Jeff Larrimore

Consumer & Community Development Research

Division of Consumer & Community Affairs

The analysis and conclusions set forth in this presentation are our own do not indicate 

concurrence of the Federal Reserve Board, the Federal Reserve Banks, or their staff.

Survey of Household Economics 

and Decisionmaking

SHED
Board of Governors of the Federal Reserve System 2

• Annual survey on financial well-being conducted each fall since 2013

• Designed with three primary motivations

1. Help monitor trends in consumer behavior and sentiment as they 

relate to household finances and the broader economy

2. Cast light on current issues affecting financial well-being, particularly 

among low- and moderate-income populations

3. Fill data gaps and provide insights into questions for which there may not 

be other reliable data sources 

Findings and data released on May 19 in the Report on the Economic 

Well-Being of U.S. Households in 2016

Survey Background

INTRODUCTION
Board of Governors of the Federal Reserve System 3

Topics Covered in Report

Housing and Living 6 Arrangements

Education and Human 7 Capital

3

Student Loans 8

Retirement 9

SECTION

SECTION

SECTION

SECTION

Economic Well-Being 1

Employment 2

Income and Savings 3

Economic Preparedness 4 and Emergency Savings

5

SECTION

Banking and Credit

SECTION

SECTION

SECTION

SECTION

INTRODUCTION
Board of Governors of the Federal Reserve System 4

OVERALL WELL-BEING

Which one of the following best describes how well you are managing 

financially these days?

Doing

okay

Living 

comfortably

Self-assessed Financial Well-being

Asked of all respondents. n = 6,610 in 2016

62%

65%

69%

29% 70%

28%

25%

25%

40%

41%

40%

38%

0% 10% 20% 30% 40% 50% 60% 70% 80%

2016

2015

2014

2013
Board of Governors of the Federal Reserve System 5

Ability to Handle Current Month’s Bills

OVERALL WELL-BEING

Asked of all respondents. n = 6,610 in 2016

Do you expect to be able to pay all 

of your current month’s bills in 

full?

How would a $400 emergency 

expense that you had to pay 

impact your ability to pay your 

other bills this month?

76%

23%

0%

20%

40%

60%

80%

Current situation

63%

35%

0%

20%

40%

60%

80%

With a $400 emergency expense
Board of Governors of the Federal Reserve System 6

TOP TAKEAWAYS

Education
Board of Governors of the Federal Reserve System 7

Childhood Concerns

Percent of young adults (under age 40) saying that they sometimes or 

regularly worried about each of the following when they were growing up

EMPLOYMENT AND INCOME

Among young adults under age 40. n = 1,699 in 2016

44%

28% 27%

20%

33%

16% 16%

12%

27%

8% 11%

7%

0%

10%

20%

30%

40%

50%

Family's finances Having enough food

to eat

Crime / personal

safety

Having a stable

caregiver

Both parents HS degree or less At least 1 with some college

At least 1 with Bachelor's degree
Board of Governors of the Federal Reserve System 8

Value of Degree by Choice of Major

Among respondents who completed at least an Associate Degree. n = 2,825

Among respondents with at least an associate degree

Overall how would you say the lifetime financial benefits of your education 

compare to the financial costs? 

EDUCATION DECISIONS

Benefits

higher

About

equal

Costs

higher

48%

51%

52%

63%

65%

70%

72%

24%

32%

25%

25%

19%

18%

15%

26%

17%

23%

11%

15%

11%

13%

0% 20% 40% 60% 80% 100%

All Other

Vocational

Social Sciences & Humanities

Health

Education

Business

STEM
Board of Governors of the Federal Reserve System 9

Value of Degree

Among respondents who attended college and report the institution attended. n = 3,929

Overall how would you say the lifetime financial benefits of your education 

compare to the financial costs?

EDUCATION DECISIONS

Benefits

higher

About

equal

Costs

higher

40%

65%

65%

34%

41%

36%

21%

19%

21%

29%

32%

37%

39%

16%

14%

35%

26%

25%

0% 20% 40% 60% 80% 100%

Completed degree, private for-profit

Completed degree, private not-for-profit

Completed degree, public

No degree, private for-profit

No degree, private not-for-profit

No degree, public