below $40,000, 

those with health insurance are 10 percentage points 

less likely to have foregone medical treatment than 

those who are uninsured (figure 14). This is well 

below the 29 percent difference in treatmentavoidance rates between those with and without 

insurance for those whose income is over $40,000.19 

However, it cannot be determined from these results 

whether this difference reflects coverage gaps in 

insurance policies or if it results from an inability of 

some lower-income individuals to afford the copayments and coinsurance on procedures for which they 

are insured.

18 Since the survey asks respondents about their current health 

insurance status, but also asks about whether they missed medical treatments in the previous year, it is possible that some 

respondents who currently have insurance were uninsured at the 

point at which they were unable to afford treatment.

19 The two higher-income groups are combined due to the very 

small number of respondents with incomes over $100,000 who 

lack insurance.

Figure 13. During the past 12 months, was there a time when you needed any of the following, but did not get it because you 

could not afford it?

Percent

Mental health care or counseling

Follow-up care

To see a specialist

Prescription medicine

To see a doctor

Dental care

 5

 7

 9

 11

 12

 20

May 2016 25
Figure 14. During the past 12 months, was there a time when you needed medical treatment, but did not get it because 

you could not afford it? (by family income and health insurance status)

No health insurance Health insurance

Greater than $40,000

Less than $40,000

Percent

 16

 38

 45

 48

Note: The $40,000–$100,000 and over $100,000 income categories are combined due to the small number of respondents with an income over $100,000 who lack 

health insurance.

26 Economic Well-Being of U.S. Households, 2015
Banking, Credit Access, and Credit Usage

Banking and credit access can be important tools for 

wealth accumulation and for establishing the 

resources to withstand short-term economic hardships. The survey finds that lacking a bank account 

or using alternative financial services is prevalent 

among lower-income respondents. The results also 

show that a sizeable minority of those who applied 

for credit report that they had difficulties getting 

approved. However, despite the challenges that some 

face when trying to access credit, a majority of 

respondents do feel that credit would be available to 

them if they were to desire it.

Unbanked and Underbanked

Eight percent of adults in the survey are unbanked, 

meaning they do not have a checking, savings, or 

money market account.20 Nearly two-thirds of those 

who are unbanked report that they have, however, 

used some form of alternative financial service (AFS) 

in the prior year—such as a check cashing service, 

money order, pawn shop loan, auto title loan, paycheck advance, or payday loan. In addition to the 

8 percent of adults who are unbanked, 21 percent are 

underbanked, defined as having a depository account 

but also using at least one alternative financial service 

in the prior year (figure 15).21

The likelihood of being unbanked or underbanked 

varies substantially by income, with lower-income 

adults being much less likely to have a traditional 

banking relationship (table 12). Among individuals 

with incomes under $40,000 per year, just over half 

(56 percent) are fully banked. This compares to 

88 percent of those in the highest income group who 

are fully banked.

In order to gain insight into the types of alternative 

financial services that individuals are using, the ser20 Among these respondents who do not have a checking, savings, 

or money market account, 63 percent use some form of alternative financial services, while 37 percent neither have a traditional 

bank account nor use alternative financial services.

21 The fraction of adults who are underbanked is higher than that 

observed in the 2014 survey due to a methodological change 

and is not directly comparable to the earlier results. In the 2015 

survey, alternative financial services are examined by asking a 

series of questions that inquire about specific types of services 

rather than combining all services into a single question. These 

changes increased the probability of respondents reporting that 

they have used these services. The frequencies observed with this 

revised question are in line with those observed in the Census 

Bureau’s Unbanked and Underbanked supplement to the Current Population Survey in 2013.

Figure 15. Unbanked and underbanked status

Unbanked, used alternative

nancial service, 5%

Unbanked, no

alternative nancial

service used, 3%

Underbanked,

 21%

Fully banked, 71% Percent

Table 12. Unbanked and underbanked status 

(by family income) 

Percent

Income category

 Unbanked 

(no AFS 

used)

 Unbanked 

(used AFS)

 Underbanked Fully 

banked

 Less than $40,000 5.8 10.1 26.9 56.3

 $40,000–$100,000 0.9 1.5 19.5 78.0

 Greater than $100,000 0.5 0.4 11.1 87.7

Overall 2.9 4.9 20.6 71.1

AFS Alternative financial service.

27
vices can be broadly subdivided into borrowing and 

lending products (pawn shop loans, payday loans, 

auto title loans, paycheck advance, and tax refund 

anticipation loans); check cashing services; and 

money transfer services (money orders). By far, 

money transfer services are the most frequently used 

form of alternative financial service, with 77 percent 

of adults who used an alternative financial service 

indicating that they used either a money order or an 

international remittance. Just over one-third of those 

who used an alternative financial service in the past 

12 months indicate that they used a check cashing 

service, whereas just over one-quarter used an alternative financial service to borrow money from the 

service provider.22 

Credit Applications and Outcomes

The survey also inquires about respondents’ applications for credit in the prior year. Thirty-nine percent 

of respondents have applied for some type of credit 

in the prior 12 months, up from 37 percent in 2014 

and 31 percent in 2013. Among those who applied 

for credit, credit cards and auto loans were the most 

common application types, with 67 percent reporting 

that they applied for a credit card and 27 percent 

reporting that they applied for an auto loan (figure 16).

Twenty-six percent of respondents who applied for 

credit were denied credit at least once (10 percent of 

the entire population). However, some respondents 

who applied for credit also appeared to be limited in 

their credit access without receiving an outright 

denial—either by being offered less credit than they 

desired or by putting off a credit application because 

they expected to be denied (table 13).23

The rate of denial differs by the form of credit 

applied for. Personal loans and credit cards are the 

most commonly denied form of credit. Thirtyeight percent of those applying for a personal loan 

were denied or offered less credit than requested for 

at least one personal loan application. Among credit 

card applicants, 35 percent report at least one credit 

22 It cannot be observed, however, the extent to which money 

orders are being used to borrow or lend money to other individuals directly.

23 Respondents can select more than one adverse credit outcome 

or decision, so overall 35 percent of respondents were either 

denied outright, offered less credit, or put off applying for additional credit due to a fear of denial.

Figure 16. Types of credit applied for in the past 12 months

Percent

Other

Personal loan from friends or family

Home equity loan or line of credit

Renance of a home mortgage

Mortgage to buy a new home

Student loan

Personal general-purpose loan from a bank

Car/auto loan

Credit card

 5

 4

 5

 8

 8

 9

 10

 27

 67

Note: Among respondents who applied for some form of credit in the past 12 months.

Table 13. In the past 12 months, has each of the following 

happened to you? 

Percent

Credit outcome Yes No

 Denied credit 26.0 73.7

 Offered less credit than applied for 16.8 82.2

 Also put off applying for other credit because you 

thought you would be denied 18.5 80.4

Note: Among respondents who report having applied for credit in past 12 months.

28 Economic Well-Being of U.S. Households, 2015
card denial or lower credit offer. In contrast, approximately 80 percent of applicants for each other form 

of credit indicate that their application was approved 

for the full amount requested (figure 17).

The rate of denial also differs by the family income of 

the respondent. Forty-eight percent of lower-income 

respondents who applied for credit were either denied 

or offered less credit than requested. Among respondents with an income over $100,000, one-in-five 

credit applicants report that they were denied or 

offered less credit than requested in the past year.

Additional Demand for Credit and 

Perceived Credit Access

A challenge with tracking the demand for credit and 

credit availability based on applications submitted is 

that the majority of adults do not submit an application in any given year. Recognizing this, the survey 

also includes questions on credit availability that are 

asked of all respondents and of respondents who did 

not apply for credit.

Some respondents who did not submit a credit application may have desired credit but opted against 

applying due to a perceived inability to obtain 

approval or for other reasons. When the respondents 

who did not apply for credit are asked whether they 

desired credit but did not apply, 12 percent report 

that they had a desire for additional credit. Fiftysix percent of those who desired additional credit 

indicate that they did not apply because they 

expected to be turned down or denied.

Among the entire adult population, just under half 

(46 percent) expressed a desire for additional credit in 

the prior year, either by submitting an application or 

by stating their desire for credit but not applying. 

Eighteen percent of all respondents—and 40 percent 

of those who expressed a desire for credit—indicate 

some real or perceived difficulty in accessing credit, 

either through an outright credit denial, being offered 

less credit than requested, or through an expectation 

of denial that caused them to put off some or all of 

their credit applications.

While the desire for credit is similar across income 

groups, the rate of denial and expected denial is substantially higher for lower-income respondents. Fiftysix percent of lower-income respondents who desired 

credit were either denied or offered less credit on one 

of their credit applications (21 percent), expected to 

be denied credit so did not apply (19 percent), or 

both (15 percent). In contrast, 34 percent of those 

with a family income between $40,000 and $100,000 

and 23 percent of those in the highest income group 

who desired credit were either denied, offered less 

credit, or expected to be denied.

An alternate way to consider perceived credit availability is to ask respondents whether they feel that 

their credit application would be approved if they 

Figure 17. Respondents who received at least one denial or offer of less credit for each credit type among those applying for 

that type of credit

Percent

Other loan

Mortgage to buy a new home

Student loan

Car/auto loan

Home equity loan or line of credit

Renance of a home mortgage

Credit card

Personal loan from friends or family

Personal general-purpose loan from a bank

 21

 14

 15

 21

 22

 22

 35

 36

 38

Note: Among respondents who applied for each type of credit.

May 2016 29
were to apply today. This allows for an assessment of 

credit availability among the entire adult population 

rather than only among those who applied or 

expressed a desire for credit.

Most adults appear confident in their ability to 

obtain a credit card if they were to apply for one. 

Three-quarters of respondents are somewhat or very 

confident in their ability to obtain a credit card, and 

over half are very confident in their likelihood of 

approval. However, consistent with that seen among 

those who desired credit, confidence in approval varies substantially by income (table 14). Fewer than 

one-third of respondents with a family income under 

$40,000 say that they are very confident that their 

credit card application would be approved.

The lower rate of credit confidence among lowerincome adults may partially reflect the large fraction 

of respondents in this income range who lack good 

credit. Less than half of respondents making under 

$40,000 per year rate their credit score as “good” or 

better. This compares to 90 percent of those in the 

highest income group who feel that they have good, 

very good, or excellent credit (figure 18). In general, 

respondents who report having poor, fair, or 

unknown credit also lack confidence in their ability 

to obtain a credit card, with only 32 percent feeling 

somewhat or very confident that their application 

would be approved. These results do not vary much 

by income level. Among those who believe their 

credit rating to be good or better, 94 percent of 

respondents feel that they would be approved, including 90 percent of borrowers in the lowest income 

group who rate their credit this way.

The survey results also indicate that confidence that a 

credit application will be approved is lower among 

non-Hispanic blacks and Hispanics than it is for 

non-Hispanic whites. Among white respondents, 

60 percent are very confident that they would be 

approved for a credit card should they apply, compared to 35 percent of Hispanics and 39 percent of 

black respondents with this level of confidence. 

These differences in perceived credit access are consistent with those seen in the 2014 survey—which 

asked a similar question but focused on mortgage 

applications rather than credit card applications—

and may be at least partially attributable to differences in income and other socioeconomic factors that 

also vary by race and ethnicity.

Credit Card Usage

In addition to exploring the availability of credit, the 

survey considers the ways in which individuals use 

credit cards. Overall, 77 percent of respondents 

report that they have at least one credit card. When 

asked how often they carry a balance on their card, 

42 percent of those with a card report that they 

always paid their bill in full during the prior year. 

Table 14. If you applied for a credit card today, how 

confident are you that your application would be 

approved? (by family income) 

Percent

Income category Very 

confident

 Somewhat 

confident

 Not 

confident

 Don’t 

know

 Less than $40,000 32.4 25.2 32.0 10.2

 $40,000–$100,000 61.5 22.9 12.9 2.4

 Greater than $100,000 79.2 13.0 7.2 0.6

Overall 53.3 21.6 19.6 5.3

Figure 18. If you had to guess, how would you rate your credit score? (by family income)

Greater than $100,000 77 13 8 2

Less than $40,000 29 20 36 14

Percent

Excellent or very good Good Fair or poor Don't know my score or how to rate it

Overall 51 18 23 8

$40,000–$100,000 59 20 18 3

30 Economic Well-Being of U.S. Households, 2015
Just over half report that they carried a balance 

some, most, or all of the time (figure 19). Among the 

respondents who carried a balance at least once, 

approximately half indicate that they made only the 

minimum payment on their cards some or all of the 

time and 9 percent made the minimum payment 

once. The remaining 40 percent say that they always 

paid more than the minimum payment.

Both access to a credit card and the use of a credit 

card differ substantially by the income of respondents. Only 59 percent of respondents with an 

income under $40,000 per year have at least one 

credit card, whereas 87 percent of those with an 

income between $40,000 and $100,000 and 94 percent of those with an income over $100,000 report 

having a card (table 15). Lower-income respondents 

with a credit card are also less likely to pay their bill 

in full each month and are more likely to indicate 

that they made only the minimum payment at least 

once.

Respondents who have carried a balance are also 

asked about the interest rate on the credit card that 

they use most often. Here, it appears that of those 

who carry a balance, lower-income respondents are 

less likely than others to know the interest rate that 

they pay and, among those who do know their interest rate, they often report paying a higher rate than 

respondents whose income is higher. Over one-fifth 

of individuals whose family income is below $40,000 

per year and that carried a balance report that the 

interest rate on their main credit card is over 20 percent. In contrast, fewer than 10 percent of those in 

the highest income category that carried a balance 

report that their interest rate is at this level 

(figure 20).

Figure 20. What is the interest rate on the credit card that you use most often? (by family income)

Overall 26 43 15 16

Greater than $100,000 32 48 8 12

$40,000–$100,000 25 48 14 14

Less than $40,000 24 35 21 21

0–10% 10–20% >20% I don't know

Percent

Note: Among respondents who carried a balance at least once in the past year.

Figure 19. In the past 12 months, how frequently have you 

carried a balance on one or more of your credit cards?

Never carried a balance, 42%

Once, 6%

Some of the time, 20%

Most or all of the time, 31%

Note: Among respondents with at least one credit card.

Table 15. Credit card access and usage (by family income) 

Percent

Income category No 

credit card

 Made only 

minimum 

payment at 

least once

 Carried a 

balance at 

least once, 

but always 

pay more 

than 

minimum

 Always 

paid 

in full

 Less than $40,000 41.1 24.9 11.9 21.6

 $40,000–$100,000 12.9 29.1 22.0 35.9

 Greater than $100,000 6.3 24.9 21.6 47.3

Overall 23.2 26.3 17.6 32.5

May 2016 31

Housing and Household Living 

Arrangements

Housing represents one of the largest expenses in 

most families’ financial picture and, as such, one’s 

housing situation is closely tied to their economic 

well-being. Partially reflecting the level of resources 

necessary to purchase and maintain a home, respondents who own their home are more likely to report 

that they are either “doing okay” or “living comfortably” (77 percent) than those who rent (54 percent).

Recognizing the importance of housing to one’s 

overall well-being, the SHED poses a series of 

housing-related questions to survey participants. The 

survey finds that most respondents are satisfied with 

the quality of their home and neighborhood, 

although satisfaction rates differ based on the income 

level of the neighborhood. The results also illustrate 

that most homeowners believe that the value of their 

home has increased in recent years, although the 

extent to which respondents believe values are 

increasing is not uniform across the country.

Home Ownership and Living 

Arrangements

Approximately 16 percent of respondents report that 

they live alone and just under half live with only their 

spouse or partner and children under age 18. However, 15 percent of adults indicate that they live with 

their parents, 9 percent report living with an adult 

child who is not in school, 10 percent report living 

with extended family members, and 5 percent report 

living with one or more roommates (table 16). Of the 

15 percent of respondents who are living with their 

parents, 47 percent are ages 18 to 24, but slightly over 

half (53 percent) are age 25 or older. Lower-income 

respondents are also more likely to live with someone 

other than their spouse or dependent children under 

age 18. Forty-seven percent of respondents whose 

family income is less than $40,000 live with at least 

one person outside of their immediate family, compared to 28 percent of middle-income respondents 

and 23 percent of higher-income respondents who 

live with someone other than a spouse or dependent 

child under age 18.

In addition to asking respondents who they live with, 

the survey asks respondents about the ownership status of their current residence. Sixty-one percent of 

SHED respondents report that they or their spouse 

or partner own their home, while 27 percent rent and 

11 percent neither own their home nor pay rent.24 

Housing tenure is closely tied to the age and income 

of respondents. Thirty-two percent of respondents 

ages 25 to 29 own their home and 39 percent of 

lower-income adults own their home, each of which 

is well below the homeownership rates for older and 

higher-income individuals (table 17). There also are 

differences in tenure rates, along with the rates of 

owning other assets, by the race and ethnicity of the 

respondent (see box 3).

Reflecting both the increased housing stability that 

often comes from owning as well as the older average 

age of homeowners, respondents who own their 

home report a substantially longer duration of living 

in their current residence than those who rent or who 

neither own nor rent. Among homeowners, the 

24 Since the SHED asks respondents about whether they or their 

spouse or partner own their home, and not whether the house is 

owned by anyone living in the home, this number is not directly 

comparable to somewhat higher homeownership rates from the 

Census Bureau’s American Community Survey.

Table 16. Do each of the following types of people currently 

live with you in your household?

Category Percent

 Living alone (unique) 15.7

 Spouse/partner 62.5

 Children under age 18 27.7

 Adult children (all in school full time) 5.3

 Adult children (at least one not a full-time student or unknown) 9.4

 Parents 15.0

 Extended family (grandparents, siblings, aunts, uncles, etc.) 10.2

 Roommate(s) 5.1

 Other 0.9

33
median duration in their current residence is 13 years 

and the average duration is 16 years. Among renters, 

the median duration is just three years and the average duration is five years.

Neighborhood Satisfaction and 

Reasons for Moving

Many factors contribute to an individual’s choice of 

where to live and whether to buy a home, including 

the location, the quality of the home, and the attributes of the neighborhood. Overall, 70 percent of 

adults report that they are either mostly or completely satisfied with the overall quality of their 

neighborhood. Additionally, a majority of adults 

indicate that they are mostly or completely satisfied 

with their neighborhood safety, the quality of their 

schools, the quality of local amenities, the quality of 

their home, and the cost of their home. However, 

there are differences in satisfaction levels based on 

whether the individual owns their home (figure 21).

Across all measures of satisfaction, homeowners are 

more likely to report that they are satisfied with their 

house and neighborhood than are renters. Specifically, while 76 percent of homeowners are mostly or 

completely satisfied with their neighborhood quality 

overall, only 58 percent of renters report this level of 

satisfaction. This may reflect differences in the 

houses and neighborhoods where owners live relative 

to renters, as well as differences in the psychological 

commitment to a house and neighborhood required 

for someone to decide to purchase a given home.

While neighborhood satisfaction is generally high, 

there is also substantial variation in perceptions of 

the neighborhood quality based on the income level 

of the local area. Among respondents in neighborhoods with low to moderate rates of poverty, where 

fewer than 20 percent of residents have income below 

the poverty line, over three-quarters of respondents 

are satisfied with the overall quality of their neighborhood and majorities are satisfied with the other 

aspects of their housing and community conditions. 

However, among respondents living in census tracts 

with high or very high poverty levels, the neighborhood satisfaction rates are lower. Among those living 

in high-poverty census tracts, where between 20 percent and 40 percent of residents are poor, 54 percent 

of respondents are mostly or completely satisfied 

with their overall neighborhood quality. Among 

those living in very high-poverty census tracts, this 

overall satisfaction rate falls even further to 35 percent (table 18).25 A similar pattern is observed for 

each of the specific aspects of neighborhood and 

housing satisfaction, with lower satisfaction rates in 

communities with higher rates of poverty.

Reflecting that non-Hispanic black and Hispanic 

respondents are disproportionately likely to live in 

high-poverty and very high-poverty census tracts, 

neighborhood satisfaction is also lower among black 

and Hispanic respondents than among white respondents. While 76 percent of non-Hispanic white 

respondents are mostly or completely satisfied with 

their overall neighborhood quality, this percentage is 

57 percent among non-Hispanic black respondents 

and 59 percent among Hispanic respondents.

In order to gain additional insight into the factors 

that contribute to housing choices, the survey also 

asks renters who moved in the past two years what 

factors contributed to their moving to their current 

home. The options presented can be grouped into 

moves resulting from a change in life circumstances 

(including a relocation or a change in family status), 

moves to find a better quality house or neighborhood, and moves to save money. Forty-seven percent 

of renters who moved recently indicate that they 

moved, at least in part, due to changes in life circumstances, with 35 percent reporting that they relocated 

to a new city and 18 percent reporting that they had 

a change in family status (responses to the separate 

25 Poverty-level census tract information is obtained from the Census Bureau’s 2010–14 American Community Survey five-year 

sample. The choice of cutoffs at 20 percent and 40 percent of 

the population in poverty are based on the thresholds used by 

Alemayehu Bishaw, “Changes in Areas with Concentrated Poverty: 2000-2010,” Census Bureau American Community Survey 

Reports ACS-27 (June 2014), www.census.gov/content/dam/

Census/library/publications/2014/acs/acs-27.pdf. 

Table 17. Which one of the following best describes your 

housing arrangements? (by age and family income) 

Percent

Characteristic Own Rent Neither own 

nor rent

Age

18–24 10.0 34.7 54.6

 25–29 31.6 48.7 19.4

 30–44 59.2 32.8 7.7

 45–59 76.6 20.1 3.2

 60+ 80.6 16.3 2.6

Family income

Less than $40,000 38.6 39.9 21.2

 $40,000–$100,000 72.8 22.1 4.8

 Greater than $100,000 85.8 10.1 3.9

Overall 61.4 26.8 11.4

34 Economic Well-Being of U.S. Households, 2015
responses exceed those moving for life circumstances 

combined because the answers are not mutually 

exclusive). Twenty-nine percent report that they 

moved in order to save money, and 24 percent report 

that they moved for either a better quality home or a 

better-quality neighborhood (table 19).

Home Value and Housing Expenses

Among homeowners, 67 percent currently have a 

mortgage, and among mortgage holders, the average 

monthly mortgage payment is $1,225, with a median 

Box 3. Asset Accumulation by Race and Ethnicity

When considering the well-being of individuals in different subsets of the population, one finding that is

apparent in the SHED results is the stark difference

in asset holdings across different races and ethnicities. This asset gap exceeds that which can be

explained only by current income. It also is broadly

consistent with findings from the Survey of Consumer Finances that there is a wealth gap between

individuals of different races and ethnicities.1

Relative to that seen among white respondents,

non-Hispanic black and Hispanic adults are less

likely to own their home, less likely to own a car,

less likely to have three months of emergency savings, less likely to cover a $400 emergency expense

without borrowing, and less likely to have any retirement savings (table A). They also are less likely to

have acquired human capital assets, as they report

substantially lower rates of completing a bachelor’s

degree than is seen among non-Hispanic white

respondents.

Additionally, to the extent that non-Hispanic black

and Hispanic respondents have these assets, they

are more likely to have loans that reduce their equity

in the asset. While there are only minor differences

across races and ethnicities in the propensity of

homeowners to have a mortgage, differences in

borrowing rates emerge for other assets. Fiftyone percent of non-Hispanic black car owners and

43 percent of Hispanic car owners report that they

have an auto loan. This compares to 38 percent of

non-Hispanic white car owners who currently owe

money on a car loan. The difference in the propensity to owe education debt is even more prevalent.

Forty-nine percent of non-Hispanic black respondents with a bachelor’s degree and 40 percent of

Hispanic respondents with a bachelor’s degree currently owe education debt from that education, compared to the 19 percent of non-Hispanic white

respondents with a bachelor’s degree who owe

money on education debt.

These differences in asset accumulation are partially

attributable to demographic and socioeconomic

characteristics that are correlated with the race and

ethnicity of the respondent. However, while adding

controls for the gender, age, education, marital status, and parental education to regressions weakens

the magnitude of these relationships between asset

ownership and race/ethnicity, in almost all cases the

relationships remain statistically significant. The only

exception is that, with controls, non-Hispanic blacks

are no longer significantly less likely to have

obtained a bachelor’s degree than non-Hispanic

white respondents, although the sign of the point

estimate remains negative.2 Additionally, even adding controls for current employment status and

income only impacts the significance of the difference across races and ethnicities for retirement savings and emergency savings between non-Hispanic

white and Hispanic respondents, while the gap in

these retirement savings between non-Hispanic

white and non-Hispanic black respondents remains

significant. In the case of each of the other assets

considered, the difference in asset ownership

between non-Hispanic white and black respondents

and between non-Hispanic white and Hispanic

respondents remains significant even with all of

these demographic and socioeconomic controls

included.

1 See Jeffrey P. Thompson and Gustavo Suarez, “Exploring the

Racial Wealth Gap Using the Survey of Consumer Finances,”

FEDS Working Paper Series 2015-076 (Washington: Board of

Governors of the Federal Reserve System, 2015).

2 Own education and income are both excluded from the covariates in the regression considering the likelihood of having a

bachelor’s degree, since one’s education is expected to influence his or her income level rather than the reverse.

Table A. Asset ownership rate (by race and ethnicity)

Percent

Asset type White, nonHispanic

Black, nonHispanic Hispanic

Homeowner 67.8 47.7 47.3

Car or truck owner 82.6 61.1 65.13

Has 3 months of emergency savings 52.1 33.6 35.3

Would cover $400 expense without

borrowing 60.8 36.4 38.3

Has any retirement savings 73.7 60.3 57.1

Has at least a bachelor’s degree 32.3 23.7 17.6

May 2016 35
payment of $1,100. Among renters, the average rent 

payment is $855 and the median payment is $760. 

Both the median reported mortgage and the median 

reported rent have increased relative to 2014, when 

they were $1,068 and $700 respectively—although the 

increase in median mortgage payments is not statistically significant.

Looking at the trend in home values, a majority of 

homeowners believe that the value of their home 

increased in the 12 months prior to the survey. When 

asked to compare the current value of their home to 

the value one year prior (in fall 2014), 17 percent of 

homeowners say that the value of their home is now 

lower, while 27 percent say that the value has stayed 

Figure 21. Respondents who are “mostly satisfied” or “completely satisfied” with each neighborhood characteristic 

(by housing tenure)

Renters Owners Overall

Cost of house/apartment

House/apartment quality

Neighborhood amenities

Neighborhood safety

Local schools

Neighborhood quality overall

Percent

 59

 67

 58

 68

 59

 70

 66

 75

 61

 74

 64

 76

 41

 52

 51

 58

 50

 58

Note: Responses to the cost of the house/apartment are among respondents who either own or rent.

Table 18. Respondents who are “mostly satisfied” or 

“completely satisfied” with each neighborhood 

characteristic (by census tract poverty rate) 

Percent

Characteristic

 Live in 

low- to moderate-poverty 

area 

(less than 

20 percent)

 Live in 

high-poverty 

area 

(20–40 percent)

 Live in very 

high-poverty 

area (over 

40 percent)

 Neighborhood quality overall 76.9 53.9 35.1

 Local schools 64.6 45.7 31.0

 Neighborhood safety 75.4 50.1 36.3

 Neighborhood amenities 63.3 43.6 30.5

 House/apartment quality 71.5 58.2 40.7

 Cost of house/apartment 61.3 53.1 42.8

Note: Responses to the cost of the house/apartment are among respondents who 

either own or rent.

Table 19. Reasons reported by renters who moved recently 

for moving to their current home

Reason Percent

 Relocated to a new city 35.5

 Change in family status 17.6

 Larger or better quality home 18.9

 Better quality neighborhood or schools 12.0

 To save money/cheaper place to live 28.8

 Other 17.1

Note: Among respondents who rent their home and have moved since 2014.

36 Economic Well-Being of U.S. Households, 2015
the same and 51 percent say that their home now has 

a higher value.26 Consistent with that seen in the 

SHED for the past two years, respondents in the 

Pacific division of the United States are the most 

likely to think that their home increased in value over 

this period, with over two-thirds of respondents 

believing that their home has risen in value.27 Those 

in the South Atlantic, Mid-Atlantic, East South Central, and East North Central divisions, however, each 

had fewer than half of homeowners report that they 

feel that the value has appreciated in the prior year 

(figure 22).

Perceptions of the recent trajectory of home values 

are also correlated with the local neighborhood conditions. Fifty-three percent of homeowners living in 

low- to moderate-poverty census tracts believe that 

their home increased in value over the prior year. In 

census tracts where over 20 percent of individuals are 

in poverty, 45 percent believe that their home value 

has recently increased.28 Recognizing that perceptions of home values trends are self-reported, particular caution is warranted in interpreting these 

results. Nevertheless, this difference in perceived 

home value trends illustrates a potential concern that 

rising home values may not benefit individuals living 

in all communities equally.

Most homeowners also express optimism about the 

trajectory of home prices going forward. Eight percent of homeowners believe that home prices in their 

neighborhood will decline in the year after the survey, compared to 43 percent who expect home prices 

to rise. Optimism about future home prices is also 

highest in the Pacific division of the United States, 

where 58 percent of respondents expect home prices 

in their neighborhood to rise, compared to 6 percent 

who expect home prices to fall (figure 23).

Home Purchase Decision

Among all respondents, 9 percent report that they 

probably or definitely will purchase a home in the 

12 months following the survey. An additional 9 per26 The 2015 survey changed from a three-point scale (with answer 

choices that the home value is higher, the same, or lower than a 

year earlier) to a five-point scale (with options that the value is 

much higher, somewhat higher, the same, somewhat lower, or 

much lower) when asking respondents about the recent trajectory in their home value. This change likely accounts for the 

lower number of respondents in 2015 who feel that their home 

value is unchanged over the past 12 months relative to that 

observed in the previous year’s survey.

27 Census divisions are considered here, rather than states, in order 

to ensure sufficient sample sizes to make meaningful comparisons. Additional information on the nine census divisions is 

available at www.census.gov/geo/reference/gtc/gtc_census_divreg

.html. 

28 The poverty status of the respondent’s census tract is based on 

the five-year American Community Survey results from 2010 

through 2014. As such, the level of poverty considered in each 

tract predates the survey, which mitigates concerns about 

reverse causality.

Figure 22. Homeowners who think that the value of their home is higher than it was 12 months ago 

(by census division)

New England,

51.4%

Pacic,

67.4%

Mountain,

57.7%

West North

Central,

55.0%

West South

Central,

58.2%

East North

Central, 40.7%

East South

Central,

43.7%

South

Atlantic,

46.4%

Middle

Atlantic,

44.6% 

40–44%

45–49%

50–54%

60+%

55–59%

Note: Among homeowners who have owned their home since at least 2014.

May 2016 37
cent of respondents report that they do not know if 

they will buy a home in the next year. The likelihood 

of purchasing is higher among renters, with 16 percent of those who currently rent indicating that they 

probably or definitely expect to purchase a home.

In order to assess how seriously respondents are considering a purchase, as well as to better understand 

the path buyers take toward a home purchase, the 

survey asks respondents who expect to purchase a 

home in the next year, or who do not know if they 

will buy a home, about the steps that they have taken 

toward this endeavor.

A majority of prospective home buyers (60 percent) 

report that they have researched houses on their own, 

and nearly as many (54 percent) report that they have 

checked their credit. Thirty-six percent indicate that 

they have talked to a real estate agent in their home 

search, and just over a quarter indicate that they have 

talked to a bank or lender about obtaining a mortgage. Obtaining a preapproval for a mortgage is less 

frequent, with 17 percent indicating that they have 

taken that step toward buying a home.

Researching houses independently and checking 

credit are the most common home-buying tasks for 

respondents irrespective of their level of certainty in 

purchasing a home. Predictably, however, the more 

certain a respondent is that they will purchase a 

house in the next year, the more likely that they are to 

have taken each of the steps in the home buying process (table 20).

An important aspect of purchasing a home is acquiring sufficient resources to fund a down payment. To 

assess the usual sources of these funds for a down 

payment, the survey asks all respondents who purchased a home since 2001 what sources were used to 

fund their home purchase in addition to their mortgage. Among all buyers during this time, personal 

savings and proceeds from the sale of a previous 

home were used most frequently—by 56 percent and 

Figure 23. Homeowners who think that home prices in their neighborhood will increase in the next 12 months 

(by census division)

Pacic,

57.7%

Mountain,

45.9%

West South

Central,

48.3%

55–59%

50–54%

45–49%

40–44%

35–39%

30–34% Middle

Atlantic,

35.8% 

South

Atlantic,

43.8%

East South

Central,

31.1%

East North

Central, 35.0%

West North

Central,

36.5%

New England,

38.9%

Note: Among homeowners.

Table 20. Have you taken each of the following steps in 

planning for a home purchase? (by likelihood of 

purchasing a home in the next year) 

Percent

Step Definitely 

will buy

 Probably 

will buy Don’t know All

 Researched houses on your own 90.8 72.6 43.7 59.8

 Checked your credit 83.7 71.3 34.7 53.9

 Talked to a real estate agent 68.2 45.1 21.9 35.8

 Attended open houses 53.1 32.9 16.7 26.9

 Talked to a bank or lender 64.2 30.0 14.5 26.0

 Received a mortgage preapproval 41.2 20.2 9.4 17.1

 Submitted an offer on a house 27.6 9.3 3.9 8.7

Note: Among respondents who say that they will definitely, probably, or don’t know 

if they will buy a house in the next year.

38 Economic Well-Being of U.S. Households, 2015
35 percent of homebuyers, respectively. The other 

sources of funds were each used by 15 percent or 

fewer of homebuyers.

However, among young homeowners (under age 35), 

a higher 23 percent report that they used a loan or 

gift from family or friends to help fund the down 

payment on their current house (table 21).29 When 

further restricting the sample to young first-time 

homeowners—thereby excluding those who have 

already moved on to their second or third house—the 

fraction who relied on a loan or gift from family or 

friends increases to 28 percent. Approximately 

10 percent of young first-time homeowners say that 

they relied exclusively on a loan or gift from family or 

friends for their down payment. Nevertheless, even 

among young first-time homebuyers, personal savings is the dominant source for funding a home purchase, with 65 percent reporting that personal savings 

were used to fund the purchase.

29 The small number of respondents who volunteer that they used 

an inheritance to fund their down payment are included in this 

group.

Table 21. In addition to your mortgage, what sources of 

funds did you use (if any) when you purchased your 

current home? (by age) 

Percent

Source of funds Under age 35 All ages

 Personal savings 63.0 55.6

 Proceeds from sale of previous home 15.5 34.8

 Loan or gift from family/friends 23.4 13.8

 Second mortgage 3.3 5.2

 Assistance from government program 

or nonprofit 5.6 4.8

 Other 2.1 4.5

 None 15.5 13.3

Note: Among respondents who purchased a home since 2001. Respondents who 

volunteered that the funds came from an inheritance are included with loans or 

gifts from friends or family.

May 2016 39

Automobile Purchase Decisions and 

Auto Lending

Outside of a house, an automobile is typically one of 

the largest financial assets that individuals own. 

These vehicles are often financed at least in part by 

borrowing. As a result of this borrowing, auto loans 

are the third largest form of debt in the United 

States, behind housing debt and student loan debt, 

with over $1 trillion of auto loans outstanding in the 

third quarter of 2015.30 In order to evaluate decisionmaking in the car buying process and the sources of 

information that consumers rely on when obtaining 

an auto loan, the 2015 survey includes questions on 

the purchase decision and on automobile lending.

Purchase and Financing of 

Newly Acquired Vehicles

Twenty-four percent of adults report that either they 

or their spouse or partner acquired (purchased or 

leased) a new or used car or truck in the prior year. 

Of those who bought or leased an automobile, 

38 percent purchased a new vehicle, 35 percent purchased a used vehicle from a dealership or car salesman, 17 percent purchased a used vehicle from a private seller, and 9 percent leased a vehicle.31

30 Federal Reserve Bank of New York, Quarterly Report on Household Debt and Credit (November 2015), www.newyorkfed.org/

medialibrary/interactives/householdcredit/data/pdf/HHDC_

2015Q3.pdf. 

31 Respondents who purchased or leased multiple vehicles in the 

previous year are instructed to report on the vehicle which they 

acquired most recently.

Figure 24. Source of newly acquired automobiles (by family income)

Greater than $100,000

$40,000–$100,000

Less than $40,000

Lease

Used (private)

Used (dealer)

New

Percent

 11

 6

 35

 47

 10

 13

 36

 40

 7

 31

 35

 27

Note: Among respondents who purchased or leased a vehicle in the past 12 months.

41
The source from which individuals acquire vehicles 

varies greatly by income level. Among lower-income 

respondents who bought or leased a vehicle in the 

prior year, two-thirds acquired it used, and 31 percent purchased that vehicle from a private seller. Over 

half of higher-income respondents who acquired a 

vehicle, on the other hand, either leased the vehicle or 

purchased it new (figure 24).

Among all respondents who acquired a car or truck 

in the prior year, the median period over which they 

expect to keep that vehicle is six years. However, the 

expected life of the vehicle varies greatly based on 

whether it was leased, purchased new, or purchased 

used. Respondents who purchased a new, unused 

vehicle expect to keep it for a median of nine years. 

This compares to a median expected holding period 

of five years for those who purchased their automobile from a private seller (table 22). The shorter holding period for vehicles purchased from private sellers 

likely reflects the lower price of these cars. Seventyeight percent of used vehicles purchased from private 

sellers were purchased for less than $10,000.

Approximately two-thirds of the respondents who 

purchased a new or used vehicle in the prior year 

took out a loan to finance that purchase.32 Half of 

these loans were taken out from the location where 

the vehicle was purchased, and 47 percent came from 

a bank, credit union, or Internet lender.

Consistent with the earlier observations (see the 

“Banking, Credit Access, and Credit Usage” section) 

that lower-income respondents are less likely to feel 

that credit is available were they to apply, respondents whose family income is below $40,000 who 

bought a car in the past year are less likely to have 

taken out a loan for their vehicle (table 23). However, 

this result is also at least partially attributable to the 

fact that lower-income buyers disproportionately 

purchase their car from private sellers. These privateparty transactions may have fewer available options 

for obtaining a loan, as well as lower purchase prices 

which can reduce the demand for a loan.

The length of auto loans for vehicles purchased 

recently vary in length. The median loan length is 

between 49 and 60 months (4 to 5 years). Approximately one-quarter of the loans are 36 months or 

less whereas 31 percent are 61 months or longer (figure 25). Comparing the expected holding period for 

newly acquired vehicles with the length of the loan, 

the vast majority of buyers expect to hold their car 

long enough to completely pay off the initial loan. 

However, 12 percent of car buyers who used a loan 

to finance the purchase took out a loan with a longer 

repayment period than their expected horizon for 

continuing to own the car.

There is also substantial variation in the interest rate 

that individuals pay on their auto loans. Just over 

32 These results only include automobile loans used for the purchase of a newly acquired vehicle and do not include automobile title loans that respondents may take out to borrow money 

using a car that they already own as collateral.

Table 22. Expected ownership period and purchase prices of newly acquired automobiles (by type of transaction)

Transaction type

 Expected ownership period (years) Purchase price (percent)

 Mean Median Less than 

$10,000

 $10,000–

$20,000

 $20,000–

$30,000

 $30,000–

$40,000

 Greater than

$40,000

 New 8.6 9.0 5.5 18.7 34.7 26.5 14.1

 Used (dealer) 8.3 8.0 19.9 43.8 22.2 8.9 5.0

 Used (private) 5.7 5.0 78.4 15.4 4.8 0.0 0.9

 Leased 4.0 3.0 — — — — —

Overall 7.6 6.0 24.8 27.9 24.2 14.6 8.1

Note: Among respondents who purchased or leased a vehicle in the past year. Respondents who leased a vehicle are not asked for the purchase price.

Table 23. Use of auto loans to finance car purchases 

(by family income) 

Percent

Income category No Yes, 

from seller

 Yes, 

from bank, 

credit 

union, or 

Internet 

lender

 Yes, 

from other 

source

 Less than $40,000 44.6 24.0 28.5 2.6

 $40,000–$100,000 28.9 36.2 33.0 1.8

 Greater than $100,000 28.1 39.4 31.1 1.4

Overall 34.1 32.9 30.9 1.9

Note: Among respondents who purchased a vehicle in the past year.

42 Economic Well-Being of U.S. Households, 2015
one-fifth of recent borrowers received an interest rate 

of under 2 percent for their auto loan, and 36 percent 

received an interest rate of between 2 percent and 

3.99 percent. An additional 16 percent pay between 

4 percent and 5.99 percent on their auto loan, while 

15 percent pay over 6 percent on the loan. Eleven 

percent of borrowers do not know the interest rate 

on their loan. Perhaps reflecting the promotional 

interest rates that some car dealerships offer, it 

appears that interest rates of under 2 percent are 

more commonly received from the dealer or car salesman where the car was purchased than from a bank, 

credit union, or Internet lender (figure 26).

This higher propensity of sub-2-percent interest rates 

from car dealers than from banks or other lenders is 

true for purchasers of both new and used cars. However, in the used car market there also is evidence of 

consumers receiving expensive financing more frequently from car sellers than they do from banks, 

credit unions, or Internet lenders. Among consumers 

who purchased a used car from a dealership or car 

lot, one-tenth of those who financed the car through 

the seller pay an interest rate of over 10 percent. In 

comparison, only 5 percent of used car loans from 

banks, credit unions, or Internet lenders have a 

double-digit interest rate.

Factors in the Car Purchase and 

Lease Decision

A series of questions in the survey are designed to 

understand the financial decisions that consumers 

make leading up to their vehicle purchase or lease. 

Although these questions are focused on decisions 

Figure 25. Length of auto loans for vehicles purchased in 

the past year

0−24 months, 8.3%

25−36 months,

17.2%

37−48 months,

10.2%

49−60 months, 29.9%

61 months or

longer, 31.1%

Don't know, 3.1%

Note: Among respondents who took out a loan to purchase a vehicle in the 

past year.

Figure 26. Interest rate on car loans (by source of the loan)

Bank, credit union, or Internet lender

Car dealership or seller

Don't know

10% or higher

8–9.99%

6–7.99%

4–5.99%

2–3.99%

0–1.99%

Percent

 10

 4

 5

 7

 20

 44

 11

 13

 5

 2

 8

 12

 29

 30

Note: Among respondents who took out a loan to purchase a vehicle in the past year.

May 2016 43
encountered when buying or leasing a car, they may 

also provide insights into how other large financial 

decisions are considered.

When deciding where to purchase or lease their 

vehicle, 70 percent of all consumers report that they 

compared prices from different sellers. Among just 

those who financed their purchase with a loan, 

73 percent compared prices on the car or truck from 

different sellers, whereas 53 percent report that they 

compared interest rates or loan terms from different 

sellers. Hence, while a majority of consumers 

shopped around for both the vehicle price and loan 

terms, the fraction who compared prices on the 

vehicle significantly exceeds the fraction who compared prices on their loan.

Consumers are also asked about the sources of 

advice that they turned to when deciding how to 

finance their auto purchase. Half of car buyers 

report that they did not use advice from anyone else 

in deciding how to finance their car purchase. 

Twenty-three percent report that they used advice 

from friends or family, 20 percent found advice 

online, 15 percent used advice from the car dealer or 

car salesman, and 7 percent used advice from a 

banker or lender. Forty-seven percent of those who 

used advice from the car dealer or car salesman 

(7 percent of all car buyers) indicate that this was the 

only advice used for financing their vehicle.

When purchasing or leasing a vehicle, there are a 

number of financial factors that consumers may consider. These include the total purchase price of the 

car, the monthly payment amount, cash due upfront 

with the purchase, terms of the loan, or the amount 

offered for the trade-in of a used vehicle. Just over 

three-quarters of these consumers negotiated the 

purchase price of the vehicle, and 55 percent said that 

the purchase price was the most important factor. 

However, at least 30 percent of respondents report 

that they negotiated on each of the other factors presented, and 27 percent say that the monthly payment 

amount—not the purchase price—was the most 

important factor in their decision (table 24).

Likely reflecting the greater liquidity constraints of 

lower- and middle-income respondents, the monthly 

payment amount is of greater importance to consumers with lower incomes. Thirty-three percent of 

car buyers and leasers whose income is under 

$40,000, and 29 percent of those whose income is 

between $40,000 and $100,000, indicate that the 

monthly payment was their most important factor in 

negotiations. Among those whose income is over 

$100,000, 19 percent report that they prioritized the 

monthly payment.

These respondents who focus on having lower 

monthly payments when negotiating for their car 

may be expected have longer loan terms in order to 

reduce the monthly payments for a car of a given 

price. The survey finds some evidence that this is the 

case. Among buyers who indicate that a lower 

monthly payment was a priority when negotiating, 

44 percent of those who financed their purchase took 

out a loan with a term longer than five years. This 

compares to 21 percent of those for whom the vehicle 

price was the main concern that took out a loan with 

a term of over five years (table 25).

Auto Loan Performance

In order to monitor the performance of auto loans, 

and the characteristics of borrowers who are struggling to make their loan payment, the survey asks all 

respondents who own a car whether they currently 

owe money on loans for their vehicles. Thirtynine percent of all respondents who own a car or 

truck report that they owe money on a loan for a 

vehicle that they own. When combined with those 

who lease a vehicle, 45 percent of all adults with a car 

or truck are making payments on at least one vehicle.

Among those respondents who are making vehicle 

loan or lease payments, 8 percent report that in the 

last year they have missed or been late making one or 

more car payments. The likelihood of having missed 

a payment is substantially higher among lowerincome respondents, with 15 percent of those whose 

income is under $40,000 and also have an auto loan 

Table 24. When you bought or leased this car or truck, 

which of the following (if any) did you negotiate with 

the seller? Which one of these did you consider to be the 

most important? 

Percent

Factor Negotiated Most important

 Purchase price 76.1 54.8

 Monthly payment 40.0 27.1

 Upfront payment 37.3 3.1

 Interest rate on loan 31.6 6.1

 Length of loan 36.6 2.7

 Trade-in amount 37.2 6.0

Note: Among respondents who bought or leased a vehicle in the past year.

44 Economic Well-Being of U.S. Households, 2015
or lease indicating that they have missed one or more 

car payments.33

Respondents who missed an auto loan or lease payment frequently appear to also be struggling in other 

aspects of their financial lives. Sixty-percent of 

respondents with a credit card who missed an auto 

payment in the prior year report that they carried a 

balance on their credit card most or all of the time 

during that time—which is nearly double the rate 

among the general population with a credit card. 

Forty-four percent of credit card holders who missed 

an auto payment also report making only the minimum payment on their credit card most or all of the 

time, compared to 12 percent of the general population with a credit card that only make the minimum 

payment most or all of the time. Additionally, 45 percent of respondents with a mortgage who missed a 

car loan payment also indicate that they missed two 

or more mortgage payments in the last 12 months, 

far exceeding the 4 percent of all adults with a mortgage who missed multiple mortgage payments.

33 Since this question is asked of respondents who currently have 

an outstanding auto loan or lease, it will not capture respondents who had their vehicle repossessed due to missed payments. It also will not capture respondents who were making 

payments during the year but have since completely paid off 

their loan.

Table 25. Length of auto loans (by the most important factor when negotiating the car purchase) 

Percent

Factor 0–24 months 25–36 months 37–48 months 49–60 months 61 months or 

longer Don’t know

 Purchase price 11.4 19.0 10.5 35.2 20.6 3.2

 Monthly payment 4.7 20.5 1.3 28.0 44.0 1.6

 Upfront payment 7.4 26.1 15.6 22.4 20.1 8.5

 Interest rate on loan 0.0 11.3 17.9 13.8 51.9 5.1

 Length of loan 10.8 0.0 9.9 24.7 54.6 0.0

 Trade-in amount 0.2 11.5 24.5 32.7 28.3 0.0

Note: Among respondents who took out a loan to purchase a vehicle in the past year.

May 2016 45

Higher Education and Human Capital

Whether an individual attends college and completes 

his or her degree has long been understood to be a 

major determinant of lifetime income and financial 

well-being. However, as real college costs and the percentage of students borrowing to pay for education 

both continue to rise, some have questioned if the 

relationship between higher education and lifetime 

returns may now be more complicated. The survey 

asks respondents about their educational experience, 

their perceptions of the value of their degree, and—

among those who did not complete a college 

degree—why they did not continue their education. 

The survey also inquires about the financing of education and the use of student loans, which is discussed in the “Education Debt and Student Loans” 

section of this report.

The survey results show that most adults who went 

to college believe that the value of their education 

meets or exceeds the costs, although the perceived 

value of higher education varies widely depending on 

program completion, type, and major. In particular, 

while respondents who have a degree from traditional 

public or nonprofit institutions overwhelmingly 

report that their education was worth the cost, perceptions of the value of one’s degree are less positive 

among non-completers and respondents who graduated from a for-profit school.

Higher Education Decisions by 

Family Background

The likelihood that an individual attends college is 

highly correlated with the education of his or her 

parents. Among young adults ages 25 to 34 whose 

parents both have a high school degree or less, 

58 percent completed no education beyond high 

school themselves and only 16 percent obtained at 

least a bachelor’s degree. Among similarly aged 

respondents with at least one parent who received a 

bachelor’s degree, 65 percent report that they 

received a bachelor’s degree, whereas only 10 percent 

have no education beyond high school (figure 27).

Among those who do attend college, family background also influences the type of school that they 

attend. Twenty-two percent of young adults ages 

25 to 34 who went to college but whose parents did 

not report that they attended a private for-profit 

institution. For comparison, among respondents with 

at least one parent who has a bachelor’s degree, 

3 percent attended a for-profit institution (figure 28).34 As will be discussed later in this section 

34 Recognizing the relatively small sample size of young adults 

who attended college but whose parents did not, these calculations were also considered for a broader age band of responFigure 27. Educational attainment of young adults (by parents’ education)

58 18 9 16

22 37 9 32

10 19 6 65

Both parents high school degree or less

At least 1 parent with some college,

neither with bachelor’s degree

At least 1 parent with bachelor’s degree

Percent

High school degree or less Some college, certi!cate, or technical degree Associate degree Bachelor's or graduate degree

Note: Among respondents ages 25 to 34.

47
and in the “Education Debt and Student Loans” section of this report, the type of institution attended 

appears to be correlated with both the perceived 

value of one’s degree and the likelihood of falling 

behind on one’s student loans.

Value of Higher Education by 

Educational Characteristics

In order to monitor the perceived value of higher 

education, the survey asks respondents who completed at least some college whether they believe that 

the lifetime financial benefits of their postsecondary 

education outweigh the lifetime financial costs. Overall, 51 percent of respondents feel that the benefits of 

their education exceed the costs and an additional 

27 percent of respondents feel that the costs and benefits are about the same. Just 20 percent of respondents believe that the costs of this education exceed 

the financial benefits that it produced.

While perceptions of the value of one’s education are 

generally positive, responses to this question vary 

based on the characteristics of the respondent’s education. Among non-completers (respondents who 

attended college but failed to complete at least an 

associate degree), 35 percent feel that the education 

was worth the cost, whereas 27 percent feel that the 

costs outweigh the benefits.35 For those who completed at least an associate degree, the likelihood of 

viewing the degree as beneficial is much greater. 

Among these degree completers, 62 percent feel that 

the benefits of their education outweighed the costs, 

compared to just 16 percent who feel the costs outweigh the benefits.

Self-perceptions of the value of one’s education also 

vary based on the type of institution attended. 

Among non-graduates, the type of institution 

attended has no statistically significant impact on the 

self-perceived value of the education. However, 

among those who completed their degree, substantial 

differences emerge based on where the individual 

went to school (figure 29). Over 60 percent of graduates from public or not-for-profit institutions report 

that the value of their degree exceeded the cost. But 

among graduates of for-profit institutions, only 

32 percent feel that their degree was worth the cost.

Additionally, this difference is not purely due to the 

selectivity of the institutions. Schools attended were 

also analyzed by how selective (accepting a small 

number of applicants) or how inclusive (accepting a 

larger share of applicants) they are based on the Carnegie ClassificationTM.36 Among respondents who 

completed a degree from a part-time or inclusive 

public or not-for-profit institution, 56 percent feel 

that the benefits outweigh the costs. Among respondents who completed a degree from a similarly inclusive for-profit institution, just 26 percent feel that the 

benefits exceed the costs.

As was observed in the 2014 survey, there is also 

some evidence from this year’s survey results that the 

field of study impacts how respondents with similar 

dents—ages 25 to 44. When doing so, the results are consistent 

with those presented here.

35 When limiting the sample to those who have not completed an 

associate degree and who are not currently enrolled, 31 percent 

feel that their education was worth the cost and 27 percent feel 

that the costs outweigh the benefits.

36 The Carnegie ClassificationTM defines selective institutions as 

those whose first-year students’ test scores place most of these 

institutions in roughly the middle two-fifths of baccalaureate 

institutions and more selective institutions as those whose firstyear students’ test scores place these institutions in roughly the 

top fifth of baccalaureate institutions. Inclusive institutions 

extend educational opportunities to a wide range of students 

with respect to their academic preparation. For more details on 

the Carnegie Classification, see http://carnegieclassifications.iu

.edu/. 

Figure 28. Institutions attended by young adults (by parents’ education)

22 15 63

10 19 71

3 26 71

Both parents high school degree or less

At least 1 parent with some college, neither with bachelor’s degree

At least 1 parent with bachelor’s degree

Percent

Private for-pro!t Private not-for-pro!t Public

Note: Among respondents ages 25 to 34 who completed at least some college and reported school attended.

48 Economic Well-Being of U.S. Households, 2015
levels of education value their degree (table 26). 

While sample sizes for any given degree are small, 

when looking just at respondents who completed at 

least an associate degree, those with degrees in engineering, computer science, or physical sciences are 

the most likely to report that the benefits of their 

degree exceed the costs. In contrast, respondents with 

at least an associate degree who majored in a 

vocational/technical field, social/behavioral sciences, 

or humanities are the least likely to report that the 

benefits exceed the costs. Nevertheless, across every 

major, those who completed at least an associate 

degree are more likely to say that the benefits exceed 

the costs than to say that the costs outweigh the 

benefits.

A potential determinant of whether respondents feel 

that the education yielded a net benefit is whether 

they found employment and, among those employed, 

if that employment is within their field of study.37 

Among employed respondents who completed their 

degree and are employed in an occupation that is 

closely related to their major, 67 percent feel that 

their education was worth the cost. Among those 

who are employed, but in an unrelated or unknown 

occupation, 56 percent feel that their education was 

worth the cost. An even lower 47 percent of nonemployed, non-retired degree recipients feel that their 

education was worth the cost (figure 30).

37 Occupations are classified as being closely related to the field of 

study by meeting one of two criteria. Using the self-reported 

occupation and field of study in the SHED data, an occupation 

and field are considered closely related if either (1) the occupation is the most commonly reported occupation among respondents with that field of study or (2) the field of study is the most 

commonly reported field among degreed workers of that 

occupation.

Figure 29. Overall, how would you say the lifetime financial benefits of your bachelor’s degree, associate degree, or most recent 

educational program compare to its financial costs? (by completion of at least an associate degree and institution type)

13 18 27 14 25

38 27 21 7 7

39 24 20 10 6

17 21 33 10 19

16 23 34 12 13

22 15 37 12 13

Completed degree, private for-pro!t

Completed degree, private not-for-pro!t

Completed degree, public

No degree, private for-pro!t

No degree, private not-for-pro!t

No degree, public

Percent

Bene!ts much higher Bene!ts somewhat higher Bene!ts same as costs Costs somewhat higher Costs much higher

Note: Among respondents who completed at least some college and report the school attended.

Table 26. Overall, how would you say the lifetime financial 

benefits of your bachelor’s or associate degree program 

compare to its financial costs? (by field of study) 

Percent

Field of study

 Benefits 

outweigh 

costs

 About 

the same

 Costs 

outweigh 

benefits

 Engineering 76.9 17.3 5.7

 Computer/information sciences 73.9 17.4 7.8

 Physical sciences/math 71.8 9.4 18.3

 Education 67.5 18.4 14.1

 Life sciences 64.7 19.8 15.5

 Law 64.0 21.9 11.8

 Business/management 63.9 21.0 15.0

 Health 59.7 22.7 16.5

 Vocational/technical 51.7 34.5 13.8

 Social/behavioral sciences 49.7 22.7 27.3

 Humanities 47.7 26.7 25.1

 Undeclared 46.2 32.0 18.1

 Other 51.2 17.8 29.2

 Did not state 58.9 9.6 10.8

Note: Among respondents who completed at least an associate degree.

May 2016 49
Desire to Change Educational 

Decisions

The responses to the question of whether one’s education was worth the cost suggest that degree 

completion, type of institution, and choice of major 

all play a role in whether individuals feel that their 

educational investment paid off. In order to gain further insight into the dimensions on which respondents feel their educational investments were lacking, 

the survey also asks respondents what they would do 

differently if they could go back and make their educational decision again.

Among respondents who started college but did not 

complete their degree, over two-thirds say that, if 

they could make their educational choices again, they 

would have completed more education (table 27). 

Just 15 percent would have either not attended college or completed less education. Notably, even 

among respondents who feel that the costs of their 

education outweigh the benefits, 68 percent of nongraduates report that they would have completed 

more education, compared to 24 percent who would 

have completed less education or not gone to college. 

This suggests that many non-graduates who feel that 

their education was not worth the cost believe that 

their failure to complete a degree contributed to the 

low return on their investment.

Among respondents who completed at least an associate degree, the pattern of responses is similar. 

Forty-two percent of these respondents would have 

completed more education—which includes 64 percent of associate degree recipients who would have 

completed additional education. Only 6 percent 

would have either completed less education or not 

attended college.

This question also provides evidence that respondents who attended a for-profit institution have a 

higher level of regret about their choice of school 

than those who attended a not-for-profit or public 

institution. Forty-nine percent of respondents who 

went to a for-profit school say that they would have 

attended a different school if they could make their 

educational decisions again. This compares to 28 percent of individuals who attended a not-for-profit 

institution and 21 percent of individuals who 

attended a public institution that say they would have 

attended a different school.

Reasons for Not Starting or Not 

Finishing College

Thirty-percent of respondents in the survey have 

completed at least a bachelor’s degree and 13 percent 

have completed a certificate, technical degree, or 

associate degree. By contrast, 37 percent indicate that 

they have no education beyond high school, and an 

additional 20 percent have completed some college 

but did not complete a certificate or degree. In order 

to better understand the decisionmaking process of 

Figure 30. Overall, how would you say the lifetime financial benefits of your bachelor’s or associate degree program compare to 

its financial costs? (by employment in a field related to field of study)

43 24 19 8 5

31 25 23 11 9

21 26 27 13 12

Employed in occupation related to !eld of study

Employed in unrelated occupation

Not employed and not retired

Percent

Bene!ts much higher Bene!ts somewhat higher Bene!ts same as costs Costs somewhat higher Costs much higher

Note: Among non-retired respondents who completed at least an associate degree.

Table 27. Knowing what you know now about the benefits 

and costs of your education, if you could go back and make 

your education decisions again would you have done each 

of these things? (by education level) 

Percent

Response

 Some college, 

certificate, 

or technical 

degree

 Associate, 

bachelor’s, 

or graduate 

degree

 Chosen a different field of study 37.1 33.6

 Attended a different school 32.3 22.4

 Completed less education or not attended college 15.1 5.6

 Completed more education 69.2 41.9

Note: Among respondents who completed at least some college.

50 Economic Well-Being of U.S. Households, 2015
those who have no education beyond high school or 

who completed some college but have no certificate 

or degree from that education, the survey asks these 

respondents what influenced that enrollment decision. Respondents could select all responses that 

applied to their situation.

Among respondents who completed a high school 

degree but who did not attend college, the most common reasons provided for why they did not attend 

college are that they simply were not interested 

(38 percent), because they wanted to work (30 percent), because they felt it was too expensive (29 percent), or because of family responsibilities (23 percent) (table 28). The reasons cited for not attending 

college differ, however, based on the race and ethnicity of respondents. A lack of interest is cited by 

44 percent of white respondents, compared to 28 percent of non-Hispanic black respondents and 24 percent of Hispanic respondents. Hispanic respondents, 

instead, most frequently cite family responsibilities 

(39 percent) as the reason for not attending college.

Turning to students who attended college but did not 

finish and are no longer enrolled, family responsibilities are the most common reason cited for leaving 

college without a degree. This is consistent with the 

results from the 2014 survey. Forty percent of 

respondents who did not complete a degree report 

that family responsibilities contributed to this decision. This compares to 34 percent who say that they 

left school because they wanted to work, 28 percent 

who felt it was too expensive, and 22 percent who 

were simply not interested in continuing. Among 

women who left college without their degree, a somewhat higher 44 percent say that family responsibilities 

contributed to this decision.

In order to better understand the details of family 

responsibilities that prevent the completion of college, respondents who cite family responsibilities as a 

reason why they did not attend or complete college 

are asked to provide additional details regarding 

these responsibilities. Just under half of those who 

cite family responsibilities mention their children or 

parental responsibilities as a reason for the decision 

to not continue college when presented with the 

follow-up question. Seventeen percent include a mention of their parents—often indicating that they had 

to care for an elderly parent or take on the responsibilities of a parent who has died. Additionally, 

18 percent mention a marriage or divorce, 14 percent 

mention money or bills, and 9 percent explicitly mention a death or illness in the family.38

Women are much more likely than men to cite children or parental responsibilities as the family responsibility that kept them from attending or completing 

college. Fifty-five percent of women (and 58 percent 

of women under age 45) who cite family responsibilities as a reason for this decision reference children or 

parental responsibilities in the follow-up question. 

Thirty-five percent of men (and 32 percent of men 

under age 45) who left college due to family responsibilities include children and parental responsibilities 

in their explanation.

Job Readiness

One of the primary objectives of higher education is 

to provide individuals with the human capital necessary for them to contribute to the workforce and fulfill their career objectives. In order to assess respondents’ current readiness for the job market, nonretirees are asked about their level of confidence in 

38 References to children or parental responsibilities include mentions of the words child, baby, kid, twins, babies, son, daughter, 

pregnant, single mother, single mom, single father, single dad, 

single parent, start a family, or starting a family. References to 

one’s own parents are those that do not include the references to 

children listed above, but mention any of the terms parent, 

mom, dad, mother, father, grandma, or grandpa. References to 

an illness or death include those that mention sick, ill, illness, 

disease, disability, elderly, health, Alzheimer’s, death, died, or 

widow. References to divorce or marriage include mentions of 

the terms divorce, married, marriage, spouse, engaged, fiancé, or 

fiancée. References to money and bills include mentions of the 

terms money, cost, afford, expensive, or bills. Results on these 

text responses are all unweighted.

Table 28. Reasons for not attending college or not 

completing college 

Percent

Reason

 Reason for not 

attending 

college

 Reason for not 

completing 

degree

 Too expensive 29.2 28.0

 Family responsibilities 23.4 40.4

 Wanted to work 30.3 33.5

 Simply was not interested in college 37.5 n/a

 Simply was not interested in continuing college n/a 22.0

 Was not admitted 1.2 n/a

 Low grades n/a 9.2

 Benefits were not worth the cost 11.9 16.0

 Other 9.3 14.4

Note: Among respondents who did not attend college or did not complete degree 

and are not currently enrolled in school.

n/a Not applicable.

May 2016 51
having the skills necessary to get the kind of jobs that 

they want. Thirty-five percent of respondents report 

that they are very confident that they have the skills 

necessary for the kinds of jobs that they want today, 

and 37 percent report that they are somewhat confident. This represents an improvement from the 

28 percent of respondents who were very confident 

and 39 percent who were somewhat confident about 

their job skills when this question was last asked in 

2013.39

Confidence in having the appropriate skills for the 

labor market differs, however, based on the level of 

education of the respondent. As one’s education level 

increases, confidence in having the appropriate skills 

necessary for today’s labor market increases as well 

(table 29).

Respondents who are not confident that they have 

the appropriate skills for the job market are then 

asked for the reasons why they lack confidence. Just 

over half (52 percent) feel that they need more education, followed by needing additional job training 

(37 percent). Twenty-six percent of respondents who 

feel they lack the appropriate job-market skills think 

that their skills are out of date, 26 percent feel that 

the job market is changing faster than they can keep 

up, and 17 percent think that the kind of job that 

they are qualified for is not available. Likely reflecting 

their different positions in the life cycle of skill acquisition, younger respondents, ages 18 to 29, disproportionately report that they either need more education 

or more job training, whereas older respondents, age 

45 and older, disproportionately report that their 

skills are out of date or that the job market is changing faster than they can keep up (table 30).

39 The 2013 survey excluded respondents who are out of work due 

to a disability from this question. Since these respondents are 

less likely to exhibit confidence that they have the skills necessary for the current job market, excluding them from the 2015 

numbers for comparability would result in an even larger 

improvement. Among non-retired, non-disabled respondents in 

2015, 37 percent are very confident that they have the skills necessary for the kinds of jobs that they want today and 40 percent 

are somewhat confident.

Table 29. Thinking about your current education and work experience, how confident are you that you have the skills necessary 

to get the kinds of jobs you want now? (by education) 

Percent

Education level Very confident Somewhat confident Not confident Not employed and 

not looking Don’t know

 Less than a high school degree 15.1 27.8 19.9 26.3 11.0

 High school 29.0 36.7 17.2 11.3 5.8

 Some college, certificate, or technical degree 28.5 40.6 17.0 11.0 2.9

 Associate degree 39.0 38.6 12.5 5.6 4.3

 Bachelor’s or graduate degree 50.2 37.1 7.9 3.4 1.3

Note: Among non-retired respondents.

Table 30. Reasons for lack of confidence in job market skills (by age) 

Percent

Reason 18–29 30–44 45–59 60+ Overall

 Need more education 64.9 58.9 38.3 32.3 52.0

 Need more job training 49.3 37.7 29.4 19.7 37.2

 Skills are out of date 11.6 30.0 33.3 38.5 25.8

 Job market changing faster than I can keep up 15.4 22.9 39.1 31.8 26.2

 The kind of job I’m qualified for is not available 14.4 15.4 17.1 25.3 16.6

Note: Among respondents who are not confident that they have the skills necessary to get the kinds of jobs that they want now.

52 Economic Well-Being of U.S. Households, 2015
Education Debt and Student Loans

Among young adults who attend college, it is increasingly expected that at least a portion of their education will be financed through a student loan or other 

forms of borrowing. The survey asks respondents 

about their use of borrowing to finance their education and the status of student loans acquired for their 

education. The results show that the repayment status of student loans is highly correlated with the 

respondent’s family background and the type of 

institution that they attended. In particular, individuals who either did not complete their degree or who 

attended a for-profit institution are disproportionately likely to fall behind on their student loan 

payments.

Education Debt Overview

Twenty-seven percent of adults report that they borrowed money to pay for expenses related to their own 

education, including 15 percent who currently owe 

money on these loans and 12 percent who borrowed 

money that they have since repaid. Among just those 

who completed at least some education beyond high 

school, 41 percent acquired at least some debt to 

finance that education, and half of those who completed at least a bachelor’s degree acquired at least 

some debt in the process. Reflecting the increased 

rates of education borrowing among more recent 

Figure 31. Use of student loans to finance own education, including loans that have been fully repaid (by age and 

highest degree completed)

60+

45–59

30–44

18–29

Graduate degree

Bachelor's degree

Associate degree

Some college or certicate

 30

 27

 20

 11

 56

 44

 32

 24

 61

 56

 39

 38

 55

 66

 44

 51

Percent

Age group

Note: Among respondents who completed at least some college.

53
cohorts of college attendees, respondents under age 

45 are more likely to have taken out loans for each 

level of education (figure 31).

While education debt is often in the form of student 

loans, this is not the exclusive form of borrowing to 

pay for higher education expenses. Among respondents who report that they currently owe money for 

their educational expenses, 94 percent report owing 

money on student loans, but 21 percent have 

education-related credit card debt, 3 percent have a 

home equity loan or line of credit used for education 

expenses, and 4 percent have education debt of some 

other form.40

Among respondents who report that they currently 

owe student loan debt for their own education, the 

mean level of this debt is $30,156 and the median is 

$12,000. (The median amount of education debt is 

consistently lower than the mean due to some individuals with large levels of debt). While educationrelated credit card debt levels are lower, the median 

amount of education-related credit card debt among 

those who have this debt is $3,000. Looking at all 

debt acquired for the respondent’s own education 

combined, the median level of education debt is 

$14,000 (table 31).

The amount of outstanding education debt is closely 

related to the level of education that the individual 

acquired. Among respondents who have some college 

or a certificate, the median outstanding education 

debt is $8,000;41 for those with an associate degree, it 

is $9,900; and among respondents with a bachelor’s 

degree, the median is $19,162.42 Respondents who 

have completed a graduate degree are disproportionately likely to have large debt levels: the median debt 

for respondents with a master’s degree is $36,000 and 

for those with a professional degree or a doctoral 

degree it is $100,000.

Not all respondents who have outstanding education 

debt are currently making payments on all of their 

loans. Thirty-nine percent of respondents with outstanding student loan debt from their own education 

indicate that one or more of their loans are in deferment. Eighteen percent report that they are behind or 

in collections on one or more of their loans (approximately half of whom also report that they have some 

loans in deferment or forbearance). Among those 

who indicate that they are currently making payments on one or more loans for their own education, 

the average monthly payment is $533, with a median 

payment of $180.

In addition to asking respondents about the financing of their own education, the survey also asks 

respondents if they borrowed money for the education of other family members. The results indicate 

that education debt extends beyond that acquired by 

the individual obtaining the education. In addition to 

the 15 percent of individuals who currently owe 

money on loans for their own education, 4 percent 

owe money for a spouse’s education and 5 percent 

hold debt acquired for a child’s or grandchild’s education. Reflecting that some individuals owe money 

for multiple persons’ educations, 22 percent of individuals say that they currently owe money on education loans for themselves or someone else.

40 Respondents who indicate that they have “other” debt for their 

education are asked to specify its form. Among those who provide additional specificity to this follow-up question, the most 

common responses are auto loans, personal loans, or borrowing 

from relatives.

41 Respondents who report having education debt, but also indicate that the highest education they have completed is a high 

school degree or less are included here with those who have 

some college. These respondents likely started a degree program 

or took classes beyond high school, but consider themselves to 

have just a high school degree given the lack of a higher education credential.

42 This should not be viewed as the median level of debt that 

respondents undertake for a bachelor’s degree. Respondents 

who have started, but not completed, a graduate degree will be 

included here, since their highest degree completed is a bachelor’s degree. However, for these individuals, a portion of their 

total debt outstanding may be for their graduate education.

Table 31. Form and amounts of education debt currently 

owed for own education

Form of debt

 Percent of 

debt holders 

with form 

of debt

 Mean debt 

(dollars)

 Median debt 

(dollars)

 Student loan 94.3 30,156 12,000

 Home equity loan 2.5 57,550 40,400

 Credit card 20.5 7,574 3,000

 Other loan 4.3 11,969 9,000

Total 100.0 32,585 14,000

Note: Among respondents who have at least some debt outstanding for their own 

education. Some respondents have more than one type of debt.

54 Economic Well-Being of U.S. Households, 2015
Student Loan Payment Status by 

Demographic and Education 

Characteristics

Among respondents who currently have outstanding 

student loans from their own education, 18 percent 

are behind on their payments. The likelihood of 

being behind is greatest among those who completed 

less education. Twenty-six percent of respondents 

with outstanding loans with some college, a certificate, or a technical degree are behind on their debt, 

and 21 percent of those that completed an associate 

degree are behind.43 This compares to 12 percent of 

respondents with outstanding loans who completed a 

bachelor’s degree and 7 percent of those with a 

graduate degree who are behind.

Notably, the inverse relationship between one’s level 

of education and the likelihood of falling behind on 

payments also means that respondents with higher 

levels of student loan debt actually, and perhaps 

counterintuitively, have a lower rate of falling behind 

on payments than those with lower levels of debt. 

Twenty-two percent of respondents with less than 

$10,000 of outstanding debt are behind on their payments and 17 percent of those with between $10,000 

and $25,000 of debt are behind. Among respondents 

with over $100,000 of debt, the frequency of being 

behind on student loan payments is a lower 

11 percent.

One limitation of focusing exclusively on those who 

currently owe money on their student loan debt when 

evaluating repayment status is that it excludes 

respondents who have successfully repaid their loan. 

As a result, it is possible for population groups that 

have a high rate of rapid repayment to appear as 

though default rates are high due to the exclusion of 

these successful repayments. Recognizing the value of 

including all loans when looking at the status of 

repayment, the remainder of this section considers 

the repayment status of all borrowers, including both 

those who have completely repaid their loan and 

those who have not. Among all respondents who 

have ever incurred debt from their own education, 

9 percent report that they are currently behind on 

their payments, 47 percent have outstanding debt and 

are current on their payments, and 44 percent have 

completely paid off their loans.44

Consistent with that observed when considering just 

those with outstanding student loan debt, the fraction of all borrowers—including those who have 

completely repaid their loan—who are behind on 

their student loan debt is greatest for those with 

lower levels of education. Seventeen percent of individuals who ever borrowed for their education but 

failed to complete any degree or who have just a certificate or technical degree are behind on their debt.45 

This compares to 10 percent of all borrowers who 

completed an associate degree that are behind, 6 percent of bachelor’s degree recipients, and 3 percent of 

graduate degree recipients who are behind on their 

payments.

First-generation college students who took out a student loan for their education are also disproportionately likely to report being behind on their payments. 

As was also observed in the 2014 survey, among 

respondents under age 45, first-generation college 

students who ever borrowed are more than twice as 

likely to be behind on their payments as borrowers 

with a parent who completed a bachelor’s degree 

(figure 32). This suggests that these individuals from 

lower socioeconomic backgrounds are disproportionately likely to be burdened by their student loan payments, either because they are less likely to have completed a degree, because the returns on the degree 

obtained are lower, or because they lack a financial 

safety net to help them manage the payments if the 

degree does not pay off.

Similar differences also emerge based on the race and 

ethnicity of respondents. Black and Hispanic borrowers are much more likely than white borrowers to 

be behind on their loan, and are less likely to have 

completely repaid their loan (figure 33). The divergence of student loan repayment rates by race and 

ethnicity suggests that the burden of unmanageable 

student loan debt may be of greater concern, on average, among individuals who are black or Hispanic 

than it is for white individuals. This too may be the 

43 The rate of being behind on payments for those with some college, a certificate, or a technical degree who are behind on their 

payments includes respondents who report that their highest 

degree is a high school degree or less who report that they are 

behind. These respondents likely incurred debt for higher education but, given their lack of completion of a higher degree, still 

consider their highest level of education to their high school 

education.

44 Respondents who currently owe education debt, but report that 

it is not student loan debt, are not asked about the payment status. These respondents are included here with those who are 

current on their payments. Excluding these respondents does 

not substantively alter these results.

45 Among respondents who did not complete any degree and 

report that they are not currently enrolled in an educational 

program, a somewhat higher 20 percent indicate that they are 

behind on their payments.

May 2016 55
result of either differences across races and ethnicities 

in respondents’ socioeconomic or educational backgrounds, in their postsecondary educational experiences, or in the wages received for a given credential 

that then influence their ability to repay student 

loans.

In addition to differences in loan repayment rates by 

the level of education and socioeconomic backgrounds of borrowers, one may expect that the type 

of institution attended could affect the ability to 

repay student loans. The survey observes that borrowers who attended for-profit institutions are more 

likely to report being behind on student loan payments than those who attended public or nonprofit 

schools (table 32). While 7 percent of students who 

attended a public institution are behind on their student loan payments, 21 percent of those who 

attended a for-profit institution report that they are 

behind.

This lower repayment performance for students who 

attended for-profit institutions may be partially 

attributable to differences in the rate of return across 

education sectors.46 However, just as degree completion is closely related to the socioeconomic and 

demographic backgrounds of students, students 

attending for-profit institutions are disproportionately likely to be first-generation college students or 

minority students and are less likely to complete their 

degree. Over 95 percent of respondents who attended 

46 See David J. Deming, Claudia Goldin, and Lawrence F. Katz, 

“The For-Profit Postsecondary School Sector: Nimble Critters 

or Agile Predators?” Journal of Economic Perspectives 26, no. 1 

(Winter 2012): 139–64, for a discussion of the rates of return by 

education sector.

Figure 32. Payment status of student loans acquired for own education (by parental education)

Not rst-generation college students (all)

First-generation college students (all)

Not rst-generation college students (ages 18–44)

First-generation college students (ages 18–44)

Percent

Currently owe education debt, behind Currently owe education debt, not behind Paid off loans

5 52 43

6 65 29

14 62 24

11 44 44

Note: Among respondents who borrowed to pay for their own education.

Figure 33. Payment status of student loans acquired for own education (by race, ethnicity, and age)

23 52 25

16 58 26

5 42 53

27 58 15

5 60 35

Hispanic (all)

Black, non-Hispanic (all)

White, non-Hispanic (all)

Hispanic (ages 18–44)

Black, non-Hispanic (ages 18–44)

White, non-Hispanic (ages 18–44)

Percent

Currently owe education debt, behind Currently owe education debt, not behind Paid off loans

14 76 10

Note: Among respondents who borrowed to pay for their own education.

56 Economic Well-Being of U.S. Households, 2015
for-profit institutions went to either part-time/twoyear institutions or to institutions classified by the 

Carnegie ClassificationTM as having inclusive admissions criteria. In contrast, over half of students 

attending nonprofit or public institutions went to 

schools with selective or more-selective admissions 

criteria.

In order to assess whether the differences in payment 

status between attendees of for-profit, nonprofit, and 

public institutions are simply due to differences in 

their selectivity, the student loan payment status of 

respondents who attended for-profit schools can be 

compared to that of students who attended two-year 

or inclusive public or nonprofit institutions, excluding those who attended selective or more selective 

public or nonprofit schools. (A similar comparison 

was considered for the value of degrees in the 

“Higher Education and Human Capital” section of 

this report). When doing so, the gap between public, 

nonprofit, and for-profit institutions shrinks but does 

not disappear completely. Twelve percent of students 

who borrowed to attend a two-year or inclusive public or nonprofit institution report that they are 

behind on their student loans. While this is a higher 

rate of being behind on loans than that seen for all 

students attending public or nonprofit institutions, it 

remains below the 21 percent of students who borrowed to attend a for-profit institution that are 

behind.

Table 32. Payment status of student loans acquired for own 

education (by institution type) 

Percent

Institution type

 Currently owe 

education debt, 

behind

 Currently owe 

education debt, 

not behind

 Paid off 

loans

 Public 6.6 49.2 44.2

 Private not-for-profit 4.6 42.4 53.0

 Private for-profit 21.4 52.8 25.8

Overall 9.5 47.0 43.5

Note: Among respondents who borrowed to pay for their own education.

May 2016 57

Retirement

The survey also considers the extent to which respondents are preparing for the longer-term financial 

needs that they will face in retirement. To assess 

respondents’ preparedness for their retirement years, 

the survey asks questions that probe their retirement 

plans, their retirement savings, and their expected 

path toward retirement. In general, the results demonstrate that many individuals, and especially those 

with lower incomes, are struggling to save for retirement. Additionally, even among those who are saving 

for retirement, a slight majority of respondents indicate that they have no or limited confidence in their 

ability to manage their self-directed retirement 

investments.

Saving for Retirement

Many respondents report that they lack retirement 

savings. When asked what types of retirement savings 

or pension they have, 31 percent of non-retired adults 

report that they have no retirement savings or penFigure 34. Presence of any retirement savings (by age and employment status)

62

20

50

37

52

81

25

55

37

72

89

29

74

55

78

86

39

79

59

73

Employed

Disabled and not working

Homemaker

Not employed or temporarily laid-off

Overall

Percent

18–29

30–44

45–59

60+

Age group

Note: Among respondents not currently retired.

59
sion whatsoever. This is unchanged from the percent 

of respondents in 2014 who reported no retirement 

savings.

The patterns of retirement savings differ substantially—and not surprisingly—by age. The percentage 

of people indicating that they lack retirement savings 

decreases with age. Nearly half of those ages 18 to 29 

report that they have no retirement savings or pension, whereas approximately three-quarters of nonretirees age 45 or older have at least some savings. 

However, whether respondents have retirement savings as they approach retirement is highly dependent 

on their employment status (figure 34). While almost 

90 percent of employed respondents age 45 or older 

have retirement savings, less than a third of those 

who are out of work due to a disability do. Since 

13 percent of non-retired respondents ages 45 to 59 

and 20 percent of non-retired respondents age 60 or 

older report that they are out of work due to a disability, these individuals constitute a sizeable fraction 

of the respondents who lack savings as they 

approach retirement age.

The lack of retirement savings is particularly acute 

for respondents with limited incomes and for racial 

and ethnic minorities. Sixty percent of non-Hispanic 

black respondents and 57 percent of Hispanic 

respondents have at least some retirement savings, 

compared to 74 percent of non-Hispanic white 

respondents (figure 35). Looking at retirement savings by income, 94 percent of respondents with a 

family income over $100,000 report that they have at 

least some retirement savings, and 82 percent of 

those making between $40,000 and $100,000 per year 

have some retirement savings. Among respondents 

making under $40,000 per year, 44 percent have any 

retirement savings.

Since saving for retirement varies by employment status, individuals in lower-income families are less 

likely to have savings in part because they are less 

likely to be working. However, non-self-employed 

full-time workers in lower-income families are still 

much less likely to have savings (60 percent) than 

non-self-employed full-time workers in families with 

an income between $40,000 and $100,000 (90 percent) or over $100,000 (98 percent). This suggests 

that a portion of the gap is also due to either differences in retirement benefits for the types of jobs held 

by individuals lower in the income distribution, or 

the fact that even these lower-income individuals who 

work full time lack the financial capacity or wherewithal to save and contribute to retirement accounts.

In addition to collecting information on whether 

respondents have any retirement savings, those who 

do have savings are asked to indicate all the ways they 

are saving for retirement. The most commonly 

reported form of retirement savings is a defined contribution plan, such as a 401(k) or 403(b) plan, which 

48 percent of non-retirees possess. This is nearly 

twice the 25 percent of non-retirees who participate 

in a traditional defined benefit pension plan through 

Figure 35. Presence of any retirement savings (by income, race, and ethnicity)

57

95

75

40

60

95

89

34

74

94

83

48

Overall

Greater than $100,000

$40,000–$100,000

Less than $40,000

Percent

White, non-Hispanic

Black, non-Hispanic

Hispanic

Note: Among respondents not currently retired.

60 Economic Well-Being of U.S. Households, 2015
an employer. Twenty-seven percent of respondents 

report that they have an individual retirement 

account (IRA), and 41 percent indicate that they 

have savings outside of a formal retirement account. 

Additionally, 15 percent of respondents report having real estate or land that they plan to sell or rent to 

generate income during retirement, and 6 percent 

report having retirement savings through the ownership of a business. Each of these findings are largely 

consistent with those observed in 2014.

The survey also looks at whether respondents have 

borrowed or cashed out their retirement savings, and 

observes that at least some non-retired respondents 

who have, or had, retirement savings do not necessarily consider these savings to be sacrosanct. Four percent of those with retirement savings report that they 

borrowed money from a retirement account during 

the year before the survey. Moreover, 4 percent of 

those with such accounts report that they cashed out 

(permanently withdrew) some or all of their retirement savings in the prior 12 months, and 1 percent 

indicate that they both borrowed money from and 

cashed out retirement accounts in that time. Additionally, 5 percent of non-retirees without retirement 

savings say that they borrowed from and/or cashed 

out their retirement savings, reflecting that some individuals previously had savings but have depleted the 

funds in those accounts.47 

Self-Directed Retirement Savings

As self-directed retirement savings are increasingly 

the expected approach to prepare for retirement, the 

survey seeks to better understand why some individuals are not saving for their retirement by asking 

employed respondents who do not participate in a 

401(k) (or similar) plan a series of questions designed 

to capture why they do not participate.48 Among 

respondents who are employed for somebody else 

(thereby excluding those who are self-employed or 

contractors, along with those who are not working), 

36 percent of respondents do not have a 401(k), or 

similar, account.49 Of those who work for somebody 

else and do not invest in such a plan, 53 percent 

report that their employer does not offer a plan, 

5 percent report that their employer offers a plan for 

which they are not eligible, and 19 percent do not 

know if a plan is offered or not.

As observed previously for the likelihood of having 

any retirement savings, the likelihood of investing in 

a defined contribution plan through work is closely 

tied to one’s income—even among those who are 

employed. Restricting the sample to non-students 

and non-retirees who are employed for someone else, 

37 percent of respondents with a family income 

under $40,000 have a 401(k) account, well below the 

69 percent of middle-income workers and 87 percent 

of high-income workers who have a 401(k) account.

This gap in the probability of participating in a 

defined contribution plan can be partially attributed 

to employers of lower-income workers not offering 

plans. Thirty-two percent of respondents who are 

employed for someone else and whose income is 

below $40,000 report that their employer does not 

offer a plan. However, not all workers that are not eligible for a plan would invest were their employer to 

provide one. Workers whose employer does not offer 

a plan, or who do not know if their employer offers a 

plan, are asked how likely it is that they would contribute to a 401(k) plan if it were offered. Among 

these workers, 59 percent say that they probably or 

definitely would contribute to a plan were it an 

option for them, but 26 percent say that they don’t 

know and 16 percent indicate that they probably or 

definitely would not contribute. Among lowerincome workers whose employer does not offer a 

plan, 53 percent say that they would probably or definitely contribute to a defined contribution benefit 

plan if it were offered.

The overall demand for a 401(k) account can be 

observed as those respondents who either have a 

401(k) type account or who report that they would 

participate in their employer’s 401(k) plan if it were 

offered. When combining the 37 percent of lowerincome respondents who have a 401(k) type account 

with the 25 percent who would likely invest in one if 

offered, 62 percent of employed lower-income 

respondents express a demand for a 401(k) type 

retirement account (table 33). This compares to over 

80 percent of respondents with a family income 

47 Some of these non-retired respondents may be cashing out from 

their retirement account to pay for retirement expenses as they 

near retirement. However, only 26 percent of respondents who 

cashed out a retirement account, 11 percent of those who borrowed money, and 10 percent of those who both borrowed and 

cashed out are age 60 or older, suggesting that may are doing so 

for other purposes.

48 Respondents are specifically asked about their participation in, 

and access to, a 401(k), 403(b), thrift, or other defined contribution plan from work. References in this section to 401(k) plans 

include both 401(k) plans as well as these other forms of 

defined contribution retirement accounts.

49 Students who also have a job are excluded in this section from 

those who are employed for somebody else, as they are not 

asked about the nature of their employment.

May 2016 61
between $40,000 and $100,000 and over 90 percent of 

those in the highest income group who express a 

demand for a 401(k) type account in one of these 

ways. This suggests that while a portion of the difference in propensities to save in a 401(k) by income 

results from employer offerings, the lack of capacity 

or desire for lower-income individuals to save for 

retirement in this way also plays a substantial role.

In addition to asking respondents whose employer 

does not offer a plan if they would contribute to a 

plan if it were offered, the survey asks respondents 

whose employer offers a plan, but who do not participate, why they do not invest through the plan. The 

most common reason, stated by 27 percent of these 

respondents, is an inability to afford contributions to 

the plan (figure 36). This was followed by those who 

prefer to save for retirement in other ways (20 percent), those who are unsure of the best way to invest 

contributions (18 percent), those who are not eligible 

for their employer’s plan (18 percent), and those who 

plan to invest but have not yet signed up (16 percent). 

Smaller fractions reported that they simply prefer to 

spend the money rather than save, that their 

employer does not match contributions, or that they 

do not invest for other reasons.

Here there are noteworthy differences between men 

and women when it comes to reasons for not investing through their employer’s retirement plan. In particular, women are more likely to cite being unable to 

afford contributions or being ineligible for their 

employer’s plan. Among women who indicate that 

their employer offers a plan but that they do not participate, 31 percent report that they are unable to 

afford contributions to the plan, and 26 percent say 

they are not eligible to participate in the plan. This 

compares to 22 percent and 9 percent among men 

who do not participate in their employer’s plan citing 

these reasons, respectively.

Table 33. Presence of savings in a defined contribution 

benefit plan, and desire to participate in employer plan if it 

were offered (by family income) 

Percent

Category Less than 

$40,000

 $40,000–

$100,000

 Greater than 

$100,000

 Has a 401(k), or similar, account 37.3 68.8 86.8

 Employer does not offer a plan 

(or don’t know); would 

participate if offered 24.7 14.0 6.1

 Employer does not offer a plan 

(or don’t know); would not or 

don’t know if would 

participate if offered 21.9 7.3 2.6

 Employer offers a plan; does 

not participate1

16.1 9.9 4.6

Note: Among respondents employed for somebody else.

1

Respondents who are offered a plan but do not participate includes the 

respondents whose employer offers a plan but report that they are not eligible. 

These respondents are not asked if they would participate in the plan if they 

were eligible. Approximately 3.8 percent of employed respondents in the 

lowest income category, 1.2 percent in the middle income category, and 

0.7 percent in the highest income category indicated that this is why they do 

not invest in a 401(k).

Figure 36. Reasons for not investing in employer’s 401(k), 403(b), thrift, or other defined benefit contribution plan

12

6

6

16

18

18

20

27

Other

Employer offers a plan but does not match contributions

Prefer to spend the money rather than save

Plan to invest through the retirement plan but have not signed up yet

Unsure of best way to invest money contributed to the retirement plan

Not eligible to participate in retirement plan

Prefer to save for retirement in other ways

Unable to afford contributions to a retirement plan

Percent

Note: Among respondents not currently retired who work for somebody else and do not invest in their employer’s 401(k) type plan.

62 Economic Well-Being of U.S. Households, 2015
Looking at those respondents who do have selfdirected retirement savings (including 401(k), IRA, 

and savings outside retirement accounts), the survey 

also observes that these investors are divided on 

whether they feel confident about their ability to 

manage these investments. Forty-nine percent of 

respondents with self-directed retirement accounts 

are either “not confident” or only “slightly confident” in their ability to make the right investment 

decisions when investing money in these accounts 

(figure 37). The remaining 51 percent are either “very 

confident” or “mostly confident” in their investment 

abilities. In general, men express somewhat greater 

levels of confidence in their investment capabilities, 

with 58 percent of men compared to 45 percent of 

women reporting that they are mostly or very confident that they will make the right investment choices.

Given that many investors lack confidence in their 

ability to manage their investments, the survey seeks 

to understand where individuals obtain investment 

advice when making decisions on how to invest 

money in their retirement accounts. Forty percent of 

respondents who have self-directed retirement savings 

indicate that they receive professional financial 

advice, either from a financial planner, a lawyer, or an 

investment broker. Twenty-eight percent use financial 

advice received from friends or family; 24 percent use 

advice obtained from the Internet, books, or magazines; and 11 percent use advice received from their 

employer. Just over one-quarter of respondents, however, indicate that do not use any financial advice 

when deciding how to manage their investments.

There are several reasons why individuals may not 

seek out any financial advice, however. Among those 

who do not use any financial advice, 47 percent indicate that this is because they do not feel that they 

need help with their investments. But just over half 

report that they either cannot afford financial assistance (27 percent) or that they would like help but do 

not know where to go to get it (25 percent).

As was observed for the level of investment confidence, there is a gender gap in the likelihood that 

individuals feel that they need help but cannot afford 

it or do not know where to get it. Just over onequarter of both men and women report that they use 

no advice from others when managing their investments. However, while 55 percent of men who do not 

use any advice say that they do so because they do 

not feel that they need it, only 39 percent of women 

that do not use any advice from others feel this way.

Expectations for Retirement

In addition to asking respondents about the retirement savings that they currently hold, the survey asks 

respondents about the sources of income that they 

plan to use to pay for expenses in retirement. There 

are differences by age in the sources of funds that 

respondents expect to use to pay for retirement 

expenses (table 34). This is especially apparent with 

respect to Social Security. Forty-two percent of those 

under age 30 say that they anticipate that Social 

Security benefits will be part of their plan to pay for 

expenses in retirement. This percentage steadily 

increases by age cohort, with up to 91 percent of 

those age 60 or older expecting to receive Social 

Security income in retirement.

It is unclear whether these differences simply highlight the fact that older adults are likely to be thinking more actively about Social Security or if they represent diminishing levels of confidence among 

younger people about the future availability of Social 

Security benefits. Similarly, traditional defined benefit pension plans are less common as an expected 

source of retirement funding among younger respondents. Thirty-six percent of those age 60 and older 

Figure 37. How confident are you in your ability to make the 

right investment decisions when managing and investing 

the money in your retirement accounts?

Not condent, 15%

Mostly condent, 36% Slightly condent, 33%

Very condent, 15%

Note: Among respondents with retirement savings in a self-directed retirement 

account.

May 2016 63
are counting on income from a defined benefit pension, while 23 percent of those ages 18 to 29 plan on 

receiving income from a defined benefit pension.

Just over half of respondents expect to draw on a 

401(k) account in retirement, 44 percent of respondents plan to rely on savings they hold outside formal 

retirement accounts to cover their expenses, and 

32 percent plan to use savings in an IRA. Eighteen percent expect to sell or rent land or real estate 

to pay for retirement expenses. However, many nonretirees also expect continued employment to be a 

significant source of retirement income, with 38 percent of all respondents expecting to continue working 

in some capacity to cover their expenses and 22 percent expecting their spouse or partner to continue 

working.

Closely related to whether respondents expect to continue working into retirement, non-retirees are asked 

for the age at which they expect to retire fully and 

completely stop working for pay. Forty-four percent 

of respondents report that they do not know. Among 

respondents who provided an expected retirement 

age or indicated that they do not expect to ever retire, 

just under one-quarter expect to retire by age 62 and 

just under one-half expect to retire by age 65. However, 42 percent expect to either retire at age 70 or 

older or expect to never retire.

Experiences in Retirement

The survey asks respondents who are currently 

retired about their experiences in retirement and 

about how they manage their expenses. The most 

common age to retire is 62, with 16 percent of retirees who recall their retirement age stopping work at 

that age, followed by age 65, when 12 percent stopped 

working. Seventy-nine percent of these current retirees report that they had stopped working by age 65. 

This contrasts with that seen above among nonretirees, where only 48 percent of those who plan to 

retire and provided an expected retirement age expect 

to retire by age 65.50

When it comes to sources of funds in retirement, 

90 percent of those in retirement are drawing Social 

Security benefits (figure 38). Sixty-five percent are 

drawing a traditional defined benefit pension, 53 percent draw on savings outside a retirement account, 

43 percent use savings from an IRA, and 36 percent 

draw on a defined contribution plan. These results 

are comparable to those observed in the 2014 survey. 

When compared to the expected sources of income in 

retirement for non-retirees, individuals in retirement 

are more likely to report having income from a traditional defined benefit pension, even when compared 

to older working-age adults, and are less likely to 

report having income from a defined contribution 

pension plan.

50 Results for expected retirement age are similar if restricting 

non-retirees to those under age 60, indicating that the results are 

not driven by the selection into retirement among older adults.

Table 34. Which of the following do you expect will be a source of funds for you in retirement? (by age) 

Percent

Source of funds 18–29 30–44 45–59 60+ Overall

 Social Security 42.3 58.9 80.9 90.7 65.3

 I will continue working 40.3 41.1 34.2 37.6 38.3

 Spouse/partner will continue working 22.2 24.4 19.5 18.9 21.6

 Defined benefit pension from work 23.0 31.1 41.2 35.7 32.7

 401(k), 403(b), thrift, or other defined contribution pension plan 

from work 44.7 57.0 60.3 41.1 52.8

 Individual retirement account (IRA) 25.9 31.3 35.5 34.3 31.6

 Savings outside a retirement account 44.7 44.1 44.8 42.9 44.3

 Income from real estate or the sale of real estate 15.0 17.8 20.4 18.8 18.0

 Income from a business or the sale of a business 7.1 6.2 4.8 7.1 6.1

 Rely on children, grandchildren, or other family 4.8 4.4 3.3 4.1 4.1

 Rely on inheritance 7.3 8.0 7.5 4.3 7.2

 Other retirement savings 13.7 11.6 14.8 16.9 13.8

Note: Among respondents who are not currently retired.

64 Economic Well-Being of U.S. Households, 2015
Figure 38. Which of the following are sources of funds for you in retirement?

4

4

7

14

14

19

36

43

53

65

90

Relying on children, grandchildren, or other family

Income from a business or the sale of a business

I have a job

My spouse/partner has a job

Income from real estate or the sale of real estate

Other retirement savings

401(k), 403(b), thrift, or other dened contribution pension plan

Individal retirement account (IRA)

Savings outside a retirement account

Dened benet pension from work

Social Security

Percent

Note: Among respondents who are currently retired.

May 2016 65

Conclusion

The results of the 2015 Survey of Household Economics and Decisionmaking underscore reasons for 

optimism as well as concern about the financial wellbeing of individuals and their families. On one hand, 

when looking at aggregate-level results for the population, there are signs of improvement across a number of dimensions. On the vast majority of financial 

measures for which comparisons can be made 

between the three years of survey data, the most 

recent results indicate that individuals’ financial picture is similar to, or better than, it was in the two earlier years. Relative to the previous two surveys, more 

respondents are saving at least some of their income; 

a slightly larger fraction say that they would be able 

to cover a $400 expense without borrowing money or 

selling something; and more adults believe that they 

have the skills needed for the types of jobs that they 

want right now. Additionally, more individuals say 

that they are at least “doing okay” financially in 2015 

than was observed in either of the earlier years.

On the other hand, while the aggregate picture presents evidence of improving household finances, the 

results also accentuate concerns that these improvements are not necessarily being experienced universally. While more respondents indicate that their wellbeing improved in the prior year than say that it 

declined, most of this improvement is reported by 

respondents who attended college—suggesting that 

those with lower levels of education are still struggling. Additionally, many respondents report that 

they experienced some level of volatility in their 

income and expenses, and among those with lower 

incomes, this volatility often results in difficulty paying monthly bills.

The survey results also highlight the extent to which 

economic challenges are particularly prevalent 

among racial and ethnic minorities, individuals with 

lower incomes or less education, and those who come 

from modest socioeconomic backgrounds. For 

example, respondents making under $40,000 per year 

are more likely to say that they lack access to the traditional banking system; Hispanic and non-Hispanic 

black respondents are less likely to be able to handle 

a $400 emergency expense without borrowing; and 

individuals whose parents did not go to college are 

disproportionately likely to go to a for-profit institution where the self-reported value of degrees are 

lower, if they go to college at all.

There is little question that, on the whole, the financial well-being of Americans seems to have improved 

relative to the prior year and relative to the year 

before that. However, the many pockets of consumers who display elevated levels of financial stress and 

who are at risk for financial disruption in the case of 

further economic hardships remain a concern. While 

the three years of data from the SHED cannot determine whether these elevated risks for some consumers are a residual impact from the Great Recession, 

or reflect the typical state of their finances, the results 

highlight the need to continue to monitor these 

populations and track the extent to which they are, 

or are not, fully benefitting from broader economic 

growth.

67

Appendix A: Technical Appendix on 

Survey Methodology

The Survey of Household Economic Decisionmaking (SHED) was designed by Board staff and administered by GfK, an online consumer research company, on behalf of the Board. In order to create a 

nationally representative probability-based sample, 

GfK’s KnowledgePanel® selected respondents based 

on both random digit dialing and address-based sampling (ABS). Since 2009, new respondents have been 

recruited using ABS. To recruit respondents, GfK 

sends out mailings to a random selection of residential postal addresses. Out of 100 mailings, approximately 14 households contact GfK and express an 

interest in joining the panel. Of those who contact 

GfK, three-quarters complete the process and 

become members of the panel.51 If the person contacted is interested in participating but does not have 

a computer or Internet access, GfK provides him or 

her with a laptop and access to the Internet. Panel 

respondents are continuously lost to attrition and 

added to replenish the panel, so the recruitment rate 

and enrollment rate may vary over time.

There are several reasons that a probability-based 

Internet panel was selected as the method for this 

survey rather than an alternative survey method. The 

first reason is that these types of Internet surveys 

have been found to be representative of the population.52 The second reason is that the ABS Internet 

panel allows the same respondents to be 

re-interviewed in subsequent surveys with relative 

ease, as they remain in the panel for several years. 

The third reason is that Internet panel surveys have 

numerous existing data points on respondents from 

previously administered surveys, including detailed 

demographic and economic information. This allows 

for the inclusion of additional information on 

respondents without increasing respondent burden. 

Lastly, collecting data through an ABS Internet panel 

survey is cost-effective, and can be done relatively 

quickly.

A total of 8,681 KnowledgePanel® members received 

e-mail invitations to complete this survey, including 

an oversample of respondents with a household 

income under $40,000. The sample included a 

random selection of 2,853 out of the 4,262 KnowledgePanel® respondents who participated in the 

Board’s 2014 SHED (excluding those who were in 

the 2014 lower-income oversample) and an additional 

3,332 randomly selected KnowledgePanel® respondents who did not participate in the Board’s previous 

survey. It also included 2,496 randomly selected 

KnowledgePanel® respondents whose household 

income was under $40,000. (See table 1 in main text.) 

The lower-income oversample was included in the 

study to ensure sufficient coverage of this population 

for key questions of interest.

From these three components of the sample, a total 

of 5,695 people (excluding breakoffs, speeders, and 

bulk non-responders) responded to the e-mail request 

to participate and completed the survey yielding a 

final stage completion rate of 65.5 percent. The 

recruitment rate for the primary sample, reported by 

GfK, was 13.5 percent and the profile rate was 

64.3 percent, for a cumulative response rate of 

5.7 percent.

To enhance the completion rate, GfK sent e-mail 

reminders to non-responders over the course of the 

field period.53 GfK maintains an ongoing modest 

incentive program to encourage KnowledgePanel® 

members to participate. Incentives take the form of 

raffles and lotteries with cash and other prizes. 

KnowledgePanel® members were offered an addi51 For further details on the KnowledgePanel® sampling methodology and comparisons between KnowledgePanel® and telephone surveys, see www.knowledgenetworks.com/accuracy/

spring2010/disogra-spring10.html. 

52 David S. Yeager, Jon A. Krosnick, LinChiat Chang, Harold S. 

Javitz, Matthew S. Levendusky, Alberto Simpser, and Rui 

Wang, “Comparing the Accuracy of RDD Telephone Surveys 

and Internet Surveys Conducted with Probability and NonProbability Samples,” Public Opinion Quarterly 75, no. 4(2011): 

709–47.

53 For respondents in the fresh population sample, e-mail reminders were sent on days 3, 13, 17, and 21 of the field period. For 

respondents in the lower-income oversample, e-mail reminders 

were sent on days 3, 9, 13, 17, and 20 of the field period.

69
tional $5 incentive for completing this survey in addition to the standard incentives offered by GfK. 

Re-interviewed respondents were provided with an 

additional $5 incentive, for a total of $10.54

Significant resources and infrastructure are devoted 

to the recruitment process for the KnowledgePanel® 

so that the resulting panel can properly represent the 

adult population of the United States. Consequently, 

the raw distribution of KnowledgePanel® mirrors 

that of U.S. adults fairly closely, baring occasional 

disparities that may emerge for certain subgroups due 

to differential attrition rates among recruited panel 

members.

The selection methodology for general population 

samples from the KnowledgePanel® ensures that the 

resulting samples behave as an equal probability of 

selection method (EPSEM) samples. This methodology starts by weighting the entire KnowledgePanel® 

to the benchmarks secured from the latest March 

supplement of the Current Population Survey along 

several dimensions. This way, the weighted distribution of the KnowledgePanel® matches that of U.S. 

adults. Typically, the geo-demographic dimensions 

used for weighting the entire KnowledgePanel® 

include gender, age, race/ethnicity, education, census 

region, household income, home ownership status, 

metropolitan area status, and Internet access.

Using the above weights as the measure of size 

(MOS) for each panel member, in the next step a 

probability proportional to size (PPS) procedure is 

used to select study specific samples. Since this survey 

includes a lower-income oversample, the departures 

caused by this oversample from an EPSEM design 

are corrected by adjusting the corresponding design 

weights accordingly with the Current Population Survey benchmarks serving as reference points.

Once the sample has been selected and fielded, and 

all the study data are collected and made final, a 

post-stratification process is used to adjust for any 

survey non-response as well as any non-coverage or 

under- and over-sampling resulting from the study 

specific sample design. The following variables were 

used for the adjustment of weights for this study: 

gender, age, race/ethnicity, education, census region, 

residence in a metropolitan area, household income, 

and access to the Internet. Demographic and geographic distributions for the noninstitutionalized, 

civilian population ages 18 and over from the 

March 2014 Current Population Survey are used as 

benchmarks in this adjustment.

Although weights allow the sample population to 

match the U.S. population based on observable characteristics, similar to all survey methods, it remains 

possible that non-coverage or non-response results in 

differences between the sample population and the 

U.S. population that are not corrected using weights.

54 The higher incentive for re-interviewed respondents was both to 

reflect the high value of repeat respondents, as well as a desire 

to maintain a consistent incentive level for respondents who 

participated in the past, since respondents to the 2014 survey all 

received a $10 incentive.

70 Economic Well-Being of U.S. Households, 2015
Appendix B: Survey of Household Economics 

and Decisionmaking—Questionnaire

Below is a reproduction of the survey instrument in its entirety. The bracketed text 

are programming instructions that indicate whether the respondent can select only 

a single response [S] or multiple responses [M]. Not all questions are shown to all 

respondents, and the skip patterns used to reach each question are listed as the 

“Base” above each question. The respondents only see the questions and response 

options; they do not see the program code. Question numbers are not always 

sequential in order to preserve continuity with question numbers from earlier surveys where possible. Questions are listed below in the order in which they are presented to respondents.

Introduction

[DISPLAY01]

OMB Control Number: 7100-0359

Expiration Date: 04/30/2017

Additional information is available here on the OMB public reporting 

requirements.

The Federal Reserve Board is interested in learning more about the financial wellbeing and economic perceptions of the American people. The data collected in this 

survey will be used for research, analysis, and policymaking on consumer finances 

and household financial stability. A dataset containing anonymized responses may 

also be released publicly on the Federal Reserve Board’s website. We appreciate 

your participation in this survey. In appreciation for your completing this survey, you 

will be provided with the equivalent of [((IF XSFLAG=1 OR 3) AND X2013=1) OR 

(XSFLAG=2), INSERT: $10 / if ((xsflag=1 or 3) and x2013=2), insert $5] through 

the GfK rewards system.

[IF “HERE” CLICKED ABOVE, DISPLAY THIS TEXT IN A NEW TAB OR WINDOW]

The Federal Reserve may not conduct or sponsor, and an organization is not 

required to respond to, a collection of information unless it displays a currently 

valid OMB control number. Public reporting burden for this information collection is estimated to average 0.33 hours, including the time to gather data in the 

required form and to review instructions and complete the information collection. 

Send comments regarding this burden estimate or any other aspect of this collection of information, including suggestions for reducing this burden to: Secretary, 

Board of Governors of the Federal Reserve System, 20th and C Streets, NW, 

Washington, DC 20551, and to the Office of Management and Budget, Paperwork 

Reduction Project (7100-0359), Washington, DC 20503.

71
Demographics and Employment Section

Base: All respondents

[show display1 and d1 on the same page]

[DISPLAY1]

First, tell us a little about yourself.

Base: All respondents

[GRID]

[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes or no to each 

option]

D0. Do each of the following types of people currently live with you in your 

household?

DOWN:

a. My spouse or partner

b. My child or children who are under age 18

c. My adult child or children who are age 18 or older

d. My parents

e. My extended family such as brothers, sisters or cousins

f. Roommate(s) who are not related to me

g. Other individuals (please specify) [text box]

ACROSS:

1=Yes

0=No

72 Economic Well-Being of U.S. Households, 2015
Base: D0_c = 1

[S]

D0A. Which of the following best describes the adult children (who are age 18 or 

older) who live with you?

1. All of the adult children living with me are currently enrolled in school

2. One or more of the adult children who lives with me is not currently enrolled in 

school

Base: All respondents

[S]

D2. We are interested in your present job status. Which one of the following BEST 

describes your current employment situation?

1. Employed now

2. Temporarily laid off

3. Not employed, but looking for a job

4. Not employed and not looking for a job

5. Homemaker

6. Student

7. Disabled and not working

8. Retired

Base: D2=1

[S]

D3. Thinking of your main job, do you:

1. Work full-time for someone else

2. Work part-time for someone else

3. Work for yourself (self-employed)

4. Work as a partner in a partnership (e.g. partner in law firm, medical practice)

5. Work as a consultant/contractor

May 2016 73
Base: D2=6

[S]

D4A. Besides being a student, do you also have a paid job?

1. Yes, I work full-time

2. Yes, I work part-time

3. No

Base: D2=8

[S]

D4B. Besides being retired, do you also have a paid job?

1. Yes, I work full-time

2. Yes, I work part-time

3. No

Base: D2=1

[GRID]

D4C. In addition to your main job, do you have any of the following types of 

additional paid jobs?

DOWN:

a. I have another full-time job

b. I have another part-time job

c. I do other work for pay that is not through a formal job. This may include activities like selling items you make at flea markets or online; freelance work through 

companies like Uber, Care.com, or Airbnb; or providing services for others like 

paid child care or yard work (do NOT include completing surveys for GfK)

ACROSS:

1=Yes

0=No

74 Economic Well-Being of U.S. Households, 2015
Base: D2=2, 3, 4, or 5

[S]

D4D. Do you do any work for pay, even if not through a formal job? This may 

include activities like selling items you make at flea markets or online; freelance 

work through companies like Uber, Care.com, or Airbnb; or providing services for 

others like paid child care or yard work (do NOT include completing surveys for 

GfK)?

1. Yes

0. No

Base: (D3 = 1, 2, or 5) or (D4A = 1 or 2) or (D4B = 1 or 2)

[S]

D4E. If you were paid the same hourly rate that you make at your main job 

regardless of the number of hours you work, would you prefer to:

1. Work the same number of hours that you currently work

2. Work more hours for more money

3. Work fewer hours for less money

Base: PPMARIT = 1 or 6

[S]

D5. Which one of the following BEST describes your [IF PPMARIT=1, INSERT: 

spouse’s / IF PPMARIT=6, INSERT: partner’s] current employment status?

1. Employed full-time

2. Employed part-time

3. Temporarily laid off

4. Not employed, but looking for a job

5. Not employed and not looking for a job

6. Homemaker

7. Student

8. Disabled and not working

9. Retired

May 2016 75
Labor Market Skills Section

Base: D2 = 1-7 OR -1 (Refused)

[S]

Y1. Thinking about your current education and work experience, how confident 

are you that you have the skills necessary to get the kind(s) of job(s) you 

want now?

1. Very confident

2. Somewhat confident

3. Not confident

4. I am not currently in the workforce and I am not looking for a job

8. Don’t know

Base: Y1 = 3

[M]

Y3. You expressed some lack of confidence in your skills for the kinds of jobs that 

you might want now. Which of these statements, if any, do you agree with?

a. I need more education or another degree

b. I need more job training

c. My skills are out of date because I haven’t been using them

d. The job market is changing faster than I can keep up with

e. The kind of job I’m qualified for is not available

76 Economic Well-Being of U.S. Households, 2015
Financial Management and Stability Section

Base: All qualified respondents

[S]

B2. Overall, which one of the following best describes how well you are managing 

financially these days:

4. Living comfortably

3. Doing okay

2. Just getting by

1. Finding it difficult to get by

Base: All qualified respondents

[S]

B3. Compared to 12 months ago, would you say that you (and your family living 

with you) are better off, the same, or worse off financially?

5. Much better off

4. Somewhat better off

3. About the same

2. Somewhat worse off

1. Much worse off

Base: All qualified respondents

[S]

B6. Think of your parents when they were your age. Would you say you (and your 

family living with you) are better, the same, or worse off financially than they 

were?

5. Much better off

4. Somewhat better off

3. About the same

2. Somewhat worse off

1. Much worse off

May 2016 77
General Housing Section

Base: All qualified respondents

[SHOW DISPLAY2 AND GH1 ON THE SAME PAGE]

[DISPLAY2]

This section will ask some questions about your housing situation.

[S]

GH1. Which one of the following best describes your housing arrangement?

1. I [IF PPMARIT=1, INSERT: (and/or my spouse) / IF PPMARIT=6, INSERT: 

(and/or my partner)] own [IF PPMARIT=1 OR 6, INSERT: our, ELSE INSERT: 

my] home with a mortgage or loan.

2. I [IF PPMARIT=1, INSERT: (and/or my spouse) / IF PPMARIT=6, INSERT: 

(and/or my partner)] own [IF PPMARIT=1 OR 6, INSERT: our, ELSE INSERT: 

my] home free and clear (without a mortgage or loan).

3. I [IF PPMARIT=1, INSERT: (and/or my spouse) / IF PPMARIT=6, INSERT: 

(and/or my partner)] pay rent.

4. I [IF PPMARIT=1, INSERT: (and/or my spouse) / IF PPMARIT=6, INSERT: 

(and/or my partner)] don’t own [IF PPMARIT=1 OR 6, INSERT: our, ELSE 

INSERT: my] home or pay rent.

Base: All qualified respondents

[NUMBER BOX, RANGE 1900 TO 2015]

GH2. In what year did you [IF GH1=1 OR 2, INSERT: buy / IF GH1=3, 

INSERT: start renting / IF GH1=4, OR REFUSED, INSERT: move into] your 

current home?

[NUM BOX 1900–2015] 

78 Economic Well-Being of U.S. Households, 2015
Base: All qualified respondents

[GRID]

GH3. How satisfied are you with each of the following aspects of your housing 

situation?

DOWN:

a. Overall quality of your neighborhood

b. Quality of your local schools

c. Safety of your neighborhood

d. Quality of other amenities in your neighborhood

e. Overall quality of your house/apartment

f. [IF GH1= 1, 2, 3] Cost of your house/apartment

ACROSS:

1. Not at all satisfied

2. Slightly satisfied

3. Somewhat satisfied

4. Mostly satisfied

5. Completely satisfied

Base: All qualified respondents

[S]

GH4. Do you [IF PPMARIT=1, INSERT: (and/or your spouse) / IF 

PPMARIT=6, INSERT: (and/or your partner)] expect to purchase a [IF GH1=1 

OR 2, INSERT: new] home in the next 12 months?

1. Definitely No

2. Probably No

3. Probably Yes

4. Definitely Yes

8. Don’t know

May 2016 79
Base: GH4=3, 4, OR 8

[GRID]

[Suppress default instructions, instead show: Please answer yes or no to each option]

GH5. Have you taken each of the following steps in planning for a home 

purchase?

DOWN:

a. Researched houses on your own (e.g. online, newspaper, etc.)

b. Attended an open house or toured homes for sale

c. Talked to a real estate agent

d. Talked to a bank or lender about a mortgage

e. Checked your credit

f. Received a pre-approval for a mortgage

g. Submitted an offer to purchase a house

ACROSS:

1=Yes

0=No

Rent Section

Base: GH1 = 3

[S]

R0. Would you prefer to own your home rather than rent your home if you could 

afford it?

1. Definitely No

2. Probably No

3. Probably Yes

4. Definitely Yes

80 Economic Well-Being of U.S. Households, 2015
Base: (GH1 = 3 or GH1 = 4) AND (GH2 >= 2014)

[S]

R4. Did you own your previous home that you moved from in [INSERT GH2 

RESPONSE IN NORMAL FONT]?

0. No

1. Yes, and I still own that home

2. Yes, and I sold that home

Base: (GH1 = 3 or GH1 = 4) and (GH2>=2014)]

[M]

[RANDOMIZE A-E]

R5. Please select all of the reasons that you moved to your current home in 

[INSERT GH2 RESPONSE IN NORMAL FONT]?

a. To save money/cheaper place to live

b. Larger or better quality home

c. Better quality neighborhood or schools

d. Relocated to a new city

e. Change in family status (e.g. marriage, divorce, children)

f. Other (Please Specify): [TEXTBOX] 

Base: GH1 = 3

[NUMBER BOX WITH S] 

[ALLOW RESPONDENT TO EITHER TYPE ANSWER IN NUMBER BOX OR CHECK DON’T 

KNOW, PROMPT WITH THE FOLLOWING IF BOTH:Please enter an answer in the number box 

OR check ‘Don’t know’.]

R3. About how much do you [IF PPMARIT=1, INSERT: and/or your spouse / IF 

PPMARIT=6, INSERT: and/or your partner] pay for rent each month?

$ __________ [Num box 0-99999]

<INSERT SPACE>

888888. Don’t know [S] 

May 2016 81
Own Section

Base: (GH1 = 1 OR 2) and (GH2 < 2015)

[S]

H1. Compared to 12 months ago, do you think the value of your home today is 

higher, lower or stayed the same?

5. Value is a lot higher

4. Value is a little higher

3. Value has stayed the same

2. Value is a little lower

1. Value is a lot lower

8. Don’t Know

Base: (GH1 = 1 OR 2) 

[S]

H4. In the next 12 months, how much do you think that home prices in your 

neighborhood will change?

5. Go up by a lot

4. Go up by a little

3. Stay about the same

2. Go down by a little

1. Go down by a lot

8. Don’t know

Base: (GH1 = 1 OR 2) and (GH2>=2001)

[S]

H6. Prior to purchasing your current home did you [IF PPMARIT=1, INSERT: 

or your spouse / IF PPMARIT=6, INSERT: or your partner] ever own another 

house?

1. Yes

0. No

82 Economic Well-Being of U.S. Households, 2015
Base: (GH1 = 1 OR 2) and (GH2>=2001)

[M]

H7. In addition to your mortgage, please select all the sources below that you used 

to fund the home purchase when you bought your current home:

a. Proceeds from sale of previous home

b. Personal savings

c. Loan or gift from family/friends

d. Second mortgage

e. Financial assistance from a government program or nonprofit organization

f. None [S]

g. Other (Please Specify): [TEXTBOX] 

Mortgage Section

Base: GH1 = 1

[S]

M2. In the past 12 months, have you [IF PPMARIT=1, INSERT: or your spouse / 

IF PPMARIT=6, INSERT: or your partner] missed two or more payments on 

your mortgage?

1. Yes

0. No

Base: GH1 = 1

[NUMBER BOX WITH S] 

[ALLOW RESPONDENT TO EITHER TYPE ANSWER IN NUMBER BOX OR CHECK DON’T 

KNOW, PROMPT WITH THE FOLLOWING IF BOTH:Please enter an answer in the number box 

OR check ‘Don’t know’.]

M4. About how much is your total monthly mortgage payment (i.e. the amount 

you send to the bank)?

$ ______ [NUM BOX $0-99999]

<INSERT SPACE>

888888. Don’t know [S] 

May 2016 83
Banking Section

Base: All qualified respondents

[SHOW DISPLAY3 AND BK1 ON THE SAME PAGE]

[DISPLAY3]

This section will ask some questions about your experiences with banks and credit.

[S]

BK1. Do you [IF PPMARIT=1, INSERT: and/or your spouse / IF PPMARIT=6, 

INSERT: and/or your partner] currently have a checking, savings or money market 

account?

1. Yes

0. No

Base: All qualified respondents

[GRID, SP ACROSS]

[Suppress default instructions, instead show: Please answer yes or no to each option ]

BK2. In the past 12 months, have you [IF PPMARIT=1, INSERT: and/or your 

spouse / IF PPMARIT=6, INSERT: and/or your partner]:

Yes=1 No=2

 a. used a money order 

 b. used a check-cashing service 

 c. used a tax refund anticipation loan 

 d. used a pawn shop loan, a payday loan, an auto title loan, or a paycheck 

advance/deposit advance 

 e. sent money to a relative or friend (not a business) living outside of the 

U.S. using a service other than a bank (e.g. WesternUnion, USPS 

SureMoney, etc.) 

84 Economic Well-Being of U.S. Households, 2015
Credit Application Section

Base: All qualified respondents

[S]

A6. If you were to apply for a credit card today, how confident are you that your 

application would be approved?

3. Not confident

2. Somewhat confident

1. Very confident

8. Don’t know

Base: All qualified respondents

[S]

A0. In the last 12 months, have you [IF PPMARIT=1, INSERT: or your spouse / 

IF PPMARIT=6, INSERT: or your partner] applied for any credit (such as a 

credit card, higher credit card limit, mortgage, refinance, student loan, personal 

loan, or other loan)?

1. Yes

0. No

May 2016 85
Base: A0=1 (Yes)

[M]

A0A. Please select all of the types of credit below that you [IF PPMARIT=1, 

INSERT: or your spouse / IF PPMARIT=6, INSERT: or your partner] have 

applied for in the past 12 months.

a. Mortgage to buy a new home

b. Refinance of a home mortgage

c. Home equity loan or line of credit

d. Credit card

e. Car/auto loan

f. Student loan

g. Personal general-purpose loan from a bank

h. Personal loan from friends or family

i. Other (Please Specify): [TEXTBOX] 

Base: A0=0

[S]

A0B. Was there a time in the past 12 months that you [IF PPMARIT=1, INSERT: 

or your spouse / IF PPMARIT=6, INSERT: or your partner] desired credit but 

chose not to submit a credit application?

1. Yes

0. No

86 Economic Well-Being of U.S. Households, 2015
Base: A0=1 OR -1 (Refused)

[GRID]

[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes or no to each 

option ]

A1. In the past 12 months, please tell us if each of the following has or has not 

happened to you [IF PPMARIT=1, INSERT: or your spouse / IF PPMARIT=6, 

INSERT: or your partner]:

a. [SHOW IF A0=1 OR REFUSED] You [IF PPMARIT=1, INSERT: or your 

spouse / IF PPMARIT=6, INSERT: or your partner] were turned down for credit

b. [SHOW IF A0=1 OR REFUSED] You [IF PPMARIT=1, INSERT: or your 

spouse / IF PPMARIT=6, INSERT: or your partner] were approved for credit, but 

were not given as much credit as you applied for

c. [SHOW IF (A0=1 OR REFUSED)] You [IF PPMARIT=1, INSERT: or your 

spouse / IF PPMARIT=6, INSERT: or your partner] put off applying for credit 

because you thought you might be turned down

Base: A0B=1

[S]

A2. You indicated that you [IF PPMARIT=1, INSERT: or your spouse / IF 

PPMARIT=6, INSERT: or your partner] desired credit in the past 12 months but 

did not submit a credit application. Was this because you thought that you might 

be turned down or denied credit?

1. Yes

0. No

May 2016 87
Base: (A1_a=1 or A1_b=1) and at least two of (A0A_a – A0A_i) selected

[M]

A3. Which forms of credit that you applied for were you denied or offered less 

credit than requested:

[ONLY SHOW OPTIONS SELECTED IN A0A AND ANSWER OPTION I. OTHER]

a. Mortgage to buy a new home

b. Refinance of a home mortgage

c. Home equity loan or line of credit

d. Credit card

e. Car/auto loan

f. Student loan

g. Personal general-purpose loan from a bank

h. Personal loan from friends or family

i. Other (Please Specify): [TEXT] 

Credit Condition Section

Base: All qualified respondents

[S]

C1. If you had to guess, do you think your current credit score (such as a FICO 

score) is:

5. Excellent

4. Very good

3. Good

2. Fair

1. Poor

8. Don’t know my score or how to rate it

88 Economic Well-Being of U.S. Households, 2015
Base: All qualified respondents

[S]

C2A. Do you have at least one credit card?

1. Yes

0. No

Base: C2A=1 or refused

[S]

C4A. In the past 12 months, how frequently have you carried a balance on one or 

more of your credit cards?

0. Never carried a balance (always pay in full)

1. Once

2. Some of the time

3. Most or all of the time

Base: C4A=1, 2, 3 or refused

[S]

C4B. In the past 12 months, how frequently have you paid only the minimum payment on one or more of your credit cards?

0. Never

1. Once

2. Some of the time

3. Most or all of the time

May 2016 89
Base: C4A=1, 2, 3 or refused

[S]

C5. On the credit card you use most often, which of these categories best describes 

the current interest rate?

1. 0 to 5 percent

2. 6 to 10 percent

3. 11 to 15 percent

4. 16 to 20 percent

5. 21 to 25 percent

6. Over 25 percent

8. Don’t know

90 Economic Well-Being of U.S. Households, 2015
Education Section

Base: All qualified respondents

[SHOW DISPLAY4 AND ED0 ON THE SAME PAGE]

[DISPLAY4]

This section will ask some questions about your education and experiences with 

student loans.

[S]

ED0: What is the highest level of school you have completed or the highest degree 

you have received?

1. Less than High School degree

2. High school degree or GED

3. Some college but no degree (including currently enrolled in college)

4. Certificate or technical degree

5. Associate degree

6. Bachelor’s degree

7. Master’s degree

8. Professional degree (e.g. MBA, MD, JD)

9. Doctoral Degree

CREATE [DOV_ED] :

IF ED0 = 5 DOV_ED= “Associate Degree”

IF ED0 >= 6 DOV_ED= “Bachelor’s Degree” 

May 2016 91
Base: IF ED0>1

[S]

ED0A: Are you currently enrolled in any school, college, or other post-high school 

educational program that will lead to a degree?

1. Yes

0. No

Base: ED0A=1

[S]

ED0B: What type of degree program are you currently enrolled in?

1. Certificate or technical degree

2. Associate degree

3. Bachelor’s degree

4. Master’s degree

5. Professional degree (e.g. MBA, MD, JD)

6. Doctoral Degree

Base: (XSFLAG=2) AND (ED0A=0 OR REFUSED)

[S]

ED0C: In the past 12 months, have you taken any classes towards a degree or completed any educational programs?

1. Yes

0. No

92 Economic Well-Being of U.S. Households, 2015
Base: (ED0 = (3, 4, 5, 6, 7, 8, OR 9) OR ED0A=1) AND ((XSFLAG=1 OR 3) OR (ED0A=1) OR 

(ED0C=1))

[S]

ED1. Which one of the following broad categories best describes your [IF 

ED0A=1, INSERT: current / IF ED0A=0 OR ED0A=REFUSED, INSERT: most 

recent] educational program?

1. Humanities

2. Social/behavioral sciences

3. Life sciences

4. Physical sciences/math

5. Computer/information sciences

6. Engineering

7. Education

8. Business/management

9. Health

10. Law

11. Vocational/technical training

12. Undeclared

13. Other (Please specify): [TEXTBOX] 

Base: ((ED0=3 or 4) or (ED0=2 and ED0A=1)) AND ((xsflag=1 or 3) OR (ED0A=1) OR 

(ED0C=1))

[TEXT BOX]

ED2. What is the name of the school you [IF ED0A=1, INSERT:currently attend / 

IF ED0A=0 OR ED0A=REFUSED, INSERT: attended for your most recent educational program]?

Base: (ED0 =3 or 4) and (ED0A=0) AND (xsflag=1 or 3)

[NUMBER BOX]

ED4. In what year did you last attend this educational program?

_____ [NUM BOX, RANGE 1900 – 2015] 

May 2016 93
Base: (ED0 =3 or 4) OR (ED0=2 and ED0A=1)

[S]

ED5. Overall, how would you say the lifetime financial benefits of your [IF 

ED0A=1, INSERT: current / IF ED0A=0 OR ED0A=REFUSED, INSERT: most 

recent] educational program compare to its financial costs?

1. Financial benefits are much larger

2. Financial benefits are somewhat larger

3. About the same financial benefits and financial costs

4. Financial costs are somewhat larger

5. Financial costs are much larger

Base: (ED0 =3 or 4) and (ED0A=0 or refused)

[GRID]

[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes or no to each 

option]

ED6(A). Knowing what you know now about the benefits and costs of your education, if you could go back and make your education decisions again would you 

have done each of these things:

DOWN:

a. Chosen a different field of study

b. Attended a different school

c. Completed less education

d. Completed more education

e. Chosen not to attend college

ACROSS:

1=Yes

0=No

94 Economic Well-Being of U.S. Households, 2015
Base: (ED0 = 5, 6, 7, 8, or 9) AND ((xsflag=1 or 3) OR (ED0A=1) OR (ED0C=1))

[TEXT BOX]

ED7. What is the name of the school from which you received your [DOV_ED]?

Base: ED0 = 5, 6, 7, 8, or 9 AND [(SFLAG=1 OR 3) OR (ED0A=1) OR (ED0C=1)]

[NUMBER BOX]

ED9. In what year did you receive your [DOV_ED]?

[NUM BOX, RANGE 1900 – 2015] 

Base: ED0 = 5, 6, 7, 8, or 9

[S]

ED10. Overall, how would you say the lifetime financial benefits of your 

[DOV_ED] program compare to its financial costs?

1. Financial benefits are much larger

2. Financial benefits are somewhat larger

3. About the same financial benefits and financial costs

4. Financial costs are somewhat larger

5. Financial costs are much larger

May 2016 95
Base: ED0 = 5, 6, 7, 8, or 9

[GRID]

[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes or no to each 

option]

ED11(A). Knowing what you know now about the benefits and costs of your education, if you could go back and make decisions regarding your [DOV_ED] again, 

would you have done each of these things:

DOWN:

a. Chosen a different field of study

b. Attended a different school

c. Completed less education

d. Completed more education

e. Chosen not to attend college

ACROSS:

1=Yes

0=No

Base: (ED0 = 2) and (ED0A = 0 or refused)

[M, RANDOMIZE A-F]

ED13. Which of the following are reasons why you did not attend college?

a. Too expensive

b. Family responsibilities

c. Wanted to work

d. Simply was not interested in college

e. Was not admitted

f. Did not think benefits of attending college were worth the cost

g. Other: [TEXTBOX] 

96 Economic Well-Being of U.S. Households, 2015
Base: (ED0 = 3) and (ED0A = 0 or refused)

[M, RANDOMIZE A-F]

ED14. Which of the following are reasons why you did not complete your college 

degree?

a. Too expensive

b. Family responsibilities

c. Wanted to work

d. Simply not interested in continuing in college

e. Did not think the benefits of continuing college were worth the cost

f. Low grades

g. Other: [TEXTBOX] 

Base: (ED13_b =1) or (ED14_b=1)

[TEXT BOX, 300 CHARACTERS]

PROGRAMMING NOTE: TEXTBOX IS INTENTIONALLY LARGER THAN THE STATED LIMIT 

SO THAT RESPONDENT IS NOT FORCED TO REDUCE TEXT IF THEY WRITE TOO MUCH.

ED14A. You indicated that family responsibilities contributed to you not [IF 

ED0=2, INSERT: attending college / IF ED0=3, INSERT: completing a college 

degree]? In a few words (150 character max), please describe these responsibilities?

[TEXTBOX, 300 CHARACTERS] 

May 2016 97
Base: xsflag=1 or 3

[S]

ED15. What is the highest level of education that your mother completed?

1. Less than High School degree

2. High school degree or GED

3. Some college but no degree

4. Certificate or technical degree

5. Associate degree

6. Bachelor’s degree

7. Graduate degree

8. Don’t know

Base: xsflag=1 or 3

[S]

ED16. What is the highest level of education that your father completed?

1. Less than High School degree

2. High school degree or GED

3. Some college but no degree

4. Certificate or technical degree

5. Associate degree

6. Bachelor’s degree

7. Graduate degree

8. Don’t know

98 Economic Well-Being of U.S. Households, 2015
Student Loans Section

Base: All qualified respondents

[S]

SL1. Do you currently have student loan debt or owe any money used to pay for 

your own education ?

Please include any loans on which you are a co-signer that were used to pay for 

your education beyond high school (including student loans, home equity loans, or 

credit cards paid off over time).

1. Yes

0. No

Base: SL1 = 1

[GRID]

SL2. Think about the money you borrowed to pay for your own education. Is the 

money you owe for that education a student loan, a home equity loan, a credit 

card debt, or some other type of loan? If you have multiple loans, please select all 

that apply.

DOWN:

A. Student Loan

B. Home Equity Loan

C. Credit Card

D. Other Loan: Please specify [textbox]

ACROSS:

1. Yes

0. No

May 2016 99
Base: SL2_A=1 or SL2_B=1 or SL2_C=1 or SL2_D=1

[RANGE FOR ALL NUMBER BOXES: $0 TO $999,999]

[SHOW IN A GRID FORMAT]

SL3. Thinking specifically about the money that you borrowed to pay for your 

own education, please tell us the total amount that you currently owe on each of 

these loans. If you don’t know an exact amount, an estimate is fine.

A. [IF SL2_A=1] Student Loan $____ [NUMBER BOX]

B. [IF SL2_B=1] Home Equity Loan $____ [NUMBER BOX]

C. [IF SL2_C=1] Credit Card $____ [NUMBER BOX]

D. [IF SL2_D=1] Other Loan $ ____ [NUMBER BOX]

E. Total [SUM OF A-D] $____ [NUMBER BOX] 

Base: SL2_A = 1

[NUMBER BOX RANGE $0-$99,999]

SL4. Approximately how much is the total monthly payment that you make on student loans from your education?

$ ______[NUM BOX $0-99999] 

Base: SL2_A = 1

[S]

SL5. Is one or more of the student loans from your own education in deferment, 

forbearance, or being forgiven so you do not need to make payments right now?

1. Yes

0. No

Base: SL2_A = 1

[S]

SL6. Are you behind on payments or in collections for one or more of the student 

loans from your own education?

1. Yes

0. No

100 Economic Well-Being of U.S. Households, 2015
Base: SL1 = 0 or refused

[S]

SL7. Did you borrow money or take out any loans to pay for your own education 

that you have since repaid?

1. Yes

0. No

Base: SL1 = 1 or SL7=1

[S]

SL8. Still thinking about the money you borrowed to pay for your own education, 

did you borrow money for each of the following educational programs (including 

any loans which you have completely repaid)?

DOWN:

a. Certificate or technical training

b. Associate degree

c. Bachelor’s degree

d. Professional degree (e.g. MBA, MD, JD)

e. Master’s degree or Doctoral Degree

ACROSS:

1=Yes

0=No

Base: SL1 = 1 OR SL7=1

[S]

SL9. Did you complete the most recent educational program for which you borrowed money?

1. Yes

0. No

2. Still enrolled in the program

May 2016 101
Base: IF PPMARIT=1 OR 6

[S]

SL10. Do you currently owe any money used to pay for your [IF PPMARIT=1, 

INSERT: spouse’s / IF PPMARIT=6, INSERT: partner’s] education? Please only 

include any loans on which you are a co-signer that were used to pay for their education beyond high school (including student loans, home equity loans, or credit 

cards paid off over time).

1. Yes

0. No

Base: IF PPAGE GE 30

[S]

SL11. Do you currently owe any money used to pay for your child or grandchild’s 

education? Please only include any loans on which you are a co-signer that were 

used to pay for their education beyond high school (including student loans, home 

equity loans, or credit cards paid off over time).

1. Yes

0. No

999. Do not have children or grandchildren

Retirement Planning Section

Base: All qualified respondents

[SHOW DISPLAY5 AND K1B ON THE SAME PAGE]

[DISPLAY5]

This section will ask some questions about your planning and savings for 

retirement.

102 Economic Well-Being of U.S. Households, 2015
Base: (D2=1-7 OR REFUSED) or (D4b=1-2)

[S]

K1B. At what age do you expect to retire fully, meaning completely stop working 

for pay?

[NUM BOX PPAGE-99]

<INSERT SPACE>

888. Will never stop working / I do not plan to retire [S]

999. Not Sure [S] 

Base: D2=1-7 OR REFUSED

[GRID]

[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes or no to each 

option]

K2. Do you currently have each of the following types of retirement savings or 

pension?

DOWN:

a. 401(k), 403(b), or other defined contribution plan through an employer or former employer (i.e., a retirement plan through work, where you contribute a percent 

of your salary each pay-period to invest for retirement)

b. Pension with a defined benefit through an employer or former employer (i.e. a 

pension that will pay you a fixed amount each year during retirement based on a 

formula, your earnings, and years of service)

c. IRA or Roth IRA

d. Savings outside a retirement account (e.g. a brokerage account, savings account, 

or stock holdings)

e. Ownership of real estate or land that you plan to sell or rent to generate income 

in retirement

f. Ownership of my business

g. Other retirement savings

ACROSS:

1=Yes

0=No

May 2016 103
Base: (K2_a=0 or refused) AND ((D3 = 1 or 2)] or (D4A = 1 or 2))

[S]

DC1. Does your employer offer a 401(k), 403(b), Thrift, or other defined contribution retirement plan?

1. Yes

0. No

8. Don’t know

Base: DC1 = 1

[MP; RANDOMZE A-G]

DC2. You stated that you do not participate in a 401(k), 403(b), Thrift, or other 

defined contribution plan from work. Please select all the reasons below for why 

you do not currently invest in this type of retirement plan.

a. I am not eligible to participate in my employer’s plan

b. Employer does not match contributions

c. Unable to afford contributions to a retirement plan

d. Plan to invest through the retirement plan but have not signed up yet

e. Unsure of best way to invest money contributed to the retirement plan

f. Prefer to save for retirement in other ways

g. Prefer to spend the money rather than save

h. Other (Please Specify): [TEXTBOX] 

104 Economic Well-Being of U.S. Households, 2015
Base: DC1 = 0 or 8

[S]

DC3. If your employer did offer a 401(k), 403(b), Thrift, or other defined contribution benefit plan, would you contribute to the plan?

1. Definitely No

2. Probably No

3. Probably Yes

4. Definitely Yes

8. Don’t know

Base: (K2_a, K2_c, or K2_d=1) AND (D2 = 1-7 or Refused)

[S]

DC4: How confident are you in your ability to make the right investment decisions 

when managing and investing the money in your retirement accounts (including 

IRA, 401(k), 403(b), Thrift, or other retirement accounts where you choose the 

investments for yourself)?

1. Very confident

2. Mostly confident

3. Slightly confident

4. Not confident

May 2016 105
Base: (K2_a, K2_c, or K2_d=1) AND (D2 = 1-7 or Refused)

[MP, RANDOMIZE B-G]

DC5: Which of the following sources of advice do you usually use when deciding 

how to invest the money in your retirement accounts?

a. No one [S]

b. Friends or relatives

c. Financial planner

d. Investment broker

e. Lawyer or accountant

f. Employer

g. Internet research, books, or magazines

h. Other (Please Specify): [TEXTBOX] 

Base: DC5=a

[S]

DC6: You indicated that you did not receive advice from others when deciding 

how to invest the money in your retirement accounts. Is this because you do not 

feel that you need help, because you do not know where to get it, or because it is 

too expensive?

1. I do not feel that I need help managing my investments

2. I would like help but do not know where to get it

3. I would like help but I cannot afford it or it is too expensive

106 Economic Well-Being of U.S. Households, 2015
Base: (D2 = 1-7 or Refused)

[GRID]

[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes, no, or don’t 

know to each option]

K3. Which of the following do you expect will be a source of funds for you [IF 

PPMARIT=1, INSERT: and your spouse / IF PPMARIT=6, INSERT: and your 

partner] in retirement?

DOWN:

a. Social Security

b. I will continue working

c. Spouse/partner will continue working

d. Pension with a defined benefit from work (i.e. pension based on a formula, your 

earnings, and years of service)

e. 401(k), 403(b), or other defined contribution plan from work (i.e., a retirement 

plan through work, where you contribute a percent of your salary each pay-period 

to invest for retirement)

f. IRA or Roth IRA

g. Savings outside a retirement account (e.g. a brokerage account, savings account)

h. Income from real estate or the sale of real estate

i. Income from a business or the sale of a business

j. Rely on children, grandchildren, or other family

k. Rely on inheritance

l. Other retirement savings

ACROSS:

1. Yes

0. No

8. Don’t know

May 2016 107
Base: D2 = 1-7 or Refused

[S]

K5A. In the past 12 months, have you borrowed money from or cashed out (permanently withdrawn) money from any of your retirement savings accounts?

1. Yes, borrowed money

2. Yes, cashed out

3. Yes, both

0. No

Base: D2 = 8 AND D4b = 3

[NUM BOX WITH SP, RANGE 25 TO PPAGE]

[ALLOW RESPONDENT TO EITHER TYPE ANSWER IN NUMBER BOX OR CHECK DON’T 

KNOW, PROMPT WITH THE FOLLOWING IF BOTH: Please enter an answer in the number box 

OR check Not Sure.]

K8A. At what age did you retire fully, meaning completely stop working?

[NUM BOX 25-PPAGE]

<INSERT SPACE>

999 Not Sure [S] 

108 Economic Well-Being of U.S. Households, 2015
Base: D2 = 8

[GRID]

[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes or no to each 

option]

K10. Which of the following are sources of funds for you [IF PPMARIT=1, 

INSERT: and your spouse / IF PPMARIT=6, INSERT: and your partner] in 

retirement?

DOWN:

a. Social Security

b. I have a job

c. My spouse/partner has a job

d. Pension with a defined benefit from work (i.e. pension based on a formula, your 

earnings, and years of service)

e. 401(k), 403(b), or other defined contribution plan from work (i.e., a retirement 

plan through work, where you contributed a percent of your salary each payperiod to invest for retirement)

f. IRA or Roth IRA

g. Savings outside a retirement account (e.g. a brokerage account, savings account)

h. Income from real estate or the sale of real estate

i. Income from a business or the sale of a business

j. Relying on children, grandchildren, or other family

k. Other retirement savings

ACROSS:

1. Yes

0. No

May 2016 109
Holiday Spending and Financing Section

Base: All qualified respondents

[SHOW DISPLAY6 AND HOL1 ON THE SAME PAGE]

[DISPLAY6]

This section will ask some questions about your holiday spending plans this year.

[NUMBER BOX, RANGE $0 TO $99,999 WITH S]

HOL1. Thinking about the coming holiday season, about how much are you [IF 

PPMARIT=1, INSERT: and/or your spouse / IF PPMARIT=6, INSERT: and/or 

your partner] planning to spend on holiday gifts this year? If you do not know the 

exact amount, an estimate is fine.

[NUMBER BOX]

<INSERT SPACE>

-2. I am not planning to spend money on holiday gifts this year [S] 

Base: HOL1>0

[S]

HOL2. Do you [IF PPMARIT=1, INSERT: and/or your spouse / IF 

PPMARIT=6, INSERT: and/or your partner] plan to use a credit card that you 

pay off over time, a layaway plan, a loan, or any other form of borrowing to pay 

for holiday gifts this year?

1. Yes

0. No

110 Economic Well-Being of U.S. Households, 2015
Base: HOL1>0 and HOL2=1

[S]

HOL3. Approximately when do you [IF PPMARIT=1, INSERT: and/or your 

spouse / IF PPMARIT=6, INSERT: and/or your partner] expect that you will have 

any credit card debt, loans, or other borrowing from your holiday spending this 

year completely paid off?

1. January 2016 or earlier

2. February or March 2016

3. April, May, or June 2016

4. July, August, or September 2016

5. October, November, or December 2016

6. After December 2016

Auto Loans Section

Base: All qualified respondents

[SHOW DISPLAY7AND AL0 ON THE SAME PAGE]

[DISPLAY7]

This section will ask some questions about your vehicle purchases and experiences 

with auto loans.

[S]

AL0. Do you [IF PPMARIT=1, INSERT: and/or your spouse / IF PPMARIT=6, 

INSERT: and/or your partner] own or lease a car or truck?

1. Yes, I own a car or truck

2. Yes, I lease a car or truck

3. Yes, I own a car or truck and I lease a car or truck

0. No, I do not own or lease a car or truck

May 2016 111
Base: AL0=1 or 3

[S] 

AL1. Do you [IF PPMARIT=1, INSERT: and/or your spouse / IF PPMARIT=6, 

INSERT: and/or your partner] currently have any auto loans on cars or trucks that 

you own?

1. Yes

0. No

Base: (AL0=2 or 3) or AL1=1

[S]

AL2. In the past 12 months, have you [IF PPMARIT=1, INSERT: and/or your 

spouse / IF PPMARIT=6, INSERT: and/or your partner] missed or been late making any payments on your auto loan or lease?

1. Yes

0. No

Base: AL0=1, 2, or 3

[S]

AL4. In the past 12 months, have you [IF PPMARIT=1, INSERT: and/or your 

spouse / IF PPMARIT=6, INSERT: and/or your partner] bought or leased a car 

or truck?

If you made multiple purchases or leases, please consider the most recent car or 

truck that you acquired.

1. Yes, I purchased a new, unused car or truck

2. Yes, I purchased a used car or truck from a dealership, car lot, or car salesman

3. Yes, I purchased a used car or truck from a private seller (such as the previous 

owner)

4. Yes, I leased a car or truck

0. No, I have not purchased or leased a car or truck in the past year

112 Economic Well-Being of U.S. Households, 2015
Base: IF AL4>0

[NUMBER BOX, RANGE 1 TO 30]

AL5. For these questions, please consider the most recent car or truck that you [IF 

PPMARIT=1, INSERT: and/or your spouse / IF PPMARIT=6, INSERT: and/or 

your partner] [IF AL4=1, 2 OR 3, INSERT: purchased / IF AL4=4, INSERT: 

leased].

Approximately how long do you [IF PPMARIT=1, INSERT: and/or your spouse / 

IF PPMARIT=6, INSERT: and/or your partner] expect to keep this vehicle?

[NUMBER BOX, RANGE 1 TO 30] year(s)

Base: IF AL4>0

[S]

AL6. For these questions, please consider the most recent car or truck that you [IF 

PPMARIT=1, INSERT: and/or your spouse / IF PPMARIT=6, INSERT: and/or 

your partner] [IF AL4=1, 2 OR 3, INSERT: purchased / IF AL4=4, INSERT: 

leased].

When you [IF AL4=1, 2 OR 3, INSERT: bought / IF AL4=4, INSERT: leased] this 

vehicle, did you compare prices from different sellers?

1. Yes

0. No

Base: AL4=1, 2, or 3

[S]

AL7. For these questions, please consider the most recent car or truck that you [IF 

PPMARIT=1, INSERT: and/or your spouse / IF PPMARIT=6, INSERT: and/or 

your partner] purchased.

When you [IF PPMARIT=1, INSERT: and/or your spouse / IF PPMARIT=6, 

INSERT: and/or your partner] bought this vehicle, did you take out an auto loan 

to pay for the purchase?

1. Yes, from the location where the car or truck was purchased

2. Yes, from a bank or credit union

3. Yes, from an internet lender

4. Yes, from another source [textbox]:

0. No

May 2016 113
Base: AL7=1, 2, 3, or 4

[S]

AL8. For these questions, please consider the most recent car or truck that you [IF 

PPMARIT=1, INSERT: and/or your spouse / IF PPMARIT=6, INSERT: and/or 

your partner] purchased.

When you [IF PPMARIT=1, INSERT: and/or your spouse / IF PPMARIT=6, 

INSERT: and/or your partner] bought this vehicle, did you compare interest rates 

or other loan terms from different lenders or from different automobile 

dealerships/sellers?

1. Yes

0. No

Base: IF AL4>0

[M]

AL9. For these questions, please consider the most recent car or truck that you [IF 

PPMARIT=1, INSERT: and/or your spouse / IF PPMARIT=6, INSERT: and/or 

your partner] [IF AL4=1, 2 OR 3, INSERT: purchased / IF AL4=4, INSERT: 

leased].

When you [IF PPMARIT=1, INSERT: and/or your spouse / IF PPMARIT=6, 

INSERT: and/or your partner] [IF AL4=1, 2 OR 3, INSERT: bought / IF AL4=4, 

INSERT: leased]. this car or truck, which of the following sources of advice did 

you use when deciding how to finance or pay for it?

a. No one [S]

b. Friends or relatives

c. Print or online publication (Newspaper, magazines, Consumer Reports, etc.)

d. Internet research

e. Advice of car dealer or salesman

f. Advice of banker or lender

g. Other (please specify): [TEXTBOX] 

114 Economic Well-Being of U.S. Households, 2015
Base: IF AL4>0

[GRID]

[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes or no to each 

option]

AL10. For these questions, please consider the most recent car or truck that you 

[IF PPMARIT=1, INSERT: and/or your spouse / IF PPMARIT=6, INSERT: 

and/or your partner] [IF AL4=1, 2 OR 3, INSERT: purchased / IF AL4=4, 

INSERT: leased].

When you [IF PPMARIT=1, INSERT: and/or your spouse / IF PPMARIT=6, 

INSERT: and/or your partner] [IF AL4=1, 2 OR 3, INSERT: bought / IF AL4=4, 

INSERT: leased] this car or truck, which of the following (if any) did you negotiate with the seller?

DOWN:

a. Total purchase price

b. Monthly payment amount

c. Upfront payment due

d. Interest rate on the auto loan (if any)

e. Length of the auto loan or lease

f. Amount offered for trade-in of old vehicle

ACROSS:

1. Yes

0. No

May 2016 115
Base: If at least two answers punched yes (1) in AL10

[ONLY SHOW ANSWERS SELECTED IN AL10]

[S]

AL11. For these questions, please consider the most recent car or truck that you 

[IF PPMARIT=1, INSERT: and/or your spouse / IF PPMARIT=6, INSERT: 

and/or your partner] [IF AL4=1, 2 OR 3, INSERT: purchased / IF AL4=4, 

INSERT: leased].

Among the factors that you negotiated when [IF AL4=1, 2 OR 3, INSERT: purchasing / IF AL4=4, INSERT: leasing] this vehicle, which one of these did you 

consider to be the most important?

1. [AL10_A=1] Total purchase price

2. [AL10_B=1] Monthly payment amount

3. [AL10_C=1] Upfront payment due

4. [AL10_D=1] Interest rate on the auto loan (if any)

5. [AL10_E=1] Length of the auto loan or lease

6. [AL10_F=1] Amount offered for trade-in of old vehicle

Base: AL4=1, 2, or 3

[S]

AL12. For these questions, please consider the most recent car or truck that you 

[IF PPMARIT=1, INSERT: and/or your spouse / IF PPMARIT=6, INSERT: 

and/or your partner] purchased.

Approximately what was the total purchase price of this vehicle?

1. Less than $10,000

2. $10,000 to $19,999

3. $20,000 to $29,999

4. $30,000 to $39,999

5. $40,000 to $49,999

6. Over $50,000

116 Economic Well-Being of U.S. Households, 2015
Base: AL7=1, 2, 3, or 4

[S]

AL13. For these questions, please consider the most recent car or truck that you 

[IF PPMARIT=1, INSERT: and/or your spouse / IF PPMARIT=6, INSERT: 

and/or your partner] purchased.

Approximately how much was the total auto loan amount for this vehicle?

1. Less than $10,000

2. $10,000 to $19,999

3. $20,000 to $29,999

4. $30,000 to $39,999

5. $40,000 to $49,999

6. Over $50,000

Base: AL7=1, 2, 3, or 4

[S]

AL14. For these questions, please consider the most recent car or truck that you 

[IF PPMARIT=1, INSERT: and/or your spouse / IF PPMARIT=6, INSERT: 

and/or your partner] purchased.

Approximately what was the interest rate on the auto loan used for the purchase of 

this vehicle?

1. 0 to 1.99 percent

2. 2.00 to 3.99 percent

3. 4.00 to 5.99 percent

4. 6.00 to 7.99 percent

5. 8.00 to 9.99 percent

6. 10 percent or higher

7. Don’t know

May 2016 117
Base: AL7=1, 2, 3, or 4

[S]

AL15. For these questions, please consider the most recent car or truck that you 

[IF PPMARIT=1, INSERT: and/or your spouse / IF PPMARIT=6, INSERT: 

and/or your partner] purchased.

How many monthly payments were agreed upon when you took out the loan for 

this vehicle. That is, if you do not pay off the loan early, how long will you be making payments on the auto loan?

1. 0 to 12 months (up to 1 year)

2. 13 to 24 months (1 to 2 years)

3. 25 to 36 months (2 to 3 years)

4. 37 to 48 months (3 to 4 years)

5. 49 to 60 months (4 to 5 years)

6. 61 to 72 months (5 to 6 years)

7. 73 months or longer (over 6 years)

8. Don’t know

118 Economic Well-Being of U.S. Households, 2015
Income and Consumption Section

Base: All qualified respondents

[SHOW DISPLAY8 AND I0 ON THE SAME PAGE]

[DISPLAY8]

This section will ask some questions about your recent sources of income, savings 

and expenses.

[S]

I0. In the past 12 months, did you [IF PPMARIT=1, INSERT: and/or your spouse 

/ IF PPMARIT=6, INSERT: and/or your partner] receive any income from the following sources:

DOWN:

a. Wages or salaries

b. Self-employment

c. Freelance work or hobbies (do not include income from GfK)

d. Interest, dividends, or rental income

e. Social Security

f. Supplemental Security (SSI)

g. Unemployment income

h. Pension income

i. Any other income

ACROSS:

1. Yes

0. No

May 2016 119
Base: if ALL I0_a through I0_i =0 or refused

[S]

I0A. Did you [IF PPMARIT=1, INSERT: and/or your spouse / IF PPMARIT=6, 

INSERT: and/or your partner] receive any income from any source in the past 

year?

1. Yes

0. No

Base: At least one of (D0_a through D0_g) = 1 (not living alone)

[S]

I0B. Besides you [IF PPMARIT=1, INSERT: and your spouse / IF PPMARIT=6, 

INSERT: and your partner], did anyone else in your household receive any income 

in the past 12 months from any source?

1. Yes

0. No

120 Economic Well-Being of U.S. Households, 2015
Base: I0=1 for any response OR I0A=1 or refused

[S]

[IF REFUSED, PROMPT ONCE: “We ask for information about your income because it is 

extremely important for our understanding of household finances in the United States. We greatly 

appreciate your response and your answer will remain completely anonymous”]

I4A. Which of the following categories best describes the total income that you [IF 

PPMARIT=1, INSERT: and your spouse / IF PPMARIT=6, INSERT: and your 

partner] received from all sources, before taxes and deductions, in the past 

12 months?

1. $0 to $4,999

2. $5,000 to $14,999

3. $15,000 to $24,999

4. $25,000 to $39,999

5. $40,000 to $49,999

6. $50,000 to $74,999

7. $75,000 to $99,999

8. $100,000 to $149,999

9. $150,000 to $199,999

10. $200,000 or higher

Base: I0=1 for any response OR I0A=1 or refused

[S]

I1. In the past 12 months, would you say that your [IF PPMARIT=1, INSERT: 

and your spouse’s / IF PPMARIT=6, INSERT: and your partner’s] total spending was:

3. More than your income

2. The same as your income

1. Less than your income

May 2016 121
Base: (I0=1 for any response OR I0A=1 or refused) AND ((D2=1 to 7) OR (D4B = 1 or 2))

[S]

I2. In the past 12 months, about what percent of your [IF PPMARIT=1, INSERT: 

and your spouse’s / IF PPMARIT=6, INSERT: and your partner’s] total gross 

income (before taxes and deductions) did you set aside as savings?

Please include all types of savings, even those through a pension or 401(k) at work.

0. None

1. 1 to 5 percent

2. 6 to 10 percent

3. 11 to 15 percent

4. 16 to 20 percent

5. Over 20 percent

Base: All qualified respondents

[S]

I9. In the past year, which one of the following best describes how your [IF 

PPMARIT=1, INSERT: and your spouse’s / IF PPMARIT=6, INSERT: and your 

partner’s] income changes from month to month, if at all?

1. Roughly the same amount each month

2. Roughly the same most months, but some unusually high or low months during 

the year

3. Often varies quite a bit from one month to the next

122 Economic Well-Being of U.S. Households, 2015
Base: I9 = 2 OR 3

[M; RANDOMIZE; A-F]

I10. Please indicate whether each of the following is a reason that your [IF 

PPMARIT=1, INSERT: and your spouse’s / IF PPMARIT=6, INSERT: and your 

partner’s] income changed from month to month in the past year:

a. Bonuses

b. Commissions

c. Seasonal employment

d. Irregular work schedule (i.e. your work hours change from week to week)

e. Periods of unemployment

f. Investment Income

g. Other (Please Specify): [TEXTBOX] 

Base: All qualified respondents

[S]

I11. In the past year, which one of the following best describes how your [IF 

PPMARIT=1, INSERT: and your spouse’s / IF PPMARIT=6, INSERT: and your 

partner’s] expenses change from month to month, if at all?

1. Roughly the same amount each month

2. Roughly the same most months, but some unusually high or low months during 

the year

3. Often varies quite a bit from one month to the next

Base: (I9 = 2 or 3) or (I11 = 2 or 3)

[S]

I12. In the past year, did you [IF PPMARIT=1, INSERT: and your spouse / IF 

PPMARIT=6, INSERT: and your partner] have any months where you struggled 

to pay your bills either because your income was unusually low or because your 

expenses were unusually high?

1. Yes

0. No

May 2016 123
Base: All qualified respondents

[S]

I7. During the next 12 months, do you expect your [IF PPMARIT=1, INSERT: 

and your spouse’s / IF PPMARIT=6, INSERT: and your partner’s] total income 

to be higher, about the same, or lower than during the past 12 months?

3. Higher

2. About the same

1. Lower

Emergency Fund Section

Base: All qualified respondents

[S]

EF1. Have you set aside emergency or rainy day funds that would cover your 

expenses for 3 months in case of sickness, job loss, economic downturn, or other 

emergencies?

1. Yes

0. No

Base: EF1 = 0 or refused

[S]

EF2. If you were to lose your main source of income (e.g. job, government benefits), could you cover your expenses for 3 months by borrowing money, using savings, selling assets, or borrowing from friends/family?

1. Yes

0. No

124 Economic Well-Being of U.S. Households, 2015
Base: All qualified respondents

[M]

EF3. Suppose that you have an emergency expense that costs $400. Based on your 

current financial situation, how would you pay for this expense? If you would use 

more than one method to cover this expense, please select all that apply.

a. Put it on my credit card and pay it off in full at the next statement

b. Put it on my credit card and pay it off over time

c. With the money currently in my checking/savings account or with cash

d. Using money from a bank loan or line of credit

e. By borrowing from a friend or family member

f. Using a payday loan, deposit advance, or overdraft

g. By selling something

h. I wouldn’t be able to pay for the expense right now

i. Other (Please specify):[TEXTBOX] 

Base: EF3=b, d, e, f, g, h or i

[S]

EF4. Based on your current financial situation, what is the largest emergency 

expense that you could pay right now using cash or money in your checking/

savings account?

1. Under $100

2. $100 to $199

3. $200 to $299

4. $300 to $399

5. Over $400

May 2016 125
Health and Insurance Section

Base: All qualified respondents

[GRID]

[SHOW THIS TEXT INSTEAD OF DEFAULT INSTRUCTIONS:Please answer yes or no to each 

option]

E1. During the past 12 months, was there a time when you needed any of the following, but didn’t get it because you couldn’t afford it?

DOWN:

a. Prescription medicine (including taking less medication than prescribed)

b. To see a doctor

c. Mental health care or counseling

d. Dental care (including skipping check-ups or routine cleaning)

e. To see a specialist (such as an OB/GYN, dermatologist, orthopedic surgeon, 

etc.)

f. Follow-up care (e.g. skipping physical therapy sessions recommended by a doctor )

ACROSS:

1. Yes

0. No

126 Economic Well-Being of U.S. Households, 2015
Base: All qualified respondents

[S]

E2. During the past 12 months, have you had any unexpected major medical 

expenses that you had to pay out of pocket (that were not completely paid for by 

insurance)?

1. Yes

0. No

Base: E2=1

[NUMBER BOX RANGE $0 TO $9,999,999]

E2A. Approximately how much did you pay out of pocket for unexpected major 

medical expenses in the past 12 months?

$[NUM BOX 0-9999999] 

Base: E2=1

[S]

E2B. Do you currently have an unpaid balance or owe any debt related to the 

unexpected major medical expenses that you had in the past 12 months?

1. Yes

0. No

May 2016 127
Base: All qualified respondents

[GRID]

[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes, no, or don’t 

know to each option]

E5. Are you currently covered by each of the following types of insurance?

DOWN:

a. Health Insurance (including insurance provided by an employer, private insurance company, Medicare, Medicaid, or any other type of health insurance)

b. Auto/Car Insurance

c. Homeowners or Renters Insurance

d. Disability Insurance

e. Long Term Care Insurance (i.e. insurance that covers expenses for assisted living 

facilities, home care, or nursing homes)

f. Life Insurance

g. Funeral Insurance

ACROSS:

1. Yes

0. No

8. Don’t know

128 Economic Well-Being of U.S. Households, 2015
Base: All qualified respondents

[GRID]

[Suppress default instructions]

E6. Please answer yes or no to each option.

DOWN:

a. Do you have a health problem or disability which prevents you from working or 

which limits the kind or amount of work that you can do?

b. Do you have serious difficulty hearing or difficulty seeing even with glasses 

(including being blind or deaf)?

c. Because of a physical, mental, or emotional condition, do you have serious difficulty concentrating, remembering, or making decisions?

d. Do you have difficulty walking or climbing stairs?

ACROSS:

1. Yes

0. No

Financial Hardship Section

Base: All qualified respondents

[S]

X1. Over the past year, have you or your family living with you experienced any 

financial hardship such as a job loss, drop in income, health emergency, divorce, or 

loss of your home?

1. Yes

0. No

May 2016 129
Base: X1 = 1

[M; RANDOMIZE A - I]

X2. Which of the following did you or your family living with you experience in 

the past year?

a. I lost a job

b. I had my work hours and/or pay reduced

c. My spouse/partner lost a job

d. My spouse/partner had their work hours and/or pay reduced

e. Received a foreclosure or eviction notice

f. A business I owned had financial difficulty

g. Had a health emergency

h. Divorce

i. Death of primary breadwinner

j. Other (Please specify):[TEXTBOX] 

Base: IF conditions to display at least 2 answer choices are met

[S]

X3. We are interested in how people choose to prioritize payments when money is 

tight. Suppose that you only had enough money to pay one of the following bills 

this month. Which would you choose to pay?

1. Rent/mortgage [ONLY SHOW IF GH1=1, 2, OR 3]

2. Credit card bill [ONLY SHOW IF C2A=1]

3. Student loan [ONLY SHOW IF SL1=1]

4. Auto loan or lease [ONLY SHOW IF (AL0=2 OR 3) OR AL1=1] 

130 Economic Well-Being of U.S. Households, 2015
Base: All qualified respondents

[TEXTBOX, 300 CHARACTERS]

PROGRAMMING NOTE: TEXTBOX IS INTENTIONALLY LARGER THAN THE STATED LIMIT 

SO THAT RESPONDENT IS NOT FORCED TO REDUCE TEXT IF THEY WRITE TOO MUCH.

[O]

X11. In a couple of words (150 character max) please describe the main financial 

challenges or concerns facing you or your family? If none please click the 

“None” box.

[TEXTBOX, 300 CHARACTERS]

<INSERT SPACE>

999 None [S] 

May 2016 131

Appendix C: Consumer Responses to 

Survey Questionnaire

Questions are listed below in the order in which they were presented to respondents, although not all questions 

were asked to all respondents. All data are weighted to yield estimates for the U.S. adult population.

Question D0. Do each of the following types of people 

currently live with you in your household?

Response Percent

 My spouse or partner 62.5

 My child or children who are under age 18 27.7

 My adult child or children who are age 18 or older 14.7

 My parents 15.0

 My extended family such as brothers, sisters, or cousins 10.2

 Roommate(s) who are not related to me 5.1

 Other individuals (please specify) 0.9

Note: Number of unweighted respondents = 5,642.

Question D0A. Which of the following best describes the 

adult children (who are age 18 or older) who live with you?

Response Percent

 Refused 2.2

 All of the adult children living with me are currently enrolled 

in school 35.3

 One or more of the adult children who lives with me is not 

currently enrolled in school 62.5

Note: Number of unweighted respondents = 769.

Question D2. We are interested in your present job status. 

Which one of the following BEST describes your current 

employment situation?

Response Percent

 Refused 0.1

 Employed now 56.8

 Temporarily laid off 0.7

 Not employed, but looking for a job 4.5

 Not employed and not looking for a job 1.8

 Homemaker 6.1

 Student 4.4

 Disabled and not working 7.1

 Retired 18.7

Note: Number of unweighted respondents = 5,642.

Question D3. Thinking of your main job, do you:

Response Percent

 Refused 0.2

 Work full time for someone else 76.7

 Work part time for someone else 15.1

 Work for yourself (self-employed) 6.5

 Work in a partnership (e.g., partner in law firm, medical 

practice) 0.5

 Work as a consultant/contractor 1.0

Note: Number of unweighted respondents = 2,775.

133
Question D4A. Besides being a student, do you also have 

a paid job?

Response Percent

 Yes, I work full time 1.1

 Yes, I work part time 37.5

 No 61.4

Note: Number of unweighted respondents = 149.

Question D4B. Besides being retired, do you also have 

a paid job?

Response Percent

 Refused 0.1

 Yes, I work full time 0.7

 Yes, I work part time 9.5

 No 89.7

Note: Number of unweighted respondents = 1,516.

Question D4C. In addition to your main job, do you have any 

of the following types of additional paid jobs?

Response Percent

 I have another full-time job 2.4

 I have another part-time job 11.4

 I do other work for pay that is not 

through a formal job 11.7

Note: Number of unweighted respondents = 2,775.

Question D4D. Do you do any work for pay, even if not 

through a formal job?

Response Percent

 Refused 0.0

 No 73.3

 Yes 26.7

Note: Number of unweighted respondents = 684.

Question D4E. If you were paid the same hourly rate that 

you make at your main job regardless of the number of 

hours you work, would you prefer to:

Response Percent

 Work the same number of hours that you currently work 57.5

 Work more hours for more money 35.1

 Work fewer hours for less money 6.9

Note: Number of unweighted respondents = 2,754.

Question D5. Which one of the following BEST describes 

your spouse’s/partner’s current employment status?

Response Percent

 Refused 0.5

 Employed full time 57.4

 Employed part time 7.3

 Temporarily laid off 0.2

 Not employed, but looking for a job 2.3

 Not employed and not looking for a job 1.5

 Homemaker 6.6

 Student 0.9

 Disabled and not working 3.7

 Retired 19.5

Note: Number of unweighted respondents = 3,197.

Question Y1. Thinking about your current education and 

work experience, how confident are you that you have the 

skills necessary to get the kind(s) of job(s) you want now?

Response Percent

 Refused 0.1

 Very confident 35.3

 Somewhat confident 37.3

 Not confident 14.0

 I am not currently in the workforce and I am not looking for 

a job 9.4

 Don’t know 3.9

Note: Number of unweighted respondents = 4,126.

134 Economic Well-Being of U.S. Households, 2015
Question Y3. You expressed some lack of confidence in 

your skills for the kinds of jobs that you might want now. 

Which of these statements, if any, do you agree with?

Response Percent

 Refused 0.7

 I need more education or another degree 52.0

 I need more job training 37.2

 My skills are out of date because I haven’t been using them 25.8

 The job market is changing faster than I can keep up with 26.2

 The kind of job I’m qualified for is not available 16.6

Note: Number of unweighted respondents = 601.

Question B2. Overall, which one of the following best 

describes how well you are managing financially these 

days:

Response Percent

 Refused 0.1

 Finding it difficult to get by 9.4

 Just getting by 22.0

 Doing okay 41.0

 Living comfortably 27.6

Note: Number of unweighted respondents = 5,642.

Question B3. Compared to 12 months ago, would you say 

that you (and your family living with you) are better off, the 

same, or worse off financially?

Response Percent

 Refused 0.2

 Much worse off 3.7

 Somewhat worse off 14.8

 About the same 54.0

 Somewhat better off 21.5

 Much better off 5.8

Note: Number of unweighted respondents = 5,642.

Question B6. Think of your parents when they were your 

age. Would you say you (and your family living with you) 

are better, the same, or worse off financially than they 

were?

Response Percent

 Refused 0.5

 Much worse off 6.6

 Somewhat worse off 16.2

 About the same 26.0

 Somewhat better off 28.2

 Much better off 22.5

Note: Number of unweighted respondents = 5,642.

Question GH1. Which one of the following best describes 

your housing arrangement?

Response Percent

 I (and/or my spouse/partner) own (our/my) home with a 

mortgage or loan 41.2

 I (and/or my spouse/partner) own (our/my) home free and 

clear (without a mortgage or loan) 20.3

 I (and/or my spouse/partner) pay rent 26.8

 I (and/or my spouse/partner) don’t own (our/my) home or 

pay rent 11.4

Note: Number of unweighted respondents = 5,642.

Question GH2. In what year did you buy/start renting/move 

into your current home?

Response Value

 Refused (percent) 1.2

 Mean 2003

 Median 2006

Note: Number of unweighted respondents = 5,642.

May 2016 135
Question GH3. How satisfied are you with each of the 

following aspects of your housing situation?

Response

 Percent

 Refused

 Not at 

all 

satisfied

 Slightly 

satisfied

 Somewhat 

satisfied

 Mostly 

satisfied

 Completely 

satisfied

 Overall quality of your 

neighborhood 0.0 4.0 8.2 17.5 39.0 31.3

 Quality of your local 

schools 1.0 6.2 10.0 23.6 35.5 23.8

 Safety of your 

neighborhood 0.2 4.2 8.2 19.0 38.8 29.7

 Quality of other amenities 

in your neighborhood 0.4 6.0 11.5 24.5 35.5 22.2

 Overall quality of your 

house/apartment 0.1 4.3 8.0 20.2 40.9 26.6

 Cost of your 

house/apartment 0.3 7.1 10.3 23.6 33.9 24.9

Note: Number of unweighted respondents = 5,642.

Question GH4. Do you (and/or your spouse/partner) expect 

to purchase a (new) home in the next 12 months?

Response Percent

 Refused 0.2

 Definitely no 63.0

 Probably no 19.1

 Probably yes 6.6

 Definitely yes 2.1

 Don’t know 9.2

Note: Number of unweighted respondents = 5,642.

Question GH5. Have you taken each of the following steps 

in planning for a home purchase?

Response Percent

 Researched houses on your own (e.g., online, newspaper, etc.) 59.8

 Attended an open house or toured homes for sale 26.9

 Talked to a real estate agent 35.8

 Talked to a bank or lender about a mortgage 26.0

 Checked your credit 53.9

 Received a preapproval for a mortgage 17.1

 Submitted an offer to purchase a house 8.7

Note: Number of unweighted respondents = 913.

Question R0. Would you prefer to own your home rather 

than rent your home if you could afford it?

Response Percent

 Refused 0.4

 Definitely no 7.0

 Probably no 11.6

 Probably yes 25.7

 Definitely yes 55.4

Note: Number of unweighted respondents = 1,547.

Question R4. Did you own your previous home that you 

moved from in (GH2 response)?

Response Percent

 Refused 0.5

 No 88.1

 Yes, and I still own that home 1.7

 Yes, and I sold that home 9.7

Note: Number of unweighted respondents = 603.

Question R5. Please select all of the reasons that you 

moved to your current home in (GH2 response).

Response Percent

 Refused 0.2

 To save money/cheaper place to live 28.8

 Larger or better quality home 18.9

 Better quality neighborhood or schools 12.0

 Relocated to a new city 35.5

 Change in family status (e.g., marriage, divorce, children) 17.6

 Other (please specify) 17.1

Note: Number of unweighted respondents = 603.

136 Economic Well-Being of U.S. Households, 2015
Question R3. About how much do you (and/or your 

spouse/partner) pay for rent each month?

Response Value

 Refused (percent) 1.1

 Mean (dollars) (>0) 854.5

 Median (dollars) (>0) 760.0

 Don’t know (percent) 7.1

Note: Number of unweighted respondents = 1,547.

Question H1. Compared to 12 months ago, do you think the 

value of your home today is higher, lower, or stayed the 

same?

Response Percent

 Refused 0.2

 Value is a lot lower 5.1

 Value is a little lower 11.8

 Value has stayed the same 27.4

 Value is a little higher 43.0

 Value is a lot higher 8.3

 Don’t know 4.4

Note: Number of unweighted respondents = 3,514.

Question H4. In the next 12 months, how much do you think 

that home prices in your neighborhood will change?

Response Percent

 Refused 0.4

 Go down by a lot 1.3

 Go down by a little 6.9

 Stay about the same 40.0

 Go up by a little 38.8

 Go up by a lot 3.7

 Don’t know 8.9

Note: Number of unweighted respondents = 3,629.

Question H6. Prior to purchasing your current home did you 

(or your spouse/partner) ever own another house?

Response Percent

 Refused 0.2

 No 41.4

 Yes 58.4

Note: Number of unweighted respondents = 1,807.

Question H7. In addition to your mortgage, please select all 

the sources below that you used to fund the home 

purchase when you bought your current home:

Response Percent

 Refused 0.3

 Proceeds from sale of previous home 34.8

 Personal savings 55.6

 Loan or gift from family/friends 13.8

 Second mortgage 5.2

 Financial assistance from a government program or 

nonprofit organization 4.8

 None (exclusive) 13.3

 Other (please specify) 4.5

Note: Number of unweighted respondents = 1,807.

Question M2. In the past 12 months, have you (or your 

spouse/partner) missed two or more payments on your 

mortgage?

Response Percent

 Refused 0.3

 No 95.6

 Yes 4.1

Note: Number of unweighted respondents = 2,202.

May 2016 137
Question M4. About how much is your total monthly 

mortgage payment (i.e., the amount you send to the bank)?

Response Value

 Refused (percent) 0.8

 Mean (dollars) (>0) 1,225.4

 Median (dollars) (>0) 1,100.0

 Don’t know (percent) 7.3

Note: Number of unweighted respondents = 2,202.

Question BK1. Do you (and/or your spouse/partner) 

currently have a checking, savings, or money market 

account?

Response Percent

 Refused 0.4

 No 7.8

 Yes 91.9

Note: Number of unweighted respondents = 5,642.

Question BK2. In the past 12 months, have you (and/or your 

spouse/partner):

Response Percent

 Used a money order 19.8

 Used a check-cashing service 8.9

 Used a tax refund anticipation loan 2.1

 Used a pawn shop loan, a payday loan, an auto title loan, or a 

paycheck advance/deposit advance 5.6

 Sent money to a relative or friend (not a business) living 

outside of the U.S. using a service other than a bank (e.g., 

Western Union, USPS SureMoney, etc.) 5.0

Note: Number of unweighted respondents = 5,642.

Question A6. If you were to apply for a credit card today, 

how confident are you that your application would be 

approved?

Response Percent

 Refused 0.2

 Very confident 53.3

 Somewhat confident 21.6

 Not confident 19.6

 Don’t know 5.3

Note: Number of unweighted respondents = 5,642.

Question A0. In the last 12 months, have you (and/or your 

spouse/partner) applied for any credit (such as a credit 

card, higher credit card limit, mortgage, refinance, student 

loan, personal loan, or other loan)?

Response Percent

 Refused 0.6

 No 60.7

 Yes 38.7

Note: Number of unweighted respondents = 5,642.

Question A0A. Please select all of the types of credit below 

that you (and/or your spouse/partner) have applied for in 

the past 12 months.

Response Percent

 Refused 0.3

 Mortgage to buy a new home 8.1

 Refinance of a home mortgage 7.7

 Home equity loan or line of credit 5.4

 Credit card 66.9

 Car/auto loan 26.7

 Student loan 9.5

 Personal general-purpose loan from a bank 9.9

 Personal loan from friends or family 3.9

 Other (please specify) 5.4

Note: Number of unweighted respondents = 2,052.

Question A0B. Was there a time in the past 12 months that 

you (and/or your spouse/partner) desired credit but chose 

not to submit a credit application?

Response Percent

 Refused 0.2

 No 88.0

 Yes 11.8

Note: Number of unweighted respondents = 3,561.

138 Economic Well-Being of U.S. Households, 2015
Question A1. In the past 12 months, please tell us if each of 

the following has or has not happened to you (and/or your 

spouse/partner):

Response Percent

 You (or your spouse/or your partner) were turned down for 

credit 26.0

 You (or your spouse/or your partner) were approved for credit, 

but were not given as much credit as you applied for 16.8

 You (or your spouse/or your partner) put off applying for credit 

because you thought you might be turned down 18.5

Note: Number of unweighted respondents = 2,081.

Question A2. You indicated that you (or your 

spouse/partner) desired credit in the past 12 months but 

did not submit a credit application. Was this because you 

thought that you might be turned down or denied credit?

Response Percent

 Refused 0.8

 No 42.7

 Yes 56.4

Note: Number of unweighted respondents = 432.

Question A3. Which forms of credit that you applied for 

were you denied or offered less credit than requested:

Response Percent

 Refused 1.5

 Mortgage to buy a new home 13.8

 Refinance of a home mortgage 21.9

 Home equity loan or line of credit 21.6

 Credit card 34.8

 Car/auto loan 21.2

 Student loan 15.0

 Personal general-purpose loan from a bank 38.0

 Personal loan from friends or family 35.7

 Other (please specify) 21.1

Note: Conditioned on having applied for that type of credit.

Question C1. If you had to guess, do you think your current 

credit score (such as a FICO score) is:

Response Percent

 Refused 0.3

 Poor 10.8

 Fair 12.3

 Good 18.4

 Very good 20.5

 Excellent 30.1

 Don’t know my score or how to rate it 7.7

Note: Number of unweighted respondents = 5,642.

Question C2A. Do you have at least one credit card?

Response Percent

 Refused 0.2

 No 23.2

 Yes 76.6

Note: Number of unweighted respondents = 5,642.

Question C4A. In the past 12 months, how frequently have 

you carried a balance on one or more of your credit cards?

Response Percent

 Refused 0.3

 Never carried a balance (always pay in full) 42.4

 Once 6.2

 Some of the time 19.7

 Most or all of the time 31.4

Note: Number of unweighted respondents = 4,419.

May 2016 139
Question C4B. In the past 12 months, how frequently have 

you paid only the minimum payment on one or more of 

your credit cards?

Response Percent

 Refused 0.4

 Never 40.0

 Once 9.2

 Some of the time 30.0

 Most or all of the time 20.4

Note: Number of unweighted respondents = 2,471.

Question C5. On the credit card you use most often, which 

of these categories best describes the current interest 

rate?

Response Percent

 Refused 0.1

 0 to 5 percent 8.7

 6 to 10 percent 17.3

 11 to 15 percent 24.8

 16 to 20 percent 18.0

 21 to 25 percent 12.8

 Over 25 percent 2.1

 Don’t know 16.2

Note: Number of unweighted respondents = 2,471.

Question ED0. What is the highest level of school you have 

completed or the highest degree you have received?

Response Percent

 Less than high school degree 7.5

 High school degree or GED 29.0

 Some college but no degree (including currently enrolled in 

college) 19.7

 Certificate or technical degree 5.5

 Associate degree 7.8

 Bachelor’s degree 18.1

 Master’s degree 7.6

 Professional degree (e.g., MBA, MD, JD) 2.9

 Doctoral degree 1.9

Note: Number of unweighted respondents = 5,642.

Question ED0A. Are you currently enrolled in any school, 

college, or other post-high school educational program that 

will lead to a degree?

Response Percent

 Refused 0.2

 No 89.8

 Yes 10.0

Note: Number of unweighted respondents = 5,329.

Question ED0B. What type of degree program are you 

currently enrolled in?

Response Percent

 Refused 0.8

 Certificate or technical degree 9.3

 Associate degree 26.1

 Bachelor’s degree 46.0

 Master’s degree 10.1

 Professional degree (e.g., MBA, MD, JD) 4.8

 Doctoral degree 2.9

Note: Number of unweighted respondents = 351.

Question ED0C. In the past 12 months, have you taken any 

classes towards a degree or completed any educational 

programs?

Response Percent

 Refused 0.5

 No 93.3

 Yes 6.2

Note: Number of unweighted respondents = 1,930.

140 Economic Well-Being of U.S. Households, 2015
Question ED1. Which one of the following broad categories 

best describes your (current/most recent) educational 

program?

Response Percent

 Refused 0.7

 Humanities 7.3

 Social/behavioral sciences 8.2

 Life sciences 2.7

 Physical sciences/math 3.4

 Computer/information sciences 7.8

 Engineering 7.2

 Education 9.7

 Business/management 20.8

 Health 11.1

 Law 3.7

 Vocational/technical training 7.2

 Undeclared 6.7

 Other (please specify): 3.5

Note: Number of unweighted respondents = 3,653.

Question ED4. In what year did you last attend this 

educational program?

Response Value

 Refused (percent) 14.2

 Mean 1995

 Median 1998

Note: Number of unweighted respondents = 1,271.

Question ED5. Overall, how would you say the lifetime 

financial benefits of your (current/most recent) educational 

program compare to its financial costs?

Response Percent

 Refused 3.0

 Financial benefits are much larger 18.6

 Financial benefits are somewhat larger 16.9

 About the same financial benefits and financial costs 34.9

 Financial costs are somewhat larger 12.3

 Financial costs are much larger 14.4

Note: Number of unweighted respondents = 1,415.

Question ED6A. Knowing what you know now about the 

benefits and costs of your education, if you could go back 

and make your education decisions again would you have 

done each of these things:

Response Percent

 Chosen a different field of study 37.1

 Attended a different school 32.3

 Completed less education 7.2

 Completed more education 69.2

 Chosen not to attend college 11.7

Note: Number of unweighted respondents = 1,206.

Question ED9. In what year did you receive your 

associate/bachelor’s degree?

Response Value

 Refused (percent) 1.9

 Mean 1994

 Median 1997

Note: Number of unweighted respondents = 2,233.

Question ED10. Overall, how would you say the lifetime 

financial benefits of your (associate/bachelor’s) program 

compare to its financial costs?

Response Percent

 Refused 0.6

 Financial benefits are much larger 37.4

 Financial benefits are somewhat larger 24.4

 About the same financial benefits and financial costs 21.2

 Financial costs are somewhat larger 9.4

 Financial costs are much larger 7.0

Note: Number of unweighted respondents = 2,227.

May 2016 141
Question ED11A. Knowing what you know now about the 

benefits and costs of your education, if you could go back 

and make decisions regarding your (associate/bachelor’s) 

again, would you have done each of these things:

Response Percent

 Chosen a different field of study 33.6

 Attended a different school 22.4

 Completed less education 4.0

 Completed more education 41.9

 Chosen not to attend college 3.3

Note: Number of unweighted respondents = 2,227.

Question ED13. Which of the following are reasons why you 

did not attend college?

Response Percent

 Refused 0.2

 Too expensive 29.2

 Family responsibilities 23.4

 Wanted to work 30.3

 Simply was not interested in college 37.5

 Was not admitted 1.2

 Did not think benefits of attending college were worth the cost 11.9

 Other 9.3

Note: Number of unweighted respondents = 1,687.

Question ED14. Which of the following are reasons why you 

did not complete your college degree?

Response Percent

 Refused 0.6

 Too expensive 28.0

 Family responsibilities 40.4

 Wanted to work 33.5

 Simply was not interested in continuing college 22.0

 Did not think the benefits of continuing college were worth 

the cost 16.0

 Low grades 9.2

 Other 14.4

Note: Number of unweighted respondents = 889.

Question ED15. What is the highest level of education that 

your mother completed?

Response Percent

 Refused 0.3

 Less than high school degree 18.9

 High school degree or GED 37.1

 Some college but no degree 10.1

 Certificate or technical degree 5.1

 Associate degree 4.8

 Bachelor’s degree 10.3

 Graduate degree 6.5

 Don’t know 7.1

Note: Number of unweighted respondents = 5,642.

Question ED16. What is the highest level of education that 

your father completed?

Response Percent

 Refused 0.3

 Less than high school degree 21.4

 High school degree or GED 30.3

 Some college but no degree 8.1

 Certificate or technical degree 4.7

 Associate degree 4.0

 Bachelor’s degree 10.7

 Graduate degree 8.9

 Don’t know 11.6

Note: Number of unweighted respondents = 5,642.

Question SL1. Do you currently have student loan debt or 

owe any money used to pay for your own education?

Response Percent

 Refused 0.5

 No 84.1

 Yes 15.5

Note: Number of unweighted respondents = 5,642.

142 Economic Well-Being of U.S. Households, 2015
Question SL2. Think about the money you borrowed to pay 

for your own education. Is the money you owe for that 

education a student loan, a home equity loan, a credit card 

debt, or some other type of loan? If you have multiple 

loans, please select all that apply.

Response Percent

 Student loan 94.3

 Home equity loan 2.5

 Credit card 20.5

 Other loan: please specify 4.3

Note: Number of unweighted respondents = 743.

Question SL3. Thinking specifically about the money that 

you borrowed to pay for your own education, please tell 

us the total amount that you currently owe on each of 

these loans.

Response Mean (dollars) 

(>0)

Median (dollars) 

(>0)

 Student loan 30,156.1 12,000

 Home equity loan 57,549.9 40,400

 Credit card 7,574.1 3,000

 Other loan 11,968.6 9,000

Total 32,584.8 14,000

Note: Conditioned on having debt of each form; 5.8 percent of respondents who 

reported that they have education debt refused to provide the amount of the 

loans.

Question SL4. Approximately how much is the total 

monthly payment that you make on student loans from 

your education?

Response Value

 Refused (percent) 3.7

 Zero (percent) 26.9

 Mean (dollars) (>0) 533.2

 Median (dollars) (>0) 180.0

Note: Number of unweighted respondents = 712.

Question SL5. Is one or more of the student loans from your 

own education in deferment, forbearance, or being forgiven 

so you do not need to make payments right now?

Response Percent

 Refused 1.0

 No 59.6

 Yes 39.5

Note: Number of unweighted respondents = 712.

Question SL6. Are you behind on payments or in collections 

for one or more of the student loans from your own 

education?

Response Percent

 Refused 0.7

 No 81.5

 Yes 17.8

Note: Number of unweighted respondents = 712.

Question SL7. Did you borrow money or take out any loans 

to pay for your own education that you have since repaid?

Response Percent

 Refused 0.7

 No 85.2

 Yes 14.1

Note: Number of unweighted respondents = 4,899.

May 2016 143
Question SL8. Still thinking about the money you borrowed 

to pay for your own education, did you borrow money for 

each of the following educational programs (including any 

loans which you have completely repaid)?

Response Percent

 Certificate or technical training 15.6

 Associate degree 21.6

 Bachelor’s degree 61.8

 Professional degree (e.g., MBA, MD, JD) 8.5

 Master’s degree or doctoral degree 16.1

Note: Number of unweighted respondents = 1,475.

Question SL9. Did you complete the most recent 

educational program for which you borrowed money?

Response Percent

 Refused 0.2

 No 20.6

 Yes 65.6

 Still enrolled in the program 13.6

Note: Number of unweighted respondents = 1,475.

Question SL10. Do you currently owe any money used to 

pay for your spouse/partner’s education? Please only 

include any loans on which you are a co-signer that were 

used to pay for their education beyond high school 

(including student loans, home equity loans, or credit cards 

paid off over time).

Response Percent

 Refused 0.2

 No 93.4

 Yes 6.4

Note: Number of unweighted respondents = 3,197.

Question SL11. Do you currently owe any money used to 

pay for your child or grandchild’s education? Please only 

include any loans on which you are a co-signer that were 

used to pay for their education beyond high school 

(including student loans, home equity loans, or credit cards 

paid off over time).

Response Percent

 Refused 0.4

 No 72.1

 Yes 6.2

 Do not have children or grandchildren 21.3

Note: Number of unweighted respondents = 4,887.

Question K1B. At what age do you expect to retire fully, 

meaning completely stop working for pay?

Response Percent

 Refused (percent) 0.9

 Mean age 64.7

 Median age 65.0

 Will never stop working/I do not plan to retire (percent) 13.5

 Not sure (percent) 44.3

Note: Number of unweighted respondents = 4,284.

Question K2. Do you currently have each of the following 

types of retirement savings or pension?

Response Percent

 401(k), 403(b), or other defined contribution plan through an 

employer or former employer 47.9

 Pension with a defined benefit through an employer or former 

employer 24.9

 IRA or Roth IRA 27.3

 Savings outside a retirement account 40.8

 Ownership of real estate or land that you plan to sell or rent to 

generate income in retirement 14.5

 Ownership of my business 5.7

 Other retirement savings 9.9

Note: Number of unweighted respondents = 4,126.

144 Economic Well-Being of U.S. Households, 2015
Question DC1. Does your employer offer a 401(k), 403(b), 

thrift, or other defined contribution retirement plan?

Response Percent

 Refused 0.4

 No 53.9

 Yes 26.6

 Don’t Know 19.2

Note: Number of unweighted respondents = 998.

Question DC2. You stated that you do not participate in a 

401(k), 403(b), thrift, or other defined contribution plan 

from work. Please select all the reasons below for why you 

do not currently invest in this type of retirement plan.

Response Percent

 Refused 1.3

 I am not eligible to participate in my employer’s plan 18.1

 Employer does not match contributions 5.8

 Unable to afford contributions to a retirement plan 26.6

 Plan to invest through the retirement plan but have not signed 

up yet 15.6

 Unsure of best way to invest money contributed to the 

retirement plan 17.6

 Prefer to save for retirement in other ways 19.6

 Prefer to spend the money rather than save 7.2

 Other (please specify) 11.5

Note: Number of unweighted respondents = 269.

Question DC3. If your employer did offer a 401(k), 403(b), 

thrift, or other defined contribution benefit plan, would you 

contribute to the plan?

Response Percent

 Refused 0.4

 Definitely no 4.1

 Probably no 11.1

 Probably yes 36.1

 Definitely yes 22.2

 Don’t know 26.2

Note: Number of unweighted respondents = 724.

Question DC4. How confident are you in your ability to 

make the right investment decisions when managing and 

investing the money in your retirement accounts (including 

IRA, 401(k), 403(b), thrift, or other retirement accounts 

where you choose the investments for yourself)?

Response Percent

 Refused 0.2

 Very confident 15.0

 Mostly confident 36.3

 Slightly confident 33.3

 Not confident 15.2

Note: Number of unweighted respondents = 2,519.

Question DC5. Which of the following sources of advice do 

you usually use when deciding how to invest the money in 

your retirement accounts?

Response Percent

 Refused 0.7

 No one (exclusive) 26.4

 Friends or relatives 27.9

 Financial planner 28.6

 Investment broker 15.1

 Lawyer or accountant 3.9

 Employer 11.3

 Internet research, books, or magazines 23.8

 Other (please specify) 3.1

Note: Number of unweighted respondents = 2,519.

May 2016 145
Question DC6. You indicated that you did not receive advice 

from others when deciding how to invest the money in your 

retirement accounts. Is this because you do not feel that 

you need help, because you do not know where to get it, or 

because it is too expensive?

Response Percent

 Refused 1.2

 I do not feel that I need help managing my investments 46.6

 I would like help but do not know where to get it 25.3

 I would like help but I cannot afford it or it is too expensive 26.9

Note: Number of unweighted respondents = 688.

Question K3. Which of the following do you expect will be 

a source of funds for you (and your spouse/partner) in 

retirement?

Response

 Percent

 Refused No Yes Don’t know

 Social Security 0.4 12.2 65.3 22.1

 I will continue working 1.7 29.0 38.3 31.1

 Spouse/partner will continue 

working 2.0 44.4 21.6 32.0

 Pension with a defined benefit 

from work (i.e., pension based 

on a formula, your earnings, 

and years of service) 1.3 43.0 32.7 23.1

 401(k), 403(b), or other defined 

contribution plan from work 

(i.e., a retirement plan through 

work, where you contribute 

a percent of your salary each 

pay-period to invest for 

retirement) 1.1 25.6 52.8 20.5

 IRA or Roth IRA 1.7 40.2 31.6 26.5

 Savings outside a retirement 

account (e.g., a brokerage 

account, savings account) 1.4 31.5 44.3 22.8

 Income from real estate or the 

sale of real estate 1.6 52.7 18.0 27.7

 Income from a business or the 

sale of a business 1.6 68.1 6.1 24.2

 Rely on children, grandchildren, or 

other family 1.7 71.4 4.1 22.8

 Rely on inheritance 1.6 68.7 7.2 22.5

 Other retirement savings 1.8 56.8 13.8 27.7

Note: Number of unweighted respondents = 4,126.

Question K5A. In the past 12 months, have you borrowed 

money from or cashed out (permanently withdrawn) money 

from any of your retirement savings accounts?

Response Percent

 Refused 0.2

 No 90.8

 Yes, borrowed money 4.1

 Yes, cashed out 3.6

 Yes, both 1.2

Note: Number of unweighted respondents = 4,126.

Question K8A. At what age did you retire fully, meaning 

completely stop working?

Response Value

 Refused (percent) 0.2

 Mean age 61.2

 Median age 62.0

 Not sure (percent) 8.7

Note: Number of unweighted respondents = 1,355.

Question K10. Which of the following are sources of funds 

for you (and your spouse/partner) in retirement?

Response Percent

 Social Security 90.2

 I have a job 7.2

 My spouse/partner has a job 13.8

 Pension with a defined benefit from work 64.9

 401(k), 403(b), or other defined contribution plan from work 36.4

 IRA or Roth IRA 42.6

 Savings outside a retirement account 53.2

 Income from real estate or the sale of real estate 14.2

 Income from a business or the sale of a business 3.6

 Relying on children, grandchildren, or other family 3.5

 Other retirement savings 19.4

Note: Number of unweighted respondents = 1,516.

146 Economic Well-Being of U.S. Households, 2015
Question HOL1. Thinking about the coming holiday season, 

about how much are you (and your spouse/partner) 

planning to spend on holiday gifts this year?

Response Value

 Mean (dollars) (>0) 500.0

 Median (dollars) (>0) 727.5

Note: Number of unweighted respondents = 4,250.

Question HOL2. Do you (and/or your spouse/partner) plan 

to use a credit card that you pay off over time, a layaway 

plan, a loan, or any other form of borrowing to pay for 

holiday gifts this year?

Response Percent

 Refused 1.0

 No 76.9

 Yes 22.1

Note: Number of unweighted respondents = 4,250.

Question HOL3. Approximately when do you (and/or your 

spouse/partner) expect that you will have any credit card 

debt, loans, or other borrowing from your holiday spending 

this year completely paid off?

Response Percent

 Refused 0.2

 January 2016 or earlier 26.1

 February or March 2016 24.3

 April, May, or June 2016 22.1

 July, August, or September 2016 8.9

 October, November, or December 2016 5.9

 After December 2016 12.5

Note: Number of unweighted respondents = 927.

Question AL0. Do you (and/or your spouse/partner) own or 

lease a car or truck?

Response Percent

 Refused 0.4

 No, I do not own or lease a car or truck 18.2

 Yes, I own a car or truck 73.2

 Yes, I lease a car or truck 4.7

 Yes, I own a car or truck and I lease a car or truck 3.6

Note: Number of unweighted respondents = 5,642.

Question AL1. Do you (and/or your spouse/partner) 

currently have any auto loans on cars or trucks that you 

own?

Response Percent

 Refused 0.2

 No 60.3

 Yes 39.5

Note: Number of unweighted respondents = 4,448.

Question AL2. In the past 12 months, have you (and/or your 

spouse/partner) missed or been late making any payments 

on your auto loan or lease?

Response Percent

 Refused 0.2

 No 91.5

 Yes 8.3

Note: Number of unweighted respondents = 1,894.

May 2016 147
Question AL4. In the past 12 months, have you (and/or your 

spouse/partner) bought or leased a car or truck?

Response Percent

 Refused 0.3

 No, I have not purchased or leased a car or truck in the 

past year 70.0

 Yes, I purchased a new, unused car or truck 11.4

 Yes, I purchased a used car or truck from a dealership, car lot, 

or car salesman 10.6

 Yes, I purchased a used car or truck from a private seller (such 

as the previous owner) 5.0

 Yes, I leased a car or truck 2.8

Note: Number of unweighted respondents = 4,683.

Question AL5. Approximately how long do you (and/or your 

spouse/partner) expect to keep this vehicle?

Response Value

 Refused (percent) 2.2

 Mean 7.6

 Median 6.0

Note: Number of unweighted respondents = 1,218.

Question AL6. When you bought/leased this vehicle, did you 

compare prices from different sellers?

Response Percent

 Refused 0.3

 No 29.9

 Yes 69.9

Note: Number of unweighted respondents = 1,218.

Question AL7. When you (and/or your spouse/partner) 

bought this vehicle, did you take out an auto loan to pay for 

the purchase?

Response Percent

 Refused 0.2

 No 34.1

 Yes, from the location where the car or truck was purchased 32.9

 Yes, from a bank or credit union 29.5

 Yes, from an Internet lender 1.4

 Yes, from another source 1.9

Note: Number of unweighted respondents = 1,100.

Question AL8. When you (and/or your spouse/partner) 

bought this vehicle, did you compare interest rates or other 

loan terms from different lenders or from different 

automobile dealerships/sellers?

Response Percent

 Refused 0.5

 No 46.2

 Yes 53.3

Note: Number of unweighted respondents = 677.

Question AL9. When you (and/or your spouse/partner) 

bought/leased this car or truck, which of the following 

sources of advice did you use when deciding how to 

finance or pay for it?

Response Percent

 Refused 0.3

 No one (exclusive) 50.3

 Friends or relatives 22.7

 Print or online publication (newspaper, magazines,

Consumer Reports, etc.) 7.6

 Internet research 19.7

 Advice of car dealer or salesman 15.3

 Advice of banker or lender 6.6

 Other (please specify) 2.1

Note: Number of unweighted respondents = 1,218.

148 Economic Well-Being of U.S. Households, 2015
Question AL10. When you (and/or your spouse/partner) 

bought/leased this car or truck, which of the following 

(if any) did you negotiate with the seller?

Response Percent

 Total purchase price 76.1

 Monthly payment amount 40.0

 Upfront payment due 37.3

 Interest rate on the auto loan (if any) 31.6

 Length of the auto loan or lease 36.6

 Amount offered for trade-in of old vehicle 37.2

Note: Number of unweighted respondents = 1,218.

Question AL11. Among the factors that you negotiated 

when purchasing/leasing this vehicle, which one of these 

did you consider to be the most important?

Response Percent

 Refused 0.4

 Total purchase price 42.8

 Monthly payment amount 36.6

 Upfront payment due 2.6

 Interest rate on the auto loan (if any) 8.1

 Length of the auto loan or lease 2.3

 Amount offered for trade-in of old vehicle 7.2

Note: Number of unweighted respondents = 766.

Question AL12. Approximately what was the total purchase 

price of this vehicle?

Response Percent

 Refused 0.4

 Less than $10,000 24.8

 $10,000 to $19,999 27.9

 $20,000 to $29,999 24.2

 $30,000 to $39,999 14.6

 $40,000 to $49,999 5.9

 Over $50,000 2.2

Note: Number of unweighted respondents = 1,100.

Question AL13. Approximately how much was the total 

auto loan amount for this vehicle?

Response Percent

 Refused 0.8

 Less than $10,000 14.9

 $10,000 to $19,999 34.9

 $20,000 to $29,999 27.8

 $30,000 to $39,999 14.2

 $40,000 to $49,999 5.9

 Over $50,000 1.5

Note: Number of unweighted respondents = 677.

Question AL14. Approximately what was the interest rate 

on the auto loan used for the purchase of this vehicle?

Response Percent

 Refused 0.2

 0 to 1.99 percent 21.9

 2.00 to 3.99 percent 35.7

 4.00 to 5.99 percent 15.8

 6.00 to 7.99 percent 7.6

 8.00 to 9.99 percent 3.1

 10 percent or higher 4.6

 Don’t know 11.2

Note: Number of unweighted respondents = 677.

May 2016 149
Question AL15. How many monthly payments were agreed 

upon when you took out the loan for this vehicle. That is, if 

you do not pay off the loan early, how long will you be 

making payments on the auto loan?

Response Percent

 Refused 0.3

 0 to 12 months (up to 1 year) 3.8

 13 to 24 months (1 to 2 years) 4.6

 25 to 36 months (2 to 3 years) 17.2

 37 to 48 months (3 to 4 years) 10.2

 49 to 60 months (4 to 5 years) 29.9

 61 to 72 months (5 to 6 years) 27.3

 73 months or longer (over 6 years) 3.8

 Don’t know 3.1

Note: Number of unweighted respondents = 677.

Question I0. In the past 12 months, did you (and/or your 

spouse/partner) receive any income from the following 

sources:

Response Percent

 Wages or salaries 67.9

 Self-employment 13.9

 Freelance work or hobbies (do not include income from GfK) 12.5

 Interest, dividends, or rental income 23.0

 Social Security 25.6

 Supplemental Security (SSI) 4.7

 Unemployment income 3.1

 Pension income 17.3

 Any other income 12.1

Note: Number of unweighted respondents = 5,642.

Question I0A. Did you (and/or your spouse/partner) receive 

any income from any source in the past year?

Response Percent

 Refused 3.9

 No 78.5

 Yes 17.6

Note: Number of unweighted respondents = 332.

Question I0B. Besides you (and/or your spouse/partner) did 

anyone else in your household receive any income in the 

past 12 months from any source?

Response Percent

 Refused 0.5

 No 68.7

 Yes 30.8

Note: Number of unweighted respondents = 4,456.

Question I4A. Which of the following categories best 

describes the total income that you (and/or your 

spouse/partner) received from all sources, before taxes 

and deductions, in the past 12 months?

Response Percent

 Refused 1.0

 None 5.6

 $0 to $4,999 5.9

 $5,000 to $14,999 8.2

 $15,000 to $24,999 10.1

 $25,000 to $39,999 12.2

 $40,000 to $49,999 7.9

 $50,000 to $74,999 15.7

 $75,000 to $99,999 10.5

 $100,000 to $149,999 15.6

 $150,000 to $199,999 4.1

 $200,000 or higher 3.2

Note: Number of unweighted respondents = 5,642.

150 Economic Well-Being of U.S. Households, 2015
Question I1. In the past 12 months, would you say that your 

(and your spouse/partner’s) total spending was:

Response Percent

 Refused 0.5

 Less than your income 50.8

 The same as your income 32.6

 More than your income 16.1

Note: Number of unweighted respondents = 5,376.

Question I2. In the past 12 months, about what percent of 

your (and your spouse/partner’s) total gross income 

(before taxes and deductions) did you set aside as 

savings?

Response Percent

 Refused 0.9

 None 30.7

 1 to 5 percent 27.1

 6 to 10 percent 18.6

 11 to 15 percent 9.2

 16 to 20 percent 6.3

 Over 20 percent 7.2

Note: Number of unweighted respondents = 4,032.

Question I9. In the past year, which one of the following 

best describes how your (and your spouse/partner’s) 

income changes from month to month, if at all?

Response Percent

 Refused 0.8

 Roughly the same amount each month 67.2

 Roughly the same most months, but some unusually high or 

low months during the year 20.3

 Often varies quite a bit from one month to the next 11.7

Note: Number of unweighted respondents = 5,642.

Question I10. Please indicate whether each of the following 

is a reason that your (and your spouse/partner’s) income 

changed from month to month in the past year:

Response Percent

 Refused 5.6

 Bonuses 15.6

 Commissions 7.9

 Seasonal employment 12.8

 Irregular work schedule (i.e., your work hours change from 

week to week) 43.1

 Periods of unemployment 14.7

 Investment income 8.0

 Other (please specify) 19.3

Note: Number of unweighted respondents = 1,715.

Question I11. In the past year, which one of the following 

best describes how your (and your spouse/partner’s) 

expenses change from month to month, if at all?

Response Percent

 Refused 1.2

 Roughly the same amount each month 55.4

 Roughly the same most months, but some unusually high or 

low months during the year 33.4

 Often varies quite a bit from one month to the next 10.0

Note: Number of unweighted respondents = 5,642.

Question I12. In the past year, did you (and your 

spouse/partner) have any months where you struggled to 

pay your bills either because your income was unusually 

low or because your expenses were unusually high?

Response Percent

 Refused 0.6

 No 57.2

 Yes 42.2

Note: Number of unweighted respondents = 3,069.

May 2016 151
Question I7. During the next 12 months, do you expect your 

(and your spouse/partner’s) total income to be higher, 

about the same, or lower than during the past 12 months?

Response Percent

 Refused 0.8

 Lower 7.9

 About the same 68.3

 Higher 23.0

Note: Number of unweighted respondents = 5,642.

Question EF1. Have you set aside emergency or rainy day 

funds that would cover your expenses for 3 months in case 

of sickness, job loss, economic downturn, or other 

emergencies?

Response Percent

 Refused 0.7

 No 51.9

 Yes 47.4

Note: Number of unweighted respondents = 5,642.

Question EF2. If you were to lose your main source of 

income (e.g., job, government benefits), could you cover 

your expenses for 3 months by borrowing money, using 

savings, selling assets, or borrowing from friends/family?

Response Percent

 Refused 0.9

 No 59.4

 Yes 39.6

Note: Number of unweighted respondents = 2,931.

Question EF3. Suppose that you have an emergency 

expense that costs $400. Based on your current financial 

situation, how would you pay for this expense? If you 

would use more than one method to cover this expense, 

please select all that apply.

Response Percent

 Refused 1.1

 Put it on my credit card and pay it off in full at 

the next statement 28.6

 Put it on my credit card and pay it off over time 17.4

 With the money currently in my checking/savings account 

or with cash 46.6

 Using money from a bank loan or line of credit 3.1

 By borrowing from a friend or family member 12.6

 Using a payday loan, deposit advance, or overdraft 1.9

 By selling something 7.9

 I wouldn’t be able to pay for the expense right now 13.9

 Other (please specify) 2.1

Note: Number of unweighted respondents = 5,642.

Question EF4. Based on your current financial situation, 

what is the largest emergency expense that you could pay 

right now using cash or money in your checking/savings 

account?

Response Percent

 Refused 1.2

 Under $100 38.9

 $100 to $199 15.7

 $200 to $299 13.0

 $300 to $399 8.7

 Over $400 22.5

Note: Number of unweighted respondents = 2,539.

152 Economic Well-Being of U.S. Households, 2015
Question E1. During the past 12 months, was there a time 

when you needed any of the following, but didn’t get it 

because you couldn’t afford it?

Response Percent

 Prescription medicine (including taking less medication than 

prescribed) 11.1

 To see a doctor 12.4

 Mental health care or counseling 5.0

 Dental care (including skipping check-ups or routine cleaning) 19.7

 To see a specialist (such as an OB/GYN, dermatologist, 

orthopedic surgeon, etc.) 8.5

 Follow-up care (e.g., skipping physical therapy sessions 

recommended by a doctor ) 7.5

Note: Number of unweighted respondents = 5,642.

Question E2. During the past 12 months, have you had any 

unexpected major medical expenses that you had to pay 

out of pocket (that were not completely paid for by 

insurance)?

Response Percent

 Refused 0.5

 No 77.5

 Yes 22.0

Note: Number of unweighted respondents = 5,642.

Question E2A. Approximately how much did you pay out of 

pocket for unexpected major medical expenses in the past 

12 months?

Response Value

 Refused (percent) 3.7

 Mean (dollars) (>0) 2781.9

 Median (dollars) (>0) 1200.0

Note: Number of unweighted respondents = 1,349.

Question E2B. Do you currently have an unpaid balance or 

owe any debt related to the unexpected major medical 

expenses that you had in the past 12 months?

Response Percent

 Refused 0.4

 No 54.0

 Yes 45.6

Note: Number of unweighted respondents = 1,349.

Question E5. Are you currently covered by each of the 

following types of insurance?

Response

 Percent

 Refused No Yes Don’t know

 Health insurance (including 

insurance provided by an 

employer, private insurance 

company, Medicare, Medicaid, 

or any other type of health 

insurance) 0.5 10.1 86.1 3.2

 Auto/car insurance 0.6 13.2 82.6 3.6

 Homeowners or renters insurance 1.0 27.3 66.3 5.4

 Disability insurance 1.7 62.6 25.1 10.6

 Long-term care insurance (i.e., 

insurance that covers expenses 

for assisted living facilities, 

home care, or nursing homes) 1.6 74.0 13.3 11.1

 Life insurance 1.2 37.2 54.6 7.0

 Funeral insurance 1.8 79.2 8.4 10.6

Note: Number of unweighted respondents = 5,642.

May 2016 153
Question E6. Please answer yes or no to each option.

Response

 Percent

 Refused No Yes

 Do you have a health problem or 

disability which prevents you from 

working or which limits the kind or 

amount of work that you can do? 0.5 80.4 19.1

 Do you have serious difficulty hearing or 

difficulty seeing even with glasses 

(including being blind or deaf)? 0.6 94.0 5.4

 Because of a physical, mental, or 

emotional condition, do you have 

serious difficulty concentrating, 

remembering, or making decisions? 0.6 91.3 8.1

 Do you have difficulty walking or 

climbing stairs? 1.0 85.0 14.0

Note: Number of unweighted respondents = 5,642.

Question X1. Over the past year, have you or your family 

living with you experienced any financial hardship such as 

a job loss, drop in income, health emergency, divorce, or 

loss of your home?

Response Percent

 Refused 0.7

 No 81.2

 Yes 18.1

Note: Number of unweighted respondents = 5,642.

Question X2. Which of the following did you or your family 

living with you experience in the past year?

Response Percent

 Refused 2.2

 I lost a job 25.5

 I had my work hours and/or pay reduced 18.1

 My spouse/partner lost a job 13.2

 My spouse/partner had their work hours and/or pay reduced 11.8

 Received a foreclosure or eviction notice 4.0

 A business I owned had financial difficulty 2.7

 Had a health emergency 36.0

 Divorce 6.1

 Death of primary breadwinner 4.0

 Other (please specify) 19.5

Note: Number of unweighted respondents = 1,069.

Question X3. We are interested in how people choose to 

prioritize payments when money is tight. Suppose that you 

only had enough money to pay one of the following bills 

this month. Which would you choose to pay?

Response Percent

 Refused 0.7

 Rent/mortgage 81.1

 Credit card bill 10.5

 Student loan 1.5

 Auto loan or lease 6.2

Note: Number of unweighted respondents = 4,602.

154 Economic Well-Being of U.S. Households, 2015
Summary Statistics

Summary statistics for demographics

Demographic characteristic

 Weighted Unweighted

 Mean Standard deviation Observations Mean Standard deviation Observations

 Age 47.2028 17.3671 5,642 52.0550 17.0927 5,642

 Male 0.4823 0.4997 5,642 0.4977 0.5000 5,642

 Female 0.5177 0.4997 5,642 0.5023 0.5000 5,642

 18–29 0.2120 0.4088 5,642 0.1338 0.3405 5,642

 30–44 0.2510 0.4337 5,642 0.2051 0.4038 5,642

 45–59 0.2852 0.4515 5,642 0.3041 0.4601 5,642

 Ages 60+ 0.2517 0.4340 5,642 0.3570 0.4791 5,642

 Less than high school 0.0753 0.2639 5,642 0.0544 0.2269 5,642

 High school degree 0.2901 0.4539 5,642 0.2995 0.4581 5,642

 Some college, certificate, or technical school 0.2520 0.4342 5,642 0.2512 0.4337 5,642

 Associate degree 0.0781 0.2683 5,642 0.0814 0.2734 5,642

 Bachelor’s degree or higher 0.3044 0.4602 5,642 0.3135 0.4640 5,642

 White, non-Hispanic 0.6516 0.4765 5,642 0.7297 0.4442 5,642

 Black, non-Hispanic 0.1164 0.3208 5,642 0.1005 0.3007 5,642

 Other, non-Hispanic 0.0661 0.2485 5,642 0.0362 0.1867 5,642

 Hispanic 0.1533 0.3603 5,642 0.1044 0.3058 5,642

 2+ races, non-Hispanic 0.0125 0.1112 5,642 0.0292 0.1685 5,642

 Family income less than $40,000 0.4201 0.4936 5,642 0.4970 0.5000 5,642

 Family income $40,000–$100,000 0.3444 0.4752 5,575 0.3218 0.4672 5,575

 Family income greater than $100,000 0.2312 0.4216 5,575 0.1752 0.3802 5,575

 Household income less than $40,000 0.3059 0.4608 5,642 0.4823 0.4997 5,642

 Household income $40,000–$100,000 0.3895 0.4877 5,642 0.3135 0.4640 5,642

 Household income greater than $100,000 0.3046 0.4603 5,642 0.2042 0.4031 5,642

 Married 0.5283 0.4992 5,642 0.5213 0.4996 5,642

 Not married 0.4717 0.4992 5,642 0.4787 0.4996 5,642

 Northeast 0.1812 0.3852 5,642 0.1783 0.3828 5,642

 Midwest 0.2140 0.4102 5,642 0.2457 0.4305 5,642

 South 0.3708 0.4831 5,642 0.3506 0.4772 5,642

 West 0.2340 0.4234 5,642 0.2255 0.4179 5,642

 Employed 0.5682 0.4954 5,636 0.4924 0.5000 5,636

 Unemployed, in labor force 0.0511 0.2203 5,636 0.0479 0.2136 5,636

 Not in labor force 0.3629 0.4809 5,636 0.4418 0.4966 5,636

May 2016 155
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