1. Assuming you are working for a bank now, and you want write a memo for you manager. Because you just read Fed Eco Report and you want say something. The points you get from Fed Eco Report is very important for the bank.

1.Follow the writing plan(Attached) for Formal Memos, 

2.Choose 3 bulleted points from reading(such as Overall Financial Well-Being, Income and Savings and so on)  

3.Mimic the sample memo(Attached),MUST follow the sample memo format.

4. 1 page Only

Report on the Economic Well-Being
of U.S. Households in 2016
May 2017
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 2016
May 2017
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
www.federalreserve.gov/publications/default.htm.
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see the Board’s Publication Order Form (www.federalreserve.gov/files/orderform )
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Preface
This survey and report were prepared by the Con-
sumer and Community Development Research Sec-
tion 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 con-
ducting research on financial services policies and
practices and their implications for consumer finan-
cial stability, community development, and neighbor-
hood stabilization.
DCCA staff members Jeff Larrimore, Alex Durante,
Christina Park, and Anna Tranfaglia prepared this
report. Federal Reserve staff members Eric Belsky,
Anna Alvarez Boyd, Andrea Brachtesende, Alexan-
dra Brown, David Buchholz, Angelyque Campbell,
Allen Fishbein, Arturo Gonzalez, Daniel Gorin, Ale-
jandra Lopez-Fernandini, Madelyn Marchessault,
Marysol McGee, Ellen Merry, Barbara Robles, Jenny
Schuetz, Susan Stawick, and PJ Tabit provided valu-
able comments and feedback on the design of the
survey and drafting of this report. The authors
would also like to thank Matthew Desmond, Don
Dillman, and Mark Klee for their insights on ques-
tions in the survey.
iii

Executive Summary …………………………………………………………………………………………………. 1
Overall Financial Well-Being ………………………………………………………………………………………….. 1
Employment, Multiple Jobs, and Informal Work …………………………………………………………………. 1
Income and Savings ……………………………………………………………………………………………………. 1
Economic Preparedness and Emergency Savings ……………………………………………………………… 1
Banking and Credit ……………………………………………………………………………………………………… 2
Housing and Living Arrangements ………………………………………………………………………………….. 2
Higher Education ………………………………………………………………………………………………………… 2
Education Debt and Student Loans ………………………………………………………………………………… 2
Retirement ………………………………………………………………………………………………………………… 2
Introduction ………………………………………………………………………………………………………………. 5
Survey Background …………………………………………………………………………………………………….. 5
Overall Economic Well-Being …………………………………………………………………………………. 7
Current Economic Circumstances …………………………………………………………………………………… 7
Self-Assessed Financial Challenges ………………………………………………………………………………. 10
Employment, Multiple Jobs, and Informal Work ………………………………………………. 15
Overview of Employment …………………………………………………………………………………………….. 15
Employment Conditions, Scheduling, and Benefits …………………………………………………………… 16
Multiple Jobs and Informal Work …………………………………………………………………………………… 18
Paid and Unpaid Work among Young Adults ……………………………………………………………………. 19
Income and Savings ………………………………………………………………………………………………… 21
Income Amounts and Sources ……………………………………………………………………………………… 21
Spending Relative to Income ……………………………………………………………………………………….. 23
Income and Spending Volatility …………………………………………………………………………………….. 23
Economic Preparedness and Emergency Savings ……………………………………………….. 25
Recent Hardships ……………………………………………………………………………………………………… 25
Emergency Savings …………………………………………………………………………………………………… 26
Emergency Spending on Health Care …………………………………………………………………………….. 27
Banking, Credit Access, and Credit Usage ………………………………………………………….. 31
Unbanked and Underbanked ……………………………………………………………………………………….. 31
Credit Applications and Outcomes ………………………………………………………………………………… 32
Additional Demand for Credit and Perceived Credit Access ………………………………………………… 34
Credit Card Usage …………………………………………………………………………………………………….. 35
v
Contents

Housing and Household Living Arrangements ………………………………………………….. 37
Living Arrangements ………………………………………………………………………………………………….. 37
Reasons for Renting or Owning ……………………………………………………………………………………. 38
Experiences of Renters ………………………………………………………………………………………………. 39
Experiences and Expectations for Home Purchases …………………………………………………………. 41
Higher Education and Human Capital ………………………………………………………………… 43
Value of Higher Education by Educational Characteristics ………………………………………………….. 43
Desire to Change Educational Decisions ………………………………………………………………………… 45
Factors Influencing College Attendance …………………………………………………………………………. 47
Reasons for Not Starting or Not Finishing College ……………………………………………………………. 48
Education Debt and Student Loans …………………………………………………………………….. 51
Student Loans Overview …………………………………………………………………………………………….. 51
Student Loan Payment Status by Demographic and Education Characteristics ………………………. 53
Retirement ……………………………………………………………………………………………………………….. 57
Saving for Retirement …………………………………………………………………………………………………. 57
Self-Directed Retirement Savings …………………………………………………………………………………. 59
Retirement Decision and Experiences ……………………………………………………………………………. 60
Conclusion ………………………………………………………………………………………………………………. 63
Appendix A: Technical Appendix on Survey Methodology ……………………………… 65
Appendix B: Survey of Household Economics and
Decisionmaking—Questionnaire ………………………………………………………………………….. 67
Introduction ……………………………………………………………………………………………………………… 67
Living Arrangements Section ……………………………………………………………………………………….. 68
General Well-Being Section …………………………………………………………………………………………. 70
Employment Section ………………………………………………………………………………………………….. 72
General Housing Section …………………………………………………………………………………………….. 86
Rent Section …………………………………………………………………………………………………………….. 87
Own Section …………………………………………………………………………………………………………….. 93
Mortgage Section ……………………………………………………………………………………………………… 94
Banking Section ……………………………………………………………………………………………………….. 95
Credit Application Section …………………………………………………………………………………………… 97
Credit Condition Section …………………………………………………………………………………………… 100
Education Section ……………………………………………………………………………………………………. 103
Student Loans Section ……………………………………………………………………………………………… 112
Retirement Planning Section ………………………………………………………………………………………. 116
Income and Consumption Section ………………………………………………………………………………. 121
Online Consumer Activities Section ……………………………………………………………………………… 125
Emergency Fund Section …………………………………………………………………………………………… 128
Health and Insurance Section …………………………………………………………………………………….. 130
Financial Hardship Section ………………………………………………………………………………………… 134
Childhood Background Section ………………………………………………………………………………….. 136
Appendix C: Consumer Responses to Survey Questions ………………………………… 139
vi

Executive Summary
In order to monitor the economic status of Ameri-
can consumers, the Federal Reserve Board con-
ducted the fourth annual Survey of Household Eco-
nomics and Decisionmaking in October 2016. This
survey provides insights into the well-being of U.S.
households and consumers, and provides important
information about how individuals and their families
are faring in the economy. Topics examined in the
survey include individuals’ overall financial well-
being, employment experiences, income and savings
behaviors, economic preparedness, access to banking
and credit, housing and living arrangement deci-
sions, education and human capital, student loans,
and retirement planning.
Key findings from the survey across these areas of
individuals’ financial lives include:
Overall Financial Well-Being
Overall, the modest improvements in financial well-
being that were observed in recent years continued into
2016. However, those with more education appear to
have driven most of the observed gains in well-being
relative to the previous year.
• Seventy percent of adults report that they are
either living comfortably or doing okay financially,
compared to 69 percent in 2015 and 62 percent
when the question was first asked in 2013. How-
ever, 30 percent, or approximately 73 million
adults, are either finding it difficult to get by or are
just getting by financially.
• Forty percent of adults with a high school degree
or less report that they are struggling financially,
compared to 17 percent of those with at least a
bachelor’s degree.
• Non-Hispanic white adults with a high school
degree or less are somewhat less likely than those
of other races and ethnicities or those with more
education to report that their financial well-being
improved in 2016.
Employment, Multiple Jobs, and
Informal Work
Employment conditions, including work scheduling and
employee benefits, vary across the workforce. In addi-
tion to earnings from formal jobs, a sizeable minority
of adults earn money through other informal activities.
• Seventeen percent of workers have a schedule that
varies based on their employer’s needs, and just
over half of those with a varying work schedule
are usually assigned their schedule three days in
advance or less.
• Seventy-six percent of full-time workers are offered
paid sick leave, compared to 27 percent of part-
time workers and 8 percent of contract workers
who are offered this benefit.
• In addition to any formal employment they may
have, 28 percent of all adults report that their fam-
ily earned money from informal income-generating
activities in the month before the survey.
Income and Savings
Income volatility remains a concern for individuals,
especially those with less education and among racial
and ethnic minorities.
• Thirty-two percent of adults say that their income
varies to some degree from month to month, and
13 percent struggle to pay bills in some months due
to income volatility.
• Forty-seven percent of adults report that their
income exceeded their spending in the prior year.
Economic Preparedness and
Emergency Savings
Compared to previous years, fewer adults are ill-
prepared for a modest financial disruption, although
substantial shares of adults are struggling with their
1

regular expenses or would struggle to cope with an
unexpected hardship.
• Just under one-fourth of adults are not able to pay
all of their current month’s bills in full.
• Forty-four percent of adults say they either could
not cover an emergency expense costing $400, or
would cover it by selling something or borrowing
money, which has continued to improve from the
50 percent who were ill-prepared for this magni-
tude of expense when first asked in 2013.
• Twenty-three percent of adults had to pay a major
unexpected out-of-pocket medical expense in the
prior year, and one-fourth report forgoing one or
more type of health care in the prior year due to
affordability.
• Approximately 24 million people, representing
10 percent of adults, are carrying debt from medi-
cal expenses that they had to pay out of pocket in
the previous year.
Banking and Credit
Most Americans are confident in their ability to obtain
credit. Slightly over half of adults with a credit card
report that they do not currently have a balance on
their cards.
• Twenty-six percent of all adults and 54 percent of
non-Hispanic black adults are either unbanked or
underbanked.
• Over three-fourths 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 with a credit card
report that they are carrying credit card debt, and
55 percent carried a balance at least once in the
prior year.
Housing and Living Arrangements
Challenges exist for some renters, including the threat
of eviction and difficulties working with their landlord.
• Nine percent of renters who moved in the previous
two years did so because they were evicted or faced
the threat of eviction.
• Forty-four percent of Hispanic renters and 42 per-
cent of non-Hispanic black renters who contacted
their landlord about a repair had moderate or
severe difficulties getting it fixed, compared to
28 percent of non-Hispanic white renters who
experienced this level of difficulty.
Higher Education
Individuals from lower socioeconomic backgrounds are
less likely to attend college and, if they do, are more
likely to attend for-profit institutions. Non-completers
and attendees of for-profit institutions are less likely to
feel that their education was worth the financial cost.
• Sixteen percent of young adults who were first-
generation college students attended a for-profit
institution, compared to 4 percent of college
attendees with a parent who has a bachelor’s
degree.
• Nearly half of adults who attended a for-profit
institution say that they would attend a different
school if they could make their educational deci-
sions again.
Education Debt and Student Loans
Debt for higher education is prevalent, as over half of
adults under age 30 who attended college took on at
least some debt 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.
• One-third of borrowers with some college, a cer-
tificate, or a technical degree are behind on their
education debt payments, compared to 11 percent
of borrowers with a bachelor’s degree who are
behind.
• Nineteen percent of adults with debt from their
own education report that someone else—such as a
parent—is helping them with these debt payments.
Retirement
A continued challenge that was also seen in earlier
years is that many individuals report having no retire-
ment savings, and—among those who are saving—over
half lack comfort in their ability to manage their
retirement investments.
• Fifty-three percent of adults with self-directed
retirement accounts are either not comfortable or
only slightly comfortable in their ability to make
the right investment decisions.
2 Report on the Economic Well-Being of U.S. Households in 2016

• Forty percent of black retirees and 50 percent of
Hispanic retirees indicate that poor health contrib-
uted to their decision about when to retire, com-
pared to 26 percent of non-Hispanic white retirees
for whom this was a factor.
May 2017 3

Introduction
In October 2016, the Board of Governors of the
Federal Reserve System’s (Board’s) Division of Con-
sumer and Community Affairs conducted the fourth
Survey of Household Economics and Decisionmak-
ing (SHED). This survey has been conducted annu-
ally in the fall of each year since 2013.
1
The SHED aims to capture a snapshot of the finan-
cial and economic well-being of U.S. households 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 aca-
demics with relevant research backgrounds.
The SHED provides a nationally representative snap-
shot of the economic situation 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 2016 survey focuses on a range of topics,
including
• the personal finances of U.S. adults;
• employment characteristics;
• income and spending;
• economic preparedness and emergency savings;
• banking, credit access, and credit usage;
• housing and living arrangements;
• education and student debt; and
• retirement.
Survey Background
The SHED was designed by Board staff and is
administered by GfK, a consumer research company,
on behalf of the Board. The questions in the survey
are designed to better illuminate the activities, expe-
riences, 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),
while also including some overlapping questions
from other surveys to allow for direct comparisons
across datasets.
2
The survey is conducted using a sample of adults
ages 18 and over. This includes a subset of respon-
dents from the 2015 SHED (“re-interviewed respon-
dents”), randomly selected adults who did not par-
ticipate in the 2015 SHED (“fresh respondents”),
and an oversample of lower-income individuals with
a household income less than $40,000 per year
(“lower-income oversample”). Of the 11,882 respon-
dents contacted for the survey, 6,643 respondents
completed it (table 1).
3
Recognizing that the sample demographics may dif-
fer from that of the overall U.S. population, espe-
cially given the oversample of respondents making
less than $40,000, survey results are weighted based
1 Data and reports of survey findings from all past years are
available at www.federalreserve.gov/consumerscommunities/
shed.htm.
2 For more information on the SCF or to access SCF data, see
www.federalreserve.gov/econresdata/scf/scfindex.htm. For a
comparison of results to select overlapping questions from the
SHED and Census Bureau surveys, see Jeff Larrimore, Maxi-
milian Schmeiser, and Sebastian Devlin-Foltz, “Should You
Trust Things You Hear Online? Comparing SHED and
Census Bureau Survey Results,” FEDS Notes (October 2015),
www.federalreserve.gov/econresdata/notes/feds-notes/2015/
comparing-shed-and-census-bureau-survey-results-20151015
.html.
3 Of the 6,643 respondents who completed the survey, 33 are
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, 6,610 respondents
are included in the analysis in this report.
5

https://www.federalreserve.gov/consumerscommunities/shed.htm

https://www.federalreserve.gov/consumerscommunities/shed.htm

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

https://www.federalreserve.gov/econresdata/notes/feds-notes/2015/comparing-shed-and-census-bureau-survey-results-20151015.html

https://www.federalreserve.gov/econresdata/notes/feds-notes/2015/comparing-shed-and-census-bureau-survey-results-20151015.html

https://www.federalreserve.gov/econresdata/notes/feds-notes/2015/comparing-shed-and-census-bureau-survey-results-20151015.html

on the demographic characteristics of the respon-
dents to match characteristics from the 2016 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 inter-
preting the survey results is prudent. Although the
survey is designed to be nationally representative,
some degree of selection bias beyond that which can
be corrected through weighting is possible nonethe-
less (see appendix A).
4
Further, results are all self-
reported, and respondents’ knowledge and memory
may not always be completely accurate when answer-
ing survey questions. Readers 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; how-
ever, the complete survey questionnaire is provided
in appendix B. The responses to all the survey ques-
tions are presented in appendix C in the order that
the questions were asked of respondents. A full copy
of the survey data, excluding information that could
potentially be used to identify respondents, is also
available on the Federal Reserve Board’s website.
4 For example, while the survey does weight to match the race
and ethnicity of the entire U.S. adult population, there is evi-
dence that the Hispanic population in the survey is somewhat
more likely to speak English at home than the overall Hispanic
population in the United States. While the Census Bureau
observed that 73 percent of Hispanics in the 2015 American
Community Survey speak Spanish at home, in the 2015 SHED
a smaller 65 percent of Hispanic respondents who provide
information on their language usage reported that they speak
Spanish at home (see table B16006 at factfinder.census.gov).
This difference may result from the fact that the SHED is only
conducted in English and, therefore, non-English speakers may
be less likely to respond.
Table 1. Key survey response statistics
Sample type Number
sampled
Qualified
completes
Completion
rate (percent)
2015 re-interviews 2,857 2,033 71.2
Fresh cases 5,608 3,054 54.4
Lower-income oversample 3,417 1,556 45.5
Overall 11,882 6,643 55.9
6 Report on the Economic Well-Being of U.S. Households in 2016

https://factfinder.census.gov/faces/nav/jsf/pages/index.xhtml

Overall Economic Well-Being
In monitoring the overall economy, it is valuable to
track the financial well-being of individual fami-
lies—including their own perceptions of how they
are faring financially and how they feel that this has
changed over time. The 2016 survey finds that indi-
viduals and their families generally showed contin-
ued improvement in their economic well-being rela-
tive to recent years. Nevertheless, three out of ten
adults still say that they are struggling to get by or
are just getting by financially. There also remains
some evidence that recent economic advancement
has been felt unevenly, as those with greater levels of
education are the most likely to report an upward
trajectory in their well-being.
Current Economic Circumstances
The survey asks respondents to provide a self-
assessment of how they are currently managing
financially. It does so by having respondents describe
their current financial well-being, the recent trajec-
tory in their well-being, and their well-being com-
pared to their parents at a similar age (the last of
which is discussed in box 1).
The share of adults who say that they are currently
faring relatively well financially continued on a
path of modest improvement in 2016.
5
Twenty-
nine percent of respondents in the 2016 survey
report that they are living comfortably and 40 per-
cent report that they are doing okay. This is the third
consecutive year in which the fraction of adults who
say that they are at least doing okay financially has
increased (figure 1). However, the 1 percentage point
improvement in 2016 is less than that observed
5 All references in this report to time periods in questions are
based on the survey’s field date in October 2016. Hence, refer-
ences to the past year or prior year refer to the period from
November 2015 through October 2016. References to the past
month refer to September 2016 through October 2016, and ref-
erences to current well-being or the current month refer to
October 2016.
Figure 1. Adults who are doing okay or living comfortably (by survey year and education)
2016
2015
2014
2013
Overall
Bachelor’s degree
or more
Some college or
associate degree
High school
degree or less
Percent
53
57
61
60
62
62
66
69
77
77
80
82
62
65
69
70
Note: Here and in subsequent figures, percents may not sum to 100 due to rounding and question non-response.
7

between 2014 and 2015 and is not a statistically sig-
nificant change relative to the 2015 results.
6
Adults 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 individu-
als reporting they are doing okay or living comfort-
ably. Those with more education also drove the
observed gains in overall well-being in 2016. While
the share of adults with some college, an associate
degree, or a bachelor’s degree who feel that they are
doing okay financially increased slightly in 2016, the
share of adults with a high school degree or less who
feel they are at least doing okay financially had a
small decline.
Additionally, despite the modest improvements in
financial well-being in 2016, three out of ten adults
still report that they are either finding it difficult to
get by (9 percent) or are just getting by (21 percent)
financially. This represents approximately 73 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, with
single parents, racial and ethnic minorities, and
respondents with lower levels of income or education
6 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 (www
.federalreserve.gov/consumerscommunities/shed_publications
.htm). 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.
Box 1. Intergenerational Trends in Financial Well-Being
One way to gauge individuals’ financial progress is
to compare how they are faring financially relative to
their parents. When asked whether they have
advanced financially compared to their parents at a
similar age, a majority of adults say that they have.
Fifty-three percent feel that they are somewhat or
much better off than their parents were at the same
age, compared to 22 percent who feel that they are
worse off (table A). Additionally, the assessment of
economic progress compared to one’s parents is
largely consistent across all generations of adults.
Perceptions of intergenerational financial progress
vary by race and ethnicity. Black and Hispanic
adults are more likely to indicate that they are better
off than their parents than are white adults. While
51 percent of white adults report that they are better
off than their parents, 60 percent of black adults and
56 percent of Hispanic adults report the same. How-
ever, this may reflect the different starting points
from which these individuals are comparing.
Respondents are asked how much they worried as
a child about their family’s finances, having enough
food to eat, crime and their own personal safety,
and having a stable caregiver. Across each of these
dimensions, black and Hispanic adults are more
likely to report that these issues were a concern to
them growing up. This is true both for the population
as a whole and for the youngest cohorts for whom
childhood recall may be most accurate (table B). As
a result, this also reflects that, for some black and
Hispanic individuals, the financial threshold to be
better off than one’s parents is lower.
Table A. Financial well-being relative to parents when
they were the same age (by age)
Percent
Age Better off
About
the same
Worse off
18–29 49.7 27.1 22.7
30–39 55.8 23.1 20.7
40–49 54.0 24.2 21.6
50–59 50.7 26.3 22.5
60+ 56.4 22.7 20.5
Overall 53.4 24.6 21.6
Table B. Adults who sometimes or regularly worried
about financial topics when growing up (by age and
race/ethnicity)
Percent
Characteristic
Family’s
finances
Having
enough
food
Crime and
personal
safety
Having a
stable
caregiver
Age 18–39
White, non-Hispanic 29.5 12.4 11.3 9.5
Black, non-Hispanic 35.9 23.6 27.2 19.7
Hispanic 41.8 24.4 27.2 18.0
Overall 33.7 16.3 16.8 12.3
All ages
White, non-Hispanic 31.2 13.0 10.3 9.6
Black, non-Hispanic 36.3 21.6 26.4 15.0
Hispanic 42.2 26.4 27.8 16.6
Overall 34.0 16.5 15.6 11.5
8 Report on the Economic Well-Being of U.S. Households in 2016

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being disproportionately likely to report that they are
having some level of difficulty getting by financially
(table 2).
7
There are not, however, substantial differ-
ences across urban and rural respondents or across
regions of the country.
8
Considering overall financial well-being by education
along with race and ethnicity simultaneously, it also
appears that there are differences within education
groups.
9
Among adults with a high school degree or
less, 62 percent of white adults and 58 percent of
both black and Hispanic adults are doing okay or
living comfortably. This 4 percentage point gap is not
statistically significant, although larger and statisti-
cally significant differences emerge among those with
more education.
10
Considering adults with at least a
bachelor’s degree, 85 percent of whites report that
they are doing okay or living comfortably. This com-
pares to 73 percent of blacks and 77 percent of His-
panics with this level of education who are at least
doing okay financially (figure 2).
The survey also tracks overall economic well-being
through the alternate approach of asking respon-
dents whether they are better off now financially
than they were 12 months ago. Measuring well-being
in this way is important for tracking economic trajec-
tories, as some individuals may feel that their finan-
cial well-being is improving even if they are still
struggling overall (or that they are worse off than
they were a year earlier even if they are doing well
overall).
Considering the population as a whole, individuals
are more likely to say that their financial well-being
has improved over the prior year than to say that it
has declined (table 3). However, responses to this
7 As is discussed in more detail in the “Income and Savings” sec-
tion 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.
8 Urban areas are defined throughout this report as being within
a Metropolitan Statistical Area (MSA) and rural areas are
those outside of MSAs.
9 All references in this report to white respondents include only
non-Hispanic white respondents. Similarly, references to black
respondents include only non-Hispanic black respondents. His-
panic respondents are presented separately, and include His-
panic respondents of any race.
10 Recognizing that self-perceptions of well-being may rely both
on one’s absolute level of well-being and the well-being of one’s
reference group, the lack of a statistically significant difference
among those with a high school degree or less may in part
reflect differences in the subjective scale used to report one’s
well-being. In latter sections of this report, evidence emerges
that, on several absolute measures of well-being, black and His-
panic respondents with a high school degree or less are experi-
encing greater levels of financial hardship.
Table 2. Overall well-being (by demographic
characteristics)
Percent
Characteristic
Finding it difficult to get by
or just getting by
Doing okay or living
comfortably
Family income
Less than $40,000 49.0 51.0
$40,000–$100,000 23.7 76.1
Greater than $100,000 7.6 92.2
Race/ethnicity
White, non-Hispanic 27.8 72.1
Black, non-Hispanic 35.5 64.0
Hispanic 36.0 64.0
Urban/rural status
Urban 29.5 70.3
Rural 32.5 67.5
Census region
Northeast 30.4 69.4
Midwest 27.5 72.5
South 31.2 68.6
West 29.8 70.0
Marital and parental status
Unmarried, no children
under 18 37.5 62.5
Married, no children
under 18 20.2 79.7
Unmarried, children
under 18 45.5 54.5
Married, children under 18 27.3 72.3
Overall 29.9 69.9
Table 3. Compared to 12 months ago, would you say that
you are better off, the same, or worse off financially?
(by education and race/ethnicity)
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
White, non-Hispanic 20.5 59.0 20.0 -0.5
Black, non-Hispanic 18.6 49.2 31.8 13.1
Hispanic 20.2 53.8 25.8 5.6
Overall 20.0 56.8 22.8 2.9
Some college or associate degree
White, non-Hispanic 20.1 54.9 25.0 4.9
Black, non-Hispanic 14.8 45.6 39.4 24.7
Hispanic 15.3 45.1 39.6 24.3
Overall 18.2 52.1 29.7 11.5
Bachelor’s degree or more
White, non-Hispanic 15.5 56.9 27.4 11.9
Black, non-Hispanic 11.8 50.1 38.1 26.3
Hispanic 11.2 50.8 38.0 26.9
Overall 13.9 56.7 29.3 15.5
Overall 17.4 55.2 27.1 9.7
May 2017 9

question also differ based on the education of the
individual as well as by their race and ethnicity. Fol-
lowing the same pattern as that observed in 2015,
respondents with less education are the least likely to
feel that their economic well-being improved in 2016.
While adults with a bachelor’s degree are 16 percent-
age points more likely to report that their well-being
improved during the year than to say that it declined,
those with a high school degree or less are 3 percent-
age points more likely to say that it improved during
this time.
Furthermore, white respondents with no education
beyond high school are particularly disinclined to
report that their financial well-being has improved in
the year prior to the survey. A slightly larger share of
whites with a high school degree or less indicate that
their well-being declined over the prior year (21 per-
cent) than say that their well-being improved (20 per-
cent). This result is not observed among black and
Hispanic adults with the same level of education.
Box 2 provides additional analysis of the recent
trends in well-being by these groups.
Self-Assessed Financial Challenges
The survey further explores the overall financial well-
being of families by posing an open-ended question
that focuses on the financial challenges that respon-
dents currently face. Respondents are asked either to
check a box indicating that they face no financial
challenges or provide a written response to the
request, “In a couple of words (150 character max),
please describe the main financial challenges or con-
cerns facing you or your family.” Forty-six percent of
respondents (unweighted) checked the box, while
most of the remaining 54 percent provided some
response to the open-ended request.
11
The content in
these responses is then coded based on terms men-
tioned in order to identify broad themes under which
the financial challenges can be grouped.
12
Lower-income respondents are less likely to say that
they currently have no financial challenges, with
41 percent of those whose income is less than
$40,000 doing so, compared to approximately half of
those with higher incomes indicating that they have
11 Twelve percent of respondents provided no response to the
open-ended 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 pro-
vide an answer.
12 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, employment, 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, health care, 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, or no themes, as the categories are
neither exhaustive nor mutually exclusive. All results based on
the text analysis of responses are unweighted.
Figure 2. Adults who are doing okay or living comfortably (by education and race/ethnicity)
Hispanic
Black, non-Hispanic
White, non-Hispanic
Overall
Bachelor’s degree
or more
Some college or
associate degree
High school
degree or less
Percent
64
77
64
58
64
73
65
58
72
85
71
62
10 Report on the Economic Well-Being of U.S. Households in 2016

Box 2. Recent Trends in Well-Being over Time by Demographic Group
The SHED has tracked multiple measures of finan-
cial well-being over the past several years, including
self-assessed overall well-being, preparedness for a
$400 emergency, forgoing medical treatments due
to cost, having saved money in the last year
(income exceeds spending), and having a bank or
credit union account. In general, when considering
these measures that have been tracked over time,
the overall financial picture of U.S. households has
improved, although not always to the same degree
among those of different demographic groups.
Table A considers the recent trajectories for trends
across well-being measures by demographic charac-
teristics, relative to those observed in 2014, when
similar questions were asked in the survey.
A clear pattern over the past two years across these
measures is that the improvements have been most
pronounced among those with greater levels of edu-
cation. The share of bachelor’s degree recipients
who are doing okay financially or who have saved at
least some of their income has increased over this
period by more than that observed for those with a
high school degree or less. The share who have
missed medical treatment has similarly declined
most rapidly among respondents with the most edu-
cation. The exception to this pattern is bank account
access—although the share of respondents with a
bachelor’s degree who had a bank or credit union
account was already over 97 percent in 2014, so
there was limited room for further improvement.
An additional pattern is that despite generally report-
ing lower levels of financial well-being, black and
Hispanic adults in the survey demonstrate greater
recent improvements in their well-being over this
period than is observed among whites. This is true
both when considering the share who feel that they
are doing at least okay overall financially, as well as
when considering several of the other more specific
financial measures that may factor into individuals’
overall well-being.
Although the magnitudes of recent improvements
differ both across levels of education and across
races and ethnicities, the implications of these diver-
gent trajectories on current gaps in well-being are
different. For the differences across education lev-
els, since those in the strongest financial position
are also those for whom financial well-being is
improving most rapidly, the recent trajectory has
served to expand the education gap in financial well-
being. When considering the more rapid improve-
ments seen among blacks and Hispanics than
among whites, this has reduced the gap in well-
being that exists across these groups. As discussed
further in the main text of the report, despite recent
improvements, black and Hispanic individuals still
exhibit greater financial challenges across each of
these measures than do white respondents in the
survey.
Table A. Change in financial well-being measures from 2014 to 2016 (by demographic characteristics)
Characteristic
Measure (percentage change)
Doing okay or
living comfortably
Would pay $400
expense using cash or
its functional equivalent
Missed
medical care
due to cost
Income exceeds
spending
Has bank or
credit union
account
Education
High school degree or less 3.0 -0.3 -5.0 4.3 0.8
Some college or associate degree 6.8 2.6 -5.5 4.4 0.4
Bachelor’s degree or more 5.5 5.8 -8.4 7.4 0.7
Race/ethnicity
White, non-Hispanic 4.0 2.7 -4.9 6.6 -0.8
Black, non-Hispanic 9.1 2.5 -11.8 2.6 9.4
Hispanic 8.9 6.7 -10.1 3.9 2.3
Urban/rural status
Urban 5.4 1.8 -7.9 2.7 1.2
Rural 5.3 3.2 -6.2 6.0 -1.4
Age
18–29 5.0 4.8 -5.0 0.4 0.3
30–39 9.3 1.6 -10.6 5.6 1.3
40–49 6.9 0.4 -5.4 1.1 1.7
50–59 4.0 1.8 -4.5 5.0 0.4
60+ 3.2 4.6 -7.0 12.4 0.6
Overall 5.4 3.0 -6.5 5.6 0.8
May 2017 11

no challenges. The types of challenges reported by
those who have them also differ greatly by income.
Short-term challenges, such as rent, food, gas, utili-
ties, and other bills, are reported as a financial chal-
lenge most frequently by respondents whose family
income is less than $40,000 per year. Similarly, while
a number of respondents in all income groups dis-
cuss employment concerns, these too are most com-
mon among lower-income respondents. In contrast,
concerns relating to retirement or education are each
most prevalent among respondents in the upper-
income group (figure 3). The correlation between
retirement concerns and income is, in part, related to
the higher average age of upper-income respondents.
Nevertheless, even 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.
There are similar differences in the types of chal-
lenges cited across the race and ethnicity of respon-
dents. While 17 percent of white respondents who
describe their concerns reference a short-term finan-
cial challenge, among black and Hispanic respon-
dents 30 percent and 27 percent do so, respectively.
Conversely, while 18 percent of white respondents
who provide a concern discuss retirement, 5 percent
of black respondents and 9 percent of Hispanic
respondents describe a retirement-related concern.
The difference in the array of financial concerns can
be seen visually in the word clouds in figure 4. 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 regard-
ing major challenges by income group that could be
ascertained from figure 3. Among lower-income
respondents, “money” and “bills” are the most com-
monly reported words. In contrast, “retirement” is
the most dominant word to appear in the self-
reported 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.
Figure 3. Areas of concern cited in open-ended question on self-reported financial challenges (by family income)
Less than $40,000
$40,000–100,000
Greater than $100,000
Other
Education
Retirement
Debt
Medical
Employment
Short-term
concerns
Percent
9
19
24
12
15
20
18
22
16
16
15
9
26
16
12
18
10
7
31
33
36
Note: Among respondents who report any concerns. Results for the open-ended text response question are unweighted.
12 Report on the Economic Well-Being of U.S. Households in 2016

Figure 4. Concerns cited in open-ended question on
self-reported financial challenges (by family income)
Panel C. Respondents with a family income greater than $100,000
Panel A. Respondents with a family income less than $40,000
Panel B. Respondents with a family income between $40,000 and $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 fre-
quently it was cited by respondents. Common stop words—which are those that
do not provide information about financial challenges, such as “the” and “are”—
are excluded. Results for the open-ended text response question are unweighted.
May 2017 13

Employment, Multiple Jobs, and
Informal Work
A central component of each family’s financial land-
scape is the extent to which individuals in the family
are able to find employment and, among those who
are employed, receive wage increases over time.
Beyond wages, there are also other employment char-
acteristics that impact the well-being of workers—in-
cluding employee benefits and the consistency and
predictability of work schedules. In order to monitor
the relationship between employment and other
aspects of individuals’ financial lives, SHED respon-
dents are asked to describe the characteristics of
their main job along with a range of informal activi-
ties that they may engage in to earn additional
income.
Overview of Employment
Recognizing that some individuals may view them-
selves as having multiple employment identities—
such as being both a student and working—the sur-
vey provides respondents with a list of employment
situations, which are shown in table 4, and asks them
to select all that describe their experiences over the
prior month. When doing so, 63 percent of respon-
dents indicate that they were employed in the month
prior to the survey. This includes 56 percent who
were employed for someone else and 10 percent who
were self-employed (3 percent of whom indicate that
they were both employed for someone else and self-
employed).
13
However, while 37 percent of adults in
the survey are not working, many of them are not
working by choice—including most students, home-
makers, and retirees.
Not all adults consider themselves fitting into just
one employment situation, with 29 percent selecting
multiple responses to this question. This, in part,
reflects overlapping situations such as retirees or stu-
dents who also report that they were not employed
and not looking for work in the previous month.
This percentage, however, also includes respondents
with multiple, distinct employment categories during
the month. For example, just over half of those who
say that they were a student also indicate that they
were employed in some capacity, and 13 percent of
those who were retired also indicate that they were
employed in some capacity.
In addition to capturing the current employment sta-
tus of respondents, the survey explores individuals’
experiences in, and perceptions of, the labor market.
This includes raises that workers received as well as
their willingness to ask for a raise, apply for new
jobs, or voluntarily leave a job—each of which can
be a sign of confidence of their position in the labor
market. Sixteen percent of employed workers indi-
cate that they asked for a raise at work in the
12 months prior to the survey (table 5). Just under
two-thirds of those who asked for a raise report that
they received one, which compares to 42 percent of
13 The employment-population ratio in the SHED is comparable
to that reported by the Bureau of Labor Statistics (BLS). Look-
ing at respondents age 20 and older in this survey, 63 percent
report having a job of any kind. This compares to a 61.8 per-
cent employment-population ratio reported by the BLS for this
age group in December 2016 (see www.bls.gov/web/empsit/
cpseea08a.htm).
Table 4. Do each of the following describe your
employment situation in the past month?
Percent
Status
Describes situation
in past month1
Employed for someone else 55.8
Self-employed 10.2
Temporarily laid off 1.7
Not employed – looking for work 6.8
Not employed – not looking for work 9.2
Homemaker 15.5
Student 10.1
Disabled and not working 7.9
Retired 22.3
Note: Respondents can select multiple responses.
1
A small number of respondents refused or replied “no” to all situations when
asked if it applied to them in the past month. These respondents are then
asked which situation best applies to them. Their selection for which “best
describes” their scenario is included here as describing their situation.
15

https://www.bls.gov/web/empsit/cpseea08a.htm

https://www.bls.gov/web/empsit/cpseea08a.htm

employed workers who did not ask for a raise but
still received one. Overall, 46 percent of employed
respondents received a raise in the previous year.
There is also variability in the magnitude of the
salary increase among those who received a raise.
Five percent of all workers (12 percent of those
receiving a raise) indicate that they received a raise
that exceeded the change in their living expenses,
whereas 19 percent of workers (42 percent of those
receiving a raise) say that it fell short of rising
expenses. Hence, nearly three-fourths of workers
either did not receive a raise or received one that was
less than the change in their expenses.
14
Perhaps reflecting a more rapid improvement in the
labor market and economic conditions for those with
higher levels of education, there is evidence that
those with greater levels of education were more
likely to have received a raise and to have received
one that exceeded the change in their expenses.
Among employed respondents with a bachelor’s
degree or above, 48 percent received a raise and
8 percent received one that exceeded the change in
their expenses. In contrast, among employed respon-
dents with a high school degree or less, 38 percent
received a raise and just 2 percent received one that
exceeded the change in their expenses (figure 5).
Employment Conditions, Scheduling,
and Benefits
Although wages are an important component of any
job, there are a number of other factors that also
contribute to the quality of employment, including
schedule predictability and the employee benefits
offered. Overall, three-fourths of workers normally
work the same hours each day, and an additional
8 percent have a work schedule that varies but does
so at their own request. The remaining 17 percent of
workers say that their schedule varies based on their
employer’s needs.
14 Living expenses may change due to changes in prices but also
due to changes in individuals’ purchase decisions. As such, this
measure should not be interpreted to reflect the share of work-
ers whose raise is not keeping up with the rate of inflation.
Table 5. In the past 12 months, have you done each
of the following?
Action taken Percent
Asked for a raise at work (among currently employed) 15.7
Received a raise at work (among currently employed) 45.7
Applied for a new job 24.3
Started a new job 13.8
Voluntarily left a job 9.7
Got laid off or fired from a job 3.8
Note: Among all respondents, except for questions about asking for a raise at
work and receiving a raise at work, which are asked only of respondents who are
currently employed. Respondents can select multiple answers.
Figure 5. Magnitude of raises among employed workers (by education)
Bachelor’s degree or more
Some college or associate degree
High school degree or less
No raise or
promotion
Raise less
than change in
living expenses
Raise in line
with change in
living expenses
Raise exceeded
change in
living expenses 8
5
2
21
23
18
19
22
18
52
51
62
Percent
Note: Among adults who are employed for someone else.
16 Report on the Economic Well-Being of U.S. Households in 2016

The likelihood of having a variable schedule is not
uniform across industries or across the skill levels of
the workers. In particular, less-educated workers and
those working in the retail/wholesale trade industries,
food services, or entertainment industries are dispro-
portionately likely to have variable schedules based
on their employer’s needs. Workers with a high
school degree or less are more than twice as likely to
have an employer who varies their schedule (24 per-
cent) as workers with at least a bachelor’s degree
(11 percent). Similarly, 30 percent of wholesale or
retail workers and 35 percent of food services or
entertainment workers have variable schedules,
which is well above the rate observed for the popula-
tion as a whole.
Among workers whose employer varies their sched-
ule, just over half say that they usually are told the
hours that they will work three or fewer days in
advance, with 37 percent reporting that their
employer usually tells them their hours one day or
less in advance, including on-call scheduling. This
compares to 15 percent who are given at least two to
four weeks of advance notice (figure 6).
Less-educated workers also appear to receive less
advance notice about their work schedules. Sixty-
four percent of variable-schedule workers with no
education beyond high school receive their schedule
three days in advance or less. This compares to
47 percent of those with some college or with a
bachelor’s degree who are given only this level of
advanced notice.
An additional component of employment conditions
explored in the SHED is the benefit package offered
by employers. The most common employee benefits
include paid vacation time and health insurance—
each of which over three-fourths of workers indicate
that their employer offers (table 6).
15
Just over two-
thirds report that their employer provides retirement
benefits, and just under two-thirds are offered paid
sick leave. Other benefits, including maternity or
paternity leave, life insurance benefits, and disability
insurance benefits, are less common but are still
offered to over half of workers.
16
The frequency of being offered these benefits is, as
expected, closely tied to the status of the worker,
with full-time workers being substantially more likely
to be offered nearly all forms of benefits than are
part-time workers or contractors. For example, while
76 percent of full-time workers receive paid sick
leave, a much lower 27 percent of part-time workers
15 The SHED asks respondents whether their employer offers
each of these benefits, irrespective of whether they personally
use the benefit.
16 With the exception of disability insurance, the fraction of
workers in the SHED being offered each benefit is broadly con-
sistent with that reported by the BLS from the National Com-
pensation Survey for those benefits in both surveys. However,
the BLS observes that 38 percent of workers have access to
short-term disability insurance, compared to the 58 percent in
the SHED who say that they have access to any disability insur-
ance. This may, in part, be due to the BLS surveying establish-
ments, whereas the SHED interviews individual workers.
Figure 6. Approximately how far in advance does your
employer usually tell you the hours that you will need to
work on a given day?
More than a month
7%
2–4 weeks
8%
1–2 weeks
19%
4–6 days
12%
2–3 days
16%
One day or less
37%
Note: Among workers whose schedule varies primarily based on their employer’s
needs.
Table 6. Employment benefits offered to workers
(by employment status)
Percent
Benefit
Full-time
worker
Part-time
worker
Contractor All workers
Paid vacation/personal leave 89.7 32.8 10.2 77.3
Health insurance 89.2 33.4 14.0 77.2
Retirement benefits 78.2 28.5 8.2 67.4
Paid sick leave 76.1 27.4 8.4 65.5
Life insurance 74.2 19.4 8.8 62.6
Disability insurance 68.9 18.3 12.5 58.3
Maternity or paternity leave 60.9 18.8 11.7 52.0
Ability to work from home 26.6 14.4 43.5 24.9
Note: Among adults employed for someone else in their main job. Respondents
can select multiple answers.
May 2017 17

and 8 percent of contract workers receive this ben-
efit. Full-time workers are similarly more likely to be
offered other benefits, including health insurance
coverage, retirement benefits, and parental leave.
Contract workers, however, appear to have more
flexibility with respect to where they work and their
ability to work from home.
Multiple Jobs and Informal Work
Many workers still have a traditional employer-
employee relationship, with a single job for one
employer. However, some workers piece together
incomes through a combination of multiple formal
jobs, through informal income-generating activities,
or through a combination of both. This section
explores the prevalence and motivations for these
choices.
Among people who were employed in the month
before the survey—either for themselves or for some-
one else—the survey asks whether they had any addi-
tional jobs during that time. Nine percent of all
adults, and 15 percent of those who are employed,
report that they worked at multiple jobs. Perhaps
counterintuitively, but also possibly reflecting greater
opportunities, the frequency of holding multiple jobs
is somewhat higher among those with higher levels of
education. Six percent of adults with a high school
degree or less report working multiple jobs, whereas
12 percent of those with at least a bachelor’s degree
report doing so.
17
Taking on multiple jobs is not the only way in which
individuals can supplement their income, as occa-
sional income-generating activities are also impor-
tant to the finances of some families. Three types of
occasional activities are considered in the survey. The
first—service activities that can be performed in per-
son and thus do not require having a computer to
complete the tasks—includes activities such as
babysitting, child care, elder care services, house
cleaning, or landscaping. The second—selling items
through venues that do not require a computer—in-
cludes selling items at flea markets, garage sales, con-
signment stores, and thrift stores. Finally, the third
category—activities requiring a computer and/or
access to the Internet—includes performing tasks or
services through online marketplaces, renting out
property using online applications, or selling items
online through services such as eBay or Craigslist.
Overall, 28 percent of all adults report that they or
their family earned money through one or more of
these informal and occasional activities in the prior
month.
18
Fifteen percent of adults earned money
through service activities that do not require online
access, and 15 percent earned income from tasks per-
formed online. Sales activities that do not require
online access are less frequent, with 8 percent of
adults earning money through these activities in the
month prior to the survey. Primarily because highly
educated adults are more likely to engage in online
activities, the overall likelihood of partaking in these
informal market activities rises with the level of edu-
cation (table 7).
When considering the primary reason why people
perform these income-generating activities, the vast
majority do so in order to earn money (figure 7).
Just over two-fifths say that they are doing so to earn
additional money on top of that from their main job,
and an additional 18 percent say that they are doing
so as their primary source of income.
That said, while many individuals are performing
additional activities primarily to earn money, it typi-
cally is not a substantial source of income. Over
three-fourths of those performing occasional
income-generating activities say that the money
earned from these activities is 10 percent or less of
their family’s income, and 60 percent say that it
makes up less than 5 percent of their income.
17 Among employed adults, rather than all adults, 12 percent of
those with a high school degree or less are working multiple
jobs. This compares to 16 percent of employed adults with at
least a bachelor’s degree who are doing so.
18 Among just working-age adults, 30 percent participated in at
least one informal income-generating activity. Among those
ages 65 or older, it is a lower 16 percent.
Table 7. Informal income-generating activities
(by education)
Percent
Activity
High school
degree
or less
Some
college or
associate
degree
Bachelor’s
degree
or more
Overall
Service activities that do not
require an online platform 15.2 17.3 13.7 15.4
Sales activities that do not require
an online platform 6.1 10.0 7.4 7.8
Online activities 11.3 16.5 18.7 15.4
Any informal income-generating
activity 24.0 29.4 29.7 27.6
Note: Respondents can select multiple answers.
18 Report on the Economic Well-Being of U.S. Households in 2016

Six percent of individuals conducting these activities
say that it represents over half of their family’s
income.
Similarly, when asked to what extent the money
earned from these activities represents a significant
source of their family’s income, one-third report that
it was at least somewhat significant, which includes
the 10 percent who say it was very significant.
However, while not a significant source of income
for most families partaking in these activities, the
additional income is somewhat more important for
those with less education. Among adults with a high
school education or less who engaged in these activi-
ties, 40 percent report that it represented a significant
source of income for their families, including 14 per-
cent for whom it was very significant (figure 8).
Additionally, this income has the potential to serve
as an important buffer for some families experienc-
ing financial stress. Among those who experienced a
job loss or a decline in wages in their family and who
engaged in these activities, 56 percent say that this
occasional income was either somewhat or very
important in offsetting the negative effects of unem-
ployment, lost working hours, lost benefits, or frozen
wages in a formal job.
Paid and Unpaid Work among
Young Adults
A recent question among some income mobility
experts is the extent to which the children of high-
income parents are able to use their greater financial
resources to access internships and apprenticeships
Figure 7. Main reasons for conducting informal income-generating activities
Other
To network/meet people
To maintain existing
job-related skills
To acquire new
job-related skills
To earn extra money to
help family members
Just for fun (as a hobby)
To earn money as a
primary source of income
To earn extra money on top of
other regular source of income
42
18
17
Percent
8
2
1
1
10
Note: Among adults who performed an informal income-generating activity in the past month.
Figure 8. Significance of money earned through informal income-generating activities to family incomes (by education)
Does not applyNot at allSomewhat significantVery much significant
Bachelor’s degree or more
Some college or associate degree
High school degree or less 14
12 26 47 14
26 40 19
5 19 65 11
Percent
Note: Among adults who performed an informal income-generating activity in the past month.
May 2017 19

that are unpaid but may have greater long-run career
potential than the types of paid work that these
young adults could obtain. There is evidence in the
SHED that this may be the case.
Twelve percent of students in the survey who are
ages 18 to 24 report that they participated in an
unpaid internship in the year prior to the survey
(table 8).
19
While the sample size of these young
adult students in the survey is limited, the likelihood
of participating in such activities seems to differ
based on one’s parents’ education. Among students
with at least one parent who completed a bachelor’s
degree, 16 percent participated in an unpaid intern-
ship in the previous 12 months. This compares to
7 percent of students whose parents did not com-
plete a bachelor’s degree.
This experience gap in favor of those from families
with greater socioeconomic resources does not
appear for other forms of employment. Students
ages 18 to 24 from less-advantaged backgrounds are
much more likely than those whose parents have
higher levels of education to be working for someone
else for pay while in school. Additionally, students
from both types of family backgrounds are similarly
likely to participate in informal income-generating
activities or to engage in volunteer activities. The
SHED cannot provide insight into the relative ben-
efits of these different activities on future employ-
ment prospects. But to the extent that paid employ-
ment, informal activities, and unpaid internships
provide different types of experiences, this could rep-
resent a source of distinction for students from diver-
gent backgrounds.
19 There are two opportunities in the survey for respondents to
report that they are a student—one when they are asked about
their employment status in the previous month and one when
they are asked if they are currently enrolled in school. In gen-
eral, responses to these questions align, but individuals are
included as students here if they respond “yes” to either of
these questions.
Table 8. Paid and unpaid experiences among students
ages 18–24 (by parents’ education)
Percent
Activity
Neither
parent
completed a
bachelor’s
degree
At least one
parent
completed a
bachelor’s
degree
Overall
Unpaid internship (past year) 6.6 16.0 11.8
Volunteer activity (past year) 41.4 44.0 43.2
Paid employment for someone else
(past month) 56.1 28.7 40.4
Informal income-generating activities
(past month) 44.0 44.5 43.3
Note: Among students ages 18–24, includes those who are enrolled in school or
who report “student” as their employment status in the past month. Respondents
can select multiple answers.
20 Report on the Economic Well-Being of U.S. Households in 2016

Income and Savings
An important measure of economic well-being is
whether people 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. Just under half of adults saved at least
some of their income in the year prior to the survey,
and just under one-third had spending equal to their
income. The survey also considers the frequency of
income volatility, observing that income volatility is
reported more frequently—and more likely to be
reported as a source of economic hardships—by
blacks and Hispanics than it is by whites.
Income Amounts and Sources
Survey respondents are asked about the income
that they and their spouse or partner received in
the previous 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.
Twenty-eight percent of respondents report that
their income in the last 12 months was less than
$25,000, and 40 percent report that their income was
Figure 9. 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
9
12
9
16
11
13
6
5
Percent
21

less than $40,000 (figure 9).
20
Consistent with that
observed in other datasets and in previous years of
the SHED, the distribution of incomes varies based
on individual demographic characteristics, including
age, race, and urban/rural status (see box 3).
Respondents are also asked about the sources of
income that they and their spouse received. While
wages and salaries are the dominant form of income
for many families, 64 percent of adults report that
they or their spouse or partner received at least some
form of non-wage income (including that from self-
employment).
21
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 9).
Among the older cohorts, freelance income declines
in prevalence with age, but interest, dividend, and
rental income becomes more common. Additionally,
those who are at or near retirement (age 60 and
older) commonly report receiving Social Security
and pension income. (The sources of income among
retirees is discussed further in the “Retirement” sec-
tion of this report.) Each of these observations is
consistent with that seen in the 2015 survey.
20 When comparing the income distribution of SHED respon-
dents and their spouse or partner to that seen in the 2016
March Current Population Survey, the two series are largely
similar, although the SHED observes more respondents with
family incomes between $40,000 and $200,000 and fewer with
incomes between $5,000 and $39,999. Recognizing that the
household income distribution closely matches the March Cur-
rent Population Survey, this may partially reflect that unmar-
ried partners in the SHED are asked about the income that they
and their partner receive, whereas the Current Population Sur-
vey treats these individuals as two separate families. It also may
reflect some SHED respondents who report their household
income rather than just their own and their spouse’s incomes.
21 The fraction of families with income from sources other than
wages and self-employment is 60 percent.
Box 3. Income Profiles by Demographic Groups
Comparisons in this report are often made based on
the income of the respondent or based on other
demographic characteristics that are correlated with
income. The relationships between income levels
and several of these demographic characteristics
are further explored here.
Consistent with that seen in other data, including the
Census Bureau’s Current Population Survey, the
family income of survey respondents is correlated
with several individual and demographic characteris-
tics that are considered in this report. For instance,
• young respondents (ages 18 to 29) are dispropor-
tionately 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; and
• non-Hispanic black and Hispanic respondents are
more likely to report lower levels of income than
are non-Hispanic white respondents.
Furthermore, incomes vary based on whether the
respondent lives in an urban area. These relation-
ships between income levels and individual charac-
teristics 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 67.1 24.5 8.3
30–44 30.5 39.3 30.2
45–59 29.0 36.7 34.2
60+ 40.0 40.7 19.3
Education
High school degree or less 54.8 36.1 9.0
Some college, certificate, or associate
degree 44.3 37.9 17.7
Bachelor’s degree or more 20.2 33.5 46.3
Race/ethnicity
White, non-Hispanic 35.1 37.9 27.0
Black, non-Hispanic 52.8 31.5 15.8
Hispanic 54.0 33.5 12.5
Gender and marital status
Single women 67.5 26.2 6.3
Single men 62.1 28.8 9.1
Married couple 20.5 42.8 36.7
Urban/rural status
Urban 39.3 35.5 25.2
Rural 47.4 38.2 14.5
Overall 40.4 35.9 23.7
22 Report on the Economic Well-Being of U.S. Households in 2016

Spending Relative to Income
When asked how their spending compares to their
income, 47 percent of adults report that they spent
less than they made in the last 12 months. A further
31 percent report that their spending was equal to
their income, whereas 16 percent spent more than
they earned and 6 percent had no income at all. The
47 percent of adults who are saving at least some of
their income is comparable to the 48 percent who
reported saving at least some of their income in
2015.
In order to better understand the financial circum-
stances of those who spend more than they earn, a
follow-up question in the survey asks these individu-
als how they covered expenses that exceeded their
income in the preceding year. Sixty percent of those
in this situation say that they spent from their sav-
ings, half borrowed money, and 41 percent relied on
friends and family. About 45 percent of people who
spent more than they earned select multiple options,
indicating that they used more than one of these
approaches to cover their spending.
Income and Spending Volatility
While many economic surveys, including the SHED,
focus their analysis 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 people about the level of consistency of
their income.
Two-thirds of adults report that their income is
roughly the same from month to month, 22 percent
indicate that their monthly income varies occasion-
ally, and 10 percent report that their income often
varies quite a bit from month to month.
When asked for the reasons their income varies,
43 percent say that it is due to an irregular work
schedule—which far surpasses the amount that
comes from any of the other factors considered
(figure 10). Although some variability may be due to
positive events, bonuses (15 percent) and investment
income (9 percent) are each less frequently men-
tioned as causes for monthly variability in income
than irregular work schedules.
Recognizing that income fluctuations may be
innocuous for some individuals but may cause finan-
cial stress for others, the survey also assesses the rela-
tionship between income volatility and economic
hardship. It does so by asking those who indicate at
least some variation in their monthly income a
follow-up question inquiring whether they had any
months when they struggled to pay their bills
because of this volatility. Overall, 13 percent of
adults (40 percent of those with volatile incomes)
report that they struggled to pay their bills at least
once as a result of income volatility.
Income volatility—as well as the potential for hard-
ship from that volatility—is disproportionately com-
mon among black and Hispanic individuals. While
70 percent of white adults report that their income is
roughly the same each month, 60 percent of blacks
and 59 percent of Hispanics report this level of sta-
Table 9. Income sources received by respondent and/or their spouse or partner in the past 12 months (by age)
Percent
Income source 18–29 30–39 40–49 50–59 60+ Overall
Wages or salaries 71.9 83.0 86.0 75.3 37.6 67.2
Self-employment 10.4 13.2 17.4 18.0 12.7 14.1
Freelance work or hobbies 19.0 17.5 11.9 10.3 8.1 12.9
Interest, dividends, or rental income 13.9 21.6 26.6 29.6 40.2 27.4
Social Security 2.8 6.3 5.8 12.8 75.9 25.8
Supplemental Security (SSI) 1.9 4.8 4.8 6.1 3.5 4.1
Unemployment income 3.1 5.3 3.0 3.9 2.0 3.3
Pension income 0.7 2.8 2.6 12.3 50.8 17.3
Any other income 8.2 8.1 7.3 10.4 17.5 11.0
Note: Respondents can select multiple answers.
May 2017 23

bility. Similarly, 19 percent of blacks and 18 percent
of Hispanics report that they have some months in
which they struggle to pay their bills due to income
volatility, compared to 11 percent of whites.
The higher likelihood of having experienced a hard-
ship from volatility among black and Hispanic
adults remains apparent when controlling for educa-
tion. For example, among people with a high school
degree or less, 20 percent of black adults and 19 per-
cent of Hispanics report having experienced diffi-
culty paying bills due to income volatility in the prior
year—compared to 14 percent of whites with this
level of education experiencing this challenge due to
income volatility (table 10). The differences in the
likelihood of struggling to pay bills due to income
volatility by race and ethnicity also persist after con-
trolling for the education, age, gender, marital status,
urban/rural status, and region of the country.
Figure 10. Reasons that income changed from month to month in the past year
Other
Commissions
Investment income
Seasonal employment
Bonuses
Periods of unemployment
Irregular work schedule 43
16
15
13
9
7
17
Percent
Note: Among respondents whose income varies somewhat or quite a bit from month to month. Respondents can select multiple answers.
Table 10. Income volatility and difficulty paying bills from
that volatility (by education and race/ethnicity)
Percent
Characteristic
Roughly the
same income
each month
At least some
volatility – no
impact on
paying bills
At least some
volatility –
struggle to
pay bills as a
result
High school degree or less
White, non-Hispanic 69.5 15.5 14.0
Black, non-Hispanic 56.7 22.5 20.4
Hispanic 57.5 20.8 19.3
Overall 65.5 17.6 15.7
Some college or associate degree
White, non-Hispanic 67.0 19.6 12.6
Black, non-Hispanic 60.2 19.0 20.1
Hispanic 55.5 23.0 20.3
Overall 64.3 20.1 14.8
Bachelor’s degree or more
White, non-Hispanic 74.5 19.8 5.4
Black, non-Hispanic 64.7 18.3 15.8
Hispanic 70.5 16.2 12.6
Overall 73.2 19.2 7.1
Overall 67.6 18.9 12.7
24 Report on the Economic Well-Being of U.S. Households in 2016

Economic Preparedness and
Emergency Savings
A key consideration regarding household finances
and overall economic well-being is the ability to
withstand financial disruptions. More American
families seem to be prepared for both large and small
emergencies than was the case in earlier years of the
survey. Nevertheless, a sizeable minority of adults
still appear ill-prepared for even modest financial
emergencies or are carrying debt from recent emer-
gencies that they experienced.
Recent Hardships
The survey asks people whether they or their family
experienced any one of eleven kinds of hardship in
the previous year that may be associated with finan-
cial challenges. Among the hardships included in the
survey, health problems are the most frequently expe-
rienced, with 12 percent of adults reporting a health
problem in the prior year. This is followed by
employment-related hardships, with 7 percent of
adults reporting that they lost a job and 8 percent
reporting that they had their pay or hours cut. Over-
all, just under one-third of adults report that in the
prior year they, or their family living with them,
experienced one or more of the eleven hardships
included in the survey (figure 11).
Many individuals who experienced a 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 experi-
enced 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 11). (For additional
Figure 11. Have you and your family living with you experienced each of the following hardships in the past year?
Death of primary breadwinner
Received a foreclosure or eviction notice
Divorce
Told by landlord that I had to move out
A business I owned had financial difficulty
My spouse/partner lost a job
My spouse/partner had their work hours and/or pay reduced
I lost a job
I had my work hours and/or pay reduced
I had a significant health problem
A family member had a significant health problem 13
12
8
7
5
4
2
2
2
2
1
Percent
Note: Respondents can select multiple answers.
25

information on the use of alternative financial ser-
vices, see the “Banking, Credit Access, and Credit
Usage” section of this report.) These respondents
who experienced a hardship are also more than 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 7 percent of those
who did not experience a hardship borrowed from
and/or cashed out their retirement savings.
22
Emergency Savings
Considering individuals’ preparedness for potential
hardships, there was a continued increase in the
stock of emergency savings in 2016 relative to recent
years. Nevertheless, the share of adults who are ill-
prepared for financial emergencies remains a
concern.
First, focusing on large-scale emergency savings,
nearly half of adults (48 percent) indicate that they
have set aside an emergency or rainy day fund that
would cover three months of expenses. It is possible,
though, that personal savings alone do not fully
reflect the way that individuals prepare for such a
large financial disruption. Some people 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 ben-
efits), could you cover your expenses for 3 months by
borrowing money, using savings, selling assets, or
borrowing from friends/family?” An additional
22 percent of respondents indicate that they could
cover three months of expenses using this broad
array of options.
In total, 70 percent of all respondents report that
they would be able to manage a three-month finan-
cial disruption. (This figure combines the 48 percent
who could cover three months of expenses using
their personal savings with the additional 22 percent
of adults who indicate they could do so using assets
or borrowing.) This is up slightly from 68 percent of
respondents in 2015 and 65 percent in 2014 who
exhibited this level of preparedness for a three-
month emergency.
To determine individuals’ preparedness for a smaller-
scale financial disruption, respondents are asked how
they would pay for a hypothetical emergency expense
that would cost $400. This amount reflects the type
of expense that one may experience from an unex-
pected car repair, appliance replacement, or medical
bill. Just over half (56 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 (collec-
tively referred to here as “cash or its functional
equivalent”). The remaining 44 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, 45 percent would use a credit card that
they pay off over time and 27 percent simply could
not cover the expense. Over a quarter would borrow
from friends or family, and smaller fractions would
either sell something or use a payday loan, bank
overdraft, or bank loan (figure 12).
The 56 percent of adults in 2016 who indicate that
they would pay for an emergency expense using cash
or its functional equivalent compares to 54 percent
who expressed this level of comfort with such an
expense in 2015, and 50 percent of adults who did so
when the question was first asked in 2013. However,
while generally improving over time, the single-year
change since 2015 is not statistically significant.
22 The question in the survey about having a hardship was revised
in 2016 to better capture the frequency of financial hardships.
This change increased the observed prevalence of hardships
and, as such, these results are not directly comparable to the
results in 2015.
Table 11. Propensity to use a tax refund anticipation loan,
pawn shop loan, payday loan, auto title loan, or paycheck
advance (by family income and whether experienced
a hardship)
Percent
Family income
Among
respondents
who report a
hardship
Among
respondents
who do not
report a
hardship
Less than $40,000 11.8 5.8
$40,000–$100,000 7.4 3.1
Greater than $100,000 3.0 0.9
Overall 8.8 3.4
26 Report on the Economic Well-Being of U.S. Households in 2016

Another way of thinking about short-term economic
vulnerability is to consider how an emergency
expense would impact each family’s ability to pay
any other bills. In the absence of an emergency,
76 percent of adults expect to be able to pay all of
their current month’s bills in full, whereas 23 percent
expect to only pay some bills or only make partial
payments on their bills. When asked how their ability
to pay bills would change if they had a $400 expense
that they had to pay, such an emergency would cause
an additional 13 percent of adults to be unable to
pay their other bills in full. Hence, when these cat-
egories are combined, 35 percent of adults report
that they would be unable to make all of their other
bill payments in full if faced with a $400 emergency.
The approach to paying a $400 emergency expense,
as well as the ability to continue paying other bills if
faced with such an expense, varies substantially by
the level of education of the respondent. Fifty-
two percent of respondents with a high school edu-
cation or less would still be able to pay all of their
other bills in full if faced with a $400 emergency.
This is well below the 79 percent of those with at
least a bachelor’s degree who could do so (figure 13).
Additionally, irrespective of their level of education,
blacks and Hispanics are less likely to say that they
would be able to handle a $400 emergency expense
while still covering all of their other monthly bills.
While 68 percent of white respondents say that they
still would be able to pay all of their other current
month’s bills in full, 50 percent of blacks and 49 per-
cent of Hispanics would be able to. This is consistent
with the broader differences in savings, assets, and
net worth by race and ethnicity observed elsewhere
in the survey, as well as in other surveys such as the
Survey of Consumer Finances.
23
Emergency Spending on Health Care
Although emergency expenses can take many forms,
out-of-pocket expenses for health care represent a
category of emergency expenses that is of particular
concern to many individuals. Twenty-three 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 a major unexpected medi-
cal expense, the median out-of-pocket cost was
$1,000 and the mean was $2,519. Consistent with the
earlier finding that many adults are ill-prepared for
modest financial shocks, 42 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 expenses. This
represents approximately 24 million adults who are
carrying debt from medical expenses that they
incurred over the previous year. The number of
adults carrying medical debt from recent out-of-
23 For additional details on asset holdings by race and ethnicity in
the Survey of Consumer Finances, see Federal Reserve Board
2013 SCF Chartbook (September 2014), www.federalreserve
.gov/econresdata/scf/files/BulletinCharts ; and Jesse Bricker,
Lisa J. Dettling, Alice Henriques, Joanne W. Hsu, Kevin B.
Moore, John Sabelhaus, Jeffrey Thompson, and Richard A.
Windle, “Changes in U.S. Family Finances from 2010 to 2013:
Evidence from the Survey of Consumer Finances,” Federal
Reserve Bulletin (September 2014): 1–40.
Figure 12. Ways that individuals will cover a $400 emergency expense when not using cash or its functional equivalent
Percent
Other
Use a payday loan, deposit advance, or overdraft
Use money from a bank loan or line of credit
Sell something
I wouldn’t be able to pay for the expense right now
Borrow from a friend or family member
Put it on my credit card and pay it off over time 45
29
27
18
8
5
3
Note: Among those who would not pay the expense in full using cash or its functional equivalent. Respondents can select multiple answers.
May 2017 27

https://www.federalreserve.gov/econresdata/scf/files/BulletinCharts

https://www.federalreserve.gov/econresdata/scf/files/BulletinCharts

pocket medical expenses is nearly unchanged relative
to that seen in 2015.
Many respondents also went without some type
of care because they were unable to afford it. Eigh-
teen percent of all adults went without dental care in
the prior 12 months because they could not afford it.
Twelve percent went without a doctor visit, 11 per-
cent went without prescription medicine, and 9 per-
cent went without a visit to a specialist (figure 14).
Overall, 25 percent of respondents report going
without at least one of these types of care because
they could not afford it. This is a statistically signifi-
cant improvement compared to the 27 percent of
respondents who went without medical care due to
cost in 2015, and compared to the 31 percent who
did so in 2014.
The likelihood of forgoing medical care due to cost is
inversely related to one’s income. Among those
whose family income is less than $40,000, 36 percent
have gone without some form of medical treatment
in the preceding 12 months. This fraction is 23 per-
cent among respondents with incomes between
$40,000 and $100,000 and 9 percent among those
making over $100,000.
One potential avenue for alleviating this inability to
cover health care expenses is through health insur-
ance. In 2016, 91 percent of adults reported that they
had some form of health insurance. This includes
those who had health insurance through an employer
or labor union (61 percent), Medicare (22 percent),
Medicaid (12 percent), coverage purchased directly
from an insurance company (12 percent), and/or
received it through another source. Approximately
4 percent of people purchased health insurance
through one of the health insurance exchanges.
Those with health insurance are less likely to report
forgoing medical treatment due to an inability to pay,
although they are not immune from this concern.
Among uninsured respondents, 41 percent report
that they had gone without some form of medical
treatment due to cost in the preceding 12 months.
This compares to 23 percent of respondents who
have health insurance reporting that they went with-
out some form of medical treatment in the same
period.
24
24 Since the survey asks respondents about their current health
insurance status, but asks about whether they missed medical
treatments in the previous year, it is possible that some respon-
dents who currently have insurance were uninsured at the point
at which they were unable to afford treatment.
Figure 13. Adults who would still be able to pay all of their current month’s bills in full if faced with a $400 emergency expense
that they had to pay (by education and race/ethnicity)
56
42
45
52
66
49
50
61
83
64
60
79
High school degree or less
Some college or associate degree
Bachelor’s degree or more
Percent
OverallHispanicBlack, non-HispanicWhite, non-Hispanic
28 Report on the Economic Well-Being of U.S. Households in 2016

Figure 14. 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? (by survey year)
Prescription medicine
To see a doctor
Dental care
To see a specialist
Mental health care or counseling
Follow-up care
14
13
11
11
16
15
12
12
24
25
20
18
11
11
9
9
6
6
5
5
10
8
7
7
Percent
2016201520142013
Note: Respondents can select multiple answers.
May 2017 29

Banking, Credit Access, and Credit Usage
The survey finds that lacking a bank account or
using alternative financial services is disproportion-
ately prevalent both among lower-income respon-
dents and among black and Hispanic respondents.
The results also show that, while some people face
difficulties getting approved when trying to access
credit, a majority of adults seem to feel that credit
would be available to them if they were to desire it.
Additionally, the share who believe that credit is
available to them has increased in recent years.
Unbanked and Underbanked
Based on the survey results, 16 million adults—or
7 percent of the overall adult population—are
unbanked, meaning they do not have a checking,
savings, or money market account. This represents a
statistically insignificant decline from the 8 percent
who were unbanked in the 2015 survey. Just over half
of those who are unbanked have used some form of
alternative financial service in the prior year—such
as a check cashing service, money order, pawn shop
loan, auto title loan, paycheck advance, or payday
loan.
25
In addition to the 7 percent of adults who are
unbanked, 19 percent are underbanked, defined as
having a depository account but also using at least
one alternative financial service in the prior year
(figure 15). This compares to 21 percent who were
underbanked in the 2015 survey.
26
Individuals’ income and education, along with their
race and ethnicity, are highly correlated with the like-
lihood that they are unbanked or underbanked.
Fewer than 2 percent of adults whose income is over
$40,000 lack access to a bank account, whereas one
out of seven adults whose income is under that
threshold have no bank account. Similarly, black and
Hispanic adults are more than twice as likely as
white adults to be unbanked, and those with a high
school degree or less are more likely than those with
a college degree to lack a bank account or to use
alternative financial services (table 12). Each of these
correlations persists when included in a regression
along with other demographic characteristics includ-
ing age, gender, marital status, urban/rural status,
and region of the country.
The use of alternative financial services reflects that
some individuals are turning to service providers
other than traditional banks and credit unions for
financial transactions. However, not all such transac-
tions are identical. Seventy-eight percent of adults
who used an alternative financial service used a
money order. One-third used a check cashing service,
and 23 percent used an alternative financial service
to borrow money from a financial service provider
25 The survey also asks about international remittances, but they
are not included here as an alternative financial service.
26 The fraction of adults who are underbanked is higher than that
observed in the 2014 survey. However, a methodological change
regarding who is asked this question between 2014 and 2015
means that the results are not directly comparable across those
years.
Figure 15. Banking status
Fully banked
74%
Unbanked,
no alternative
financial
service used
3%
Underbanked
19%
Unbanked,
used
alternative
financial
service
4%
Note: Fully banked individuals have a bank or credit union account and have not
used an alternative financial service in the past year.
31

(including pawn shop loans, payday loans, auto title
loans, paycheck advances, and tax refund anticipa-
tion loans).
In addition to some unbanked individuals turning to
alternative financial services for financial transac-
tions, the lack of a bank account has a range of
implications for how these individuals interact with
the financial system in routine ways, including how
they make purchases at local stores. When asked how
they would typically make a $10 purchase at a local
store, 33 percent of fully banked respondents indi-
cate that they would use cash, whereas 36 percent
would use a debit card and 29 percent would use a
credit card (table 13). Among the unbanked, how-
ever, cash is the dominant form of payment for this
type of purchase and would be used by 70 percent of
these respondents. Within this population, 19 percent
would use either a prepaid card or a debit card, and
only 5 percent would use a credit card.
27
Credit Applications and Outcomes
Another aspect of consumer finance in the survey is
the availability of credit. Forty percent of adults
report that they or their family applied for some type
of credit in the prior 12 months—which is up slightly
from 39 percent in 2015 and is up further from
31 percent when this question was first asked in
2013. Among those who applied for credit, credit
cards and auto loans were the most common appli-
cation types, with 65 percent reporting that they
applied for a credit card and 26 percent reporting
that they applied for an auto loan (figure 16).
Twenty-three percent of respondents who applied for
credit (9 percent of the entire population) were
denied at least once over this period. However, some
respondents who applied for credit also appear 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 an additional
credit application because they expected to be denied
(table 14).
28
The frequencies with which those who
applied for credit were denied, offered less credit, or
27 Prepaid cards and debit cards are listed separately in the ques-
tion to respondents, and 13 percent of those without a bank
account indicate that they would pay for a $10 purchase this
way. This likely reflects that reloadable prepaid cards are often
referred to as “prepaid debit cards” and “reloadable debit
cards,” so some respondents consider their prepaid card a debit
card. As such, the two responses are reported together here.
28 Respondents can select more than one adverse credit outcome
or decision. Thirty-five percent of respondents report being
denied outright, offered less credit than applied for, or having
put off applying for additional credit due to a fear of denial.
Table 14. Experiences of adults who applied for credit
(by survey year)
Percent
Credit outcome 2016 2015 2014 2013
Denied credit 22.7 26.0 24.4 27.8
Offered less credit than applied for 16.1 16.8 15.5 14.4
Put off applying for other credit
because you thought you would
be denied 16.7 18.5 18.7 17.8
Note: Among respondents who applied for some form of credit in the past
12 months.
Table 12. Banking status (by family income, education, and
race/ethnicity)
Percent
Characteristic Unbanked Underbanked Fully banked
Family income
Less than $40,000 14.7 25.8 58.6
$40,000–$100,000 1.8 18.2 79.6
Greater than $100,000 0.8 8.9 90.2
Education
High school degree or less 12.8 21.2 65.0
Some college or associate degree 5.6 22.7 71.3
Bachelor’s degree or more 1.1 12.6 86.1
Race/ethnicity
White, non-Hispanic 4.9 13.0 81.4
Black, non-Hispanic 12.5 41.2 45.8
Hispanic 11.1 28.4 59.9
Overall 6.7 19.0 73.7
Table 13. How would you typically make a $10 purchase at
a local store? (by banking status)
Percent
Form of payment Unbanked Underbanked Fully banked Overall
Cash 69.8 40.3 32.7 36.8
Check 1.3 1.6 0.7 0.9
Credit card 4.7 12.0 29.4 24.3
Debit card or
prepaid card 19.2 45.9 36.7 37.1
Money order 1.5 0.1 0.0 0.1
Mobile app 1.3 0.0 0.0 0.1
Other 1.1 0.0 0.1 0.1
32 Report on the Economic Well-Being of U.S. Households in 2016

put off applying for other forms of credit for fear of
denial all declined relative to 2015.
The rate at which individuals are denied or offered
less credit than requested differs by the form of
credit for which they applied. Credit cards and per-
sonal loans most frequently receive adverse out-
comes. One-third of credit card applicants report
that they were denied or offered less credit than
requested on at least one credit card application.
This compares to 18 percent of new mortgage appli-
cants, 14 percent of auto loan applicants, and 10 per-
cent of refinance applicants who were denied or
offered less credit than requested on at least one loan
application of the respective types (figure 17).
The rate of denial also differs by the race and ethnic-
ity of the respondent and by their family income.
Lower-income respondents are substantially more
likely than those with higher incomes to be denied
credit or be offered less than requested. Among indi-
viduals with incomes under $40,000 per year, 47 per-
cent of those who applied for credit were either
denied or offered less credit than requested, com-
pared to 16 percent among those with an income of
over $100,000 per year. Within each income bracket,
Figure 16. Types of credit applied for in the past 12 months
Other
Personal loan from friends or family
Home-equity loan or line of credit
Student loan
Refinance of a home mortgage
Mortgage to buy a new home
Personal general-purpose loan from a bank
Car/auto loan
Credit card 65
26
10
10
9
9
6
3
4
Percent
Note: Among respondents who applied for some form of credit in the past 12 months. Respondents can select multiple answers.
Figure 17. Credit applicants who received at least one denial or offer of less credit (by form of credit applied for)
Other loan
Re�nance of a home mortgage
Student loan
Car/auto loan
Home-equity loan or line of credit
Mortgage to buy a new home
Personal general-purpose loan from a bank
Personal loan from friends or family
Credit card
Percent
33
30
25
18
17
14
14
10
18
Note: Among respondents who applied for each type of credit. Respondents who applied for multiple forms of credit report their credit outcomes for each type of
credit separately.
May 2017 33

black and Hispanic individuals also are more likely
to report being denied credit or offered less than
requested on a credit application (table 15).
Additional Demand for Credit and
Perceived Credit Access
One limitation of tracking the demand for credit and
credit availability based on applications submitted is
that the majority of adults do not submit an applica-
tion in any given year. Recognizing this, the survey
also includes questions on credit availability that are
asked of all respondents, including those who did
not apply for credit.
When individuals who did not apply for credit are
asked whether they desired credit but did not apply,
11 percent report that they had a desire for addi-
tional credit. Sixty percent of those who desired
additional credit indicate that they did not apply
because they expected to be turned down or denied.
An alternate way to consider perceived credit avail-
ability is to ask people whether they feel that their
credit application would be approved if they 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.
Seventy-eight percent of adults are somewhat or very
confident in their ability to obtain a credit card,
including 59 percent who are very confident in their
likelihood of approval. However, confidence in
approval varies substantially by the income of
respondents (table 16). Additionally, confidence
differs based on individuals’ race and ethnicity,
although these confidence gaps may be at least par-
tially attributable to other socioeconomic factors
that also vary by race and income.
29
These differ-
ences in perceived credit access by income and by
29 In a regression controlling for marital status, age, education,
income, employment status, region, and urban/rural status,
the difference in confidence between black and white adults
remains significant, although the difference between white and
Hispanic adults does not.
Table 15. Credit applicants who were denied or offered less
credit than requested (by family income and race/ethnicity)
Percent
Characteristic Denied
Never denied,
but approved
for less than
requested
Denied or
approved for
less credit
than
requested
(combined)
Less than $40,000
White, non-Hispanic 29.9 6.5 36.5
Black, non-Hispanic 50.5 13.6 64.1
Hispanic 44.1 16.4 60.4
Overall 36.7 10.1 46.8
$40,000–$100,000
White, non-Hispanic 16.5 6.1 22.7
Black, non-Hispanic 37.8 18.7 56.5
Hispanic 31.7 11.1 42.8
Overall 20.9 8.3 29.2
Greater than $100,000
White, non-Hispanic 7.9 6.5 14.4
Black, non-Hispanic 26.0 7.1 33.0
Hispanic 14.2 5.7 19.8
Overall 9.4 6.3 15.8
All incomes
White, non-Hispanic 17.3 6.3 23.6
Black, non-Hispanic 41.3 14.5 55.8
Hispanic 34.6 12.7 47.3
Overall 22.7 8.3 31.0
Note: Among respondents who applied for some form of credit in the past
12 months.
Table 16. If you applied for a credit card today, how
confident are you that your application would be
approved? (by family income and race/ethnicity)
Percent
Characteristic
Somewhat
or very
confident
Not
confident
Don’t know
Less than $40,000
White, non-Hispanic 63.8 24.6 11.2
Black, non-Hispanic 55.1 29.7 14.9
Hispanic 57.2 31.2 11.6
Overall 60.8 26.8 12.1
$40,000–$100,000
White, non-Hispanic 88.3 9.4 2.4
Black, non-Hispanic 74.1 20.2 5.0
Hispanic 84.4 11.4 4.2
Overall 85.8 11.1 3.1
Greater than $100,000
White, non-Hispanic 96.4 2.5 1.1
Black, non-Hispanic 87.0 10.3 2.8
Hispanic 94.0 5.4 0.7
Overall 95.7 3.1 1.3
All incomes
White, non-Hispanic 82.0 12.7 5.1
Black, non-Hispanic 66.2 23.6 9.8
Hispanic 70.9 21.3 7.7
Overall 78.1 15.4 6.3
34 Report on the Economic Well-Being of U.S. Households in 2016

race and ethnicity are consistent with those seen in
the 2014 and 2015 surveys, which asked similar ques-
tions about credit confidence.
Credit Card Usage
In addition to exploring the availability of credit, the
survey considers the ways in which individuals use
their credit cards. Overall, 79 percent of respondents
say that they have at least one credit card. Credit
cards are disproportionately prevalent among those
with higher levels of income, those with more educa-
tion, and among non-Hispanic white adults
(table 17). For example, 83 percent of white adults
have at least one credit card, compared to 63 percent
of black adults who have one.
When asked how often they carry a balance on their
card, 45 percent of those with a card report that they
always paid their bill in full during the prior year,
and 48 percent say that they carried a balance some,
most, or all of the time (figure 18). 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 8 percent made the minimum payment
once. The remaining 41 percent say that they always
paid more than the minimum payment.
The survey also asks respondents whether they cur-
rently have any outstanding credit card debt and the
change in the balance over time. Slightly fewer than
half of adults with a credit card—46 percent—report
that they currently have outstanding credit card debt.
Among those with credit card debt, 31 percent say
that they now have more debt than they did a year
earlier, whereas 30 percent report that they have less
debt, and 39 percent report that it is about the same.
Table 17. Ownership of at least one credit card (by family
income, education, and race/ethnicity)
Characteristic Percent
Family income
Less than $40,000 59.5
$40,000–$100,000 90.5
Greater than $100,000 96.0
Education
High-school degree or less 67.7
Some college or associate degree 78.0
Bachelor’s degree or more 93.7
Race/ethnicity
White, non-Hispanic 83.2
Black, non-Hispanic 63.2
Hispanic 72.6
Overall 79.3
Figure 18. Frequency of carrying a credit card balance on
one or more cards in the past 12 months
Most or all of the time, 28%
Some of the
time, 20%
Never carried a
balance, 45%
Once, 6%
Note: Among respondents with at least one credit card.
May 2017 35

Housing and Household Living
Arrangements
Recognizing the importance of housing to one’s
overall well-being, the survey considers several
aspects of individuals’ housing situations, including
the motivations behind some young adults opting to
live with their parents, the reasons why people own
or rent their homes, and the experiences of those
who rent. In doing so, it observes the extent to which
some renters—and especially black and Hispanic
renters—encounter housing difficulties such as evic-
tion or struggling to get repairs completed.
Living Arrangements
Approximately 14 percent of respondents report that
they live alone. Just over half live with only their
spouse or partner and children under age 18. Thir-
teen percent of adults indicate that they live with
their parents, 10 percent report living with an adult
child who is not in school, 10 percent report living
with extended family members, and 6 percent report
living with one or more roommates (table 18).
Among young adults ages 25 to 29, just under a
quarter (24 percent) report that they live with their
parents (table 19). The likelihood of living with one’s
parents is greatest among Hispanic young adults, as
one-third of Hispanics between ages 25 and 29 live
with their parents—which exceeds the 19 percent of
whites and 26 percent of blacks in their late 20s who
do so.
Overwhelming majorities of these young adults who
live with their parents do so to save money. But
among people who are in their late 20s or in their
30s who live with their parents, about 40 percent are
doing so in part to provide financial assistance to
their parents or others living with them, and many
are doing so at least in part to either provide for sick
or elderly relatives or to receive assistance with child
care.
Exploring this decision to live with parents in
another way, the survey considers whether these
young adults could afford to live on their own in
Table 18. Which of the following types of people are you
living with?
Category Percent
Living alone (unique response) 13.7
Spouse or partner 64.6
Children under age 18 27.6
Adult children (all in school full time) 5.8
Adult children (at least one not a full-time student or unknown) 9.8
Parents 13.3
Extended family (grandparents, siblings, aunts, uncles, etc.) 10.2
Roommate(s) 5.7
Other 0.3
Note: With the exception of living alone, respondents can select multiple answers.
Table 19. Reasons for living with parents and desire to live
alone among young adults (by age)
Percent
Reason 18–21 22–24 25–29 30–39
Percent living with parents 70.6 54.1 24.3 13.8
Reason for living with others
To save money 77.4 88.6 88.1 76.5
To provide financial assistance 16.0 26.4 41.5 37.6
To care for sick or elderly relatives 11.5 14.9 15.4 39.2
To receive assistance with
child care 3.2 4.4 7.3 16.0
For companionship/prefer living
with others 40.0 46.3 39.0 26.5
Desire and ability to live alone
Cannot afford to live alone, would
prefer to 51.1 62.9 53.5 36.1
Cannot afford to live alone, prefer
not to 36.3 16.6 12.6 11.9
Could afford to live alone in
neighborhood 12.6 20.6 33.2 51.9
Note: Reasons for living with others and desire to live alone are among
respondents who live with their parents. Respondents can select multiple reasons
for living with others.
37

their current neighborhood and whether they would
prefer to.
30
Fifty-three percent of young adults in
their late 20s living with their parents say they would
prefer to live alone but cannot afford to in the same
neighborhood. But one-third could afford to live
alone if necessary, and an additional 13 percent pre-
fer their current arrangement despite being unable to
afford living independently. Hence, this suggests that
the reasons for living with one’s parents are not uni-
form and may reflect a wide range of preferences
and circumstances.
Reasons for Renting or Owning
In addition to considering who people live with, the
survey asks respondents whether they own or rent
their current residence and the reasons for that
choice. Sixty-one percent of adults report that they
and/or their spouse or partner own their home, while
28 percent rent and 11 percent neither own their
home nor pay rent.
31
As shown in table 20, home-
ownership rates increase with both the age and
income of respondents.
Both owners and renters are also asked what contrib-
utes to their tenure choice. Among renters, half
report that they rent because they cannot afford the
down payment for a home purchase and 30 percent
indicate that they cannot qualify for a mortgage
(figure 19). Since respondents can select multiple rea-
sons for renting—and many of those who cannot
qualify for a mortgage also cannot afford a down
payment—a combined 57 percent of renters report
that one or both of these mortgage access factors
contribute to their decision to rent. Nevertheless,
many renters indicate that either the perceived ben-
efits of renting or the perceived risks of homeowner-
ship contribute to their decision. For example,
28 percent of renters opt to rent at least, in part,
because it is more convenient, 23 percent do so
because they believe it is cheaper than owning, and
22 percent do so because they feel that owning a
home is a bigger financial risk.
Among homeowners, the most commonly cited rea-
son for owning is that it is perceived to be a good
investment, which is included as a reason by 72 per-
cent of homeowners (figure 20). Many owners also
indicate other financial reasons for homeownership,
including that they believe it is cheaper to own than
to rent (46 percent), they are building equity with
payments (43 percent), and the certainty about
monthly payments (23 percent). There are, of course,
non-financial reasons that people own as well. Sixty-
nine percent of owners say that they simply prefer to
own, 45 percent do so because there are fewer rules
and they can customize their house, and 27 percent
do so because they do not like to move.
Considering the reasons for owning or renting across
geographic areas, in general there are not substantial
differences for those living in urban areas relative to
those in more rural communities. One exception,
however, is that urban owners are more likely to
report that they own because they believe it is a
good investment than are owners in more rural areas.
Seventy-three percent of owners in urban areas
report that they own, at least in part, because it is a
good investment, which compares to 65 percent of
rural owners who do so. Conversely, renters in rural
areas are somewhat more likely to indicate that they
rent due to the financial risks of homeownership.
Twenty-seven percent of such renters indicate that
the financial risks involved with homeownership
contribute to their tenure decision, whereas 21 per-
30 Respondents are specifically asked about affording to live on
their own in their current neighborhood, rather than living
alone more generally, in order to capture the respondents who
could afford to live alone but would have to find a cheaper
neighborhood in order to do so.
31 Since the SHED asks respondents about whether they and/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 20. Housing tenure (by age and family income)
Percent
Characteristic Own Rent
Neither own
nor rent
Age
18–24 11.4 30.3 57.7
25–29 29.2 53.0 17.8
30–39 56.1 35.4 8.0
40–49 68.7 27.7 3.1
50–59 75.7 20.1 3.6
60+ 80.3 16.3 2.8
Family income
Less than $40,000 35.1 41.1 23.2
$40,000–$100,000 73.2 23.6 3.0
Greater than $100,000 87.1 11.3 0.8
Overall 61.3 27.6 10.6
38 Report on the Economic Well-Being of U.S. Households in 2016

cent of urban renters say that this concern factors
into their decision.
Experiences of Renters
The SHED considers several experiences of renters,
including any recent evictions, the rental application
process, and their interactions with their landlord.
Individuals who moved from one rental unit to
another—or to a home that they neither own nor
rent—within the two years before the survey are
asked a series of questions probing whether their
most recent move resulted from an eviction or the
threat of an eviction.
32
Nine percent of these recent
movers indicate that their most recent move came
because they were evicted; received an eviction
notice; were told by their landlord that they had to
leave; missed a rent payment and thought they would
be evicted if they did not move; or the property they
were renting was condemned (collectively referred to
here as “eviction or the threat of eviction”). The like-
lihood of moving due to an eviction or the threat of
an eviction is somewhat higher among black and
32 Throughout this section and the subsequent section, many
questions asked of renters are also asked of individuals who
neither own nor rent, because they are living in their home rent
free. Discussions of results for renters include these individuals
for questions where both groups are asked.
Figure 19. Reasons for renting
Other
I’m currently looking to buy a home
I simply prefer to rent
Owning a home is a bigger financial risk
It’s cheaper to rent than to own a home
I plan on moving in the near future
It’s more convenient to rent
I can’t qualify for a mortgage to buy a home
I can’t afford the down payment to buy a home 50
30
28
26
23
22
19
13
10
Percent
Note: Among renters. Respondents can select multiple answers.
Figure 20. Reasons for owning
Other
Certainty about monthly payments
Don’t like to move
Building equity with payments
Fewer rules/able to customize house
It’s cheaper to own than rent a home
Simply prefer to own
Owning a home is a good financial investment 72
69
46
45
43
27
23
4
Percent
Note: Among homeowners. Respondents can select multiple answers.
May 2017 39

Hispanic renters, with 12 percent of black renters
and 16 percent of Hispanic renters who moved in the
previous two years indicating that they moved for
these reasons (table 21).
Renters who moved, but not due to an eviction or
the threat of an eviction (and not due to a foreclo-
sure if previously a homeowner), are also asked
about the factors that contributed to their decision
to move. Among those not moving due to an evic-
tion, 31 percent moved in order to reduce housing
expenses, including saving money or avoiding a rent
increase at their previous apartment (table 22). More
common are moves toward a better house or neigh-
borhood, which are collectively cited by 49 percent
of those not moving due to an eviction. Finally,
44 percent moved at least in part due to changes in
life circumstances, including a change in family sta-
tus or a relocation to a new city.
Recent movers also provide information on their
experiences when signing a lease for a new house or
apartment. Renters are commonly asked by their
landlord to pay a security deposit, which was
required of just over four-fifths of people who
moved to a new rental unit in the previous two years.
Nearly as common were requests for documentation
of employment or income, which 70 percent of rent-
ers were required to provide. Approximately half of
renters received requests for a credit check (54 per-
cent), the payment of an application fee (52 percent),
personal references (49 percent), or a criminal back-
ground check (46 percent). The survey cannot deter-
mine, however, the fraction of landlords who acted
on the request for permission to run these back-
ground and reference checks. It also does not con-
sider the extent to which individuals avoided rental
units with background checks that they would not
pass or those with application fees and deposits that
they could not afford.
Among all renters, whether they recently moved or
not, the survey explores the responsiveness of land-
lords to problems with the home. Forty-nine percent
of renters indicate that in the prior year, they
reported at least one problem to their landlord that
they felt needed to be fixed, such as a leak or a bro-
ken appliance. Renters who have a monthly rent
above the median rent of $775 are somewhat more
likely to have reported a problem to their landlord
that they felt warranted repair. But the likelihood of
getting the repair completed without difficulty was
similar for those whose rent is above (46 percent) or
below (47 percent) the median.
Differences seem to exist across the race and ethnic-
ity of renters in the responsiveness of landlords to
fixing problems. Although black, white, and His-
panic renters are all similarly likely to have contacted
their landlord about a problem, they are not equally
likely to report that they had no problems getting
their landlord to fix it (figure 21). Over half of white
renters who contacted their landlord about a prob-
lem with their apartment said that they had no diffi-
culty getting their landlord to fix the problem,
whereas 28 percent had moderate or substantial diffi-
culty in getting them to do so. Among black renters
who contacted their landlord about a problem, how-
ever, 42 percent had moderate or substantial diffi-
culty, and among Hispanic renters 44 percent had
this level of difficulty. These differences may, in part,
reflect differences in the type of landlord or property
management companies from which respondents of
different races or ethnicities rent—which the survey
cannot observe. Nevertheless, the difference in the
Table 21. Moved due to an eviction or the threat of an
eviction (by race/ethnicity)
Percent
Race/ethnicity Percent
White, non-Hispanic 7.6
Black, non-Hispanic 12.4
Hispanic 15.6
Overall 8.8
Note: Among non-homeowners who moved from another rental unit since 2015.
Table 22. Reasons reported by renters for moving to
their current home
Reason Percent
Reduce expenses
Rent increased at previous apartment 16.0
To save money 22.5
Better quality home or neighborhood
Landlord would not fix things at previous apartment 9.2
Better quality neighborhood or schools 11.1
Closer to work or school 24.1
Better quality or larger home 25.5
Change in life circumstances
Change in family status 15.1
Relocated to a new city 32.5
Other 16.6
Note: Among non-homeowners who have moved since 2015 and did not move as
a result of foreclosure, eviction, or threat of eviction. Respondents can select
multiple answers.
40 Report on the Economic Well-Being of U.S. Households in 2016

odds of having at least some difficulty between white
and black renters are robust to controlling for the
rent, geographic location, and housing type of the
unit as well as the gender, age, marital status, income,
and education of the renter.
Experiences and Expectations for
Home Purchases
The survey also explores home purchase decisions
and experiences—both among recent homebuyers
and among renters who are considering purchasing a
home. Thirty-seven percent of non-homeowners
indicate that they probably or definitely expect to
purchase a home within the next five years.
When asked to consider what will result in them
shifting from renting to owning in the next several
years, the most common responses are that they will
have saved enough for a down payment or have
increased certainty about the location where they
want to live. Each of these reasons was cited by just
under three-fourths of renters expecting to buy. Both
expected increases in income, which is cited by
68 percent of these potential buyers, and increased
certainty about their job (59 percent) are also impor-
tant factors. Thirty-eight percent expect to buy
because they will get married, have children, or expe-
rience other changes in their family circumstances.
For many renters, it is apparent that the down pay-
ment is a crucial barrier on their path toward home-
ownership. This can be seen both based on the high
number of renters who report that they rent because
they cannot afford a down payment and the high
number of renters who expect to buy in the coming
years who say they will do so in part because they
will have saved enough for that payment.
Among recent first-time homebuyers who purchased
their home since 2015, personal savings was the pri-
mary source of funds for their down payment. Sev-
enty-three percent of these buyers used personal sav-
ings to fund at least part of the purchase (table 23).
One out of five first-time homebuyers indicates that
they received a loan or gift from family or friends to
help fund the purchase. Eight percent of recent first-
time homebuyers relied exclusively on a loan or gift
from family or friends for the down payment.
Figure 21. Difficulty getting landlord to fix problems with rental unit (by race/ethnicity)
Overall
Hispanic
Black, non-Hispanic
White, non-Hispanic
Percent
None A little difficulty Moderate difficulty Substantial difficulty
54
33
35
46
18
25
21
22
14
22
29
17
14
20
15
15
Note: Among renters.
Table 23. In addition to your mortgage, what sources of
funds did you use, if any, when you purchased your current
home? (by type of homebuyer)
Percent
Source of funds
First-time
homebuyers
Repeat
homebuyers
Personal savings 72.6 62.5
Proceeds from sale of previous home 5.2 59.3
Loan or gift from family/friends 20.4 12.7
Second mortgage 2.3 5.3
Assistance from government program
or nonprofit 4.8 0.5
Other 6.2 6.0
None of these or no down payment 14.4 3.7
Note: Among homeowners who purchased a home in 2015 or 2016. Respondents
can select multiple answers.
May 2017 41

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 both real college costs and
the percentage of students borrowing to pay for edu-
cation continue to rise, some have questioned
whether 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 edu-
cation. The survey also considers the financing of
education and the use of student loans, which is dis-
cussed in the “Education Debt and Student Loans”
section of this report.
Consistent with findings in the 2015 survey, results
of the 2016 SHED 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 most respondents who have a degree from tra-
ditional public or nonprofit institutions report that
their education was worth the cost, perceptions of
the value of one’s degree are less positive among
non-completers and among respondents who gradu-
ated from a for-profit school.
Value of Higher Education by
Educational Characteristics
In order to monitor the perceived value of higher
education, the survey asks respondents who com-
pleted at least some college whether they believe that
the lifetime financial benefits of their postsecondary
education outweigh the lifetime financial costs. Over-
all, 53 percent of adults with at least some college
education feel that the benefits of their education
exceed the costs and an additional 26 percent feel
that the costs and benefits are about the same. Just
19 percent believe that the costs of their education
exceed the financial benefits that it produced.
While individuals generally view their education as
worthwhile, responses to this question vary based on
several characteristics of the education.
33
Among
non-completers, who attended college but failed to
complete at least an associate degree, 36 percent feel
that the education was worth the cost, whereas
26 percent feel that the costs outweigh the benefits.
34
For those who completed additional education, the
likelihood of viewing the degree as beneficial is much
greater. Among these degree completers, 64 percent
feel that the benefits of their education outweigh 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 22). Sixty-five percent of
graduates from public or not-for-profit institutions
report that the value of their degree exceeded the
cost. Among graduates of for-profit institutions, just
40 percent feel this way.
35
Additionally, this difference is not purely due to the
selectivity of the institutions. The Carnegie Classifi-
33 For additional discussion of the self-perceived value of educa-
tion by educational characteristics, see box 4, which discusses
the educational perceptions of traditionally aged students and
adult learners.
34 When limited to those who have not completed an associate
degree and who are not currently enrolled, 29 percent feel that
their education was worth the cost and 29 percent feel that the
costs outweigh the benefits.
35 Recognizing that many people may not know whether a school
is a public, nonprofit, or for-profit institution, respondents are
instead asked in the survey for the name and location of their
college or university. These schools are then coded into institu-
tion types using data from the Center on Postsecondary
Research at the Indiana University School of Education.
43

Box 4. Educational Perceptions of Adult Learners
While higher education discussions often focus on
those who attend college soon after completing high
school, there are many students who decide to pur-
sue higher education later in life. Recognizing that
the experience of these two types of students may
be quite different, this section considers the similari-
ties and differences in their perceptions of their edu-
cation. In doing so, individuals who last pursued or
completed an undergraduate degree when they
were under age 25 are considered here to be tradi-
tionally aged students and are separated from adult
learners who last pursued or completed an under-
graduate degree when they were age 25 or older.1
Racial and ethnic minorities, as well as those whose
parents have no education beyond high school, are
more likely than white individuals or those with
more-highly educated parents to have pursued an
undergraduate education as adult learners after age
24 (table A).
There are also clear differences in the types of insti-
tutions that traditionally aged students and adult
learners attend. Thirty-six percent of adult learners
went to a public two-year institution and 12 percent
went to a for-profit institution. This compares to
15 percent of traditionally aged students who
attended a public two-year school and 4 percent
who went to a for-profit institution.
Turning to the perceptions of their education among
adult learners, while traditionally aged students are
more likely to feel that the benefits of their higher
education outweigh the costs, it is still the case that
a plurality of adult learners feel this way (table B).
Forty-three percent of adult learners believe that
they had a positive return on their investment, com-
pared to 24 percent who feel that the costs out-
weighed the benefits.
Adult learners are also somewhat more likely than
traditionally aged students to say that if they could
remake their educational decisions, they would have
completed more education (table C). Among adult
learners, 55 percent would like to have completed
additional education. Only 10 percent wish that they
had completed less education or not attended col-
lege at all.
1 Some respondents may have pursued higher education soon
after college, and then returned to school later in life. Among
those who completed an associate or bachelor’s degree, the
separation here is on the age at which they completed that
degree. Among those who did not complete an associate or
bachelor’s degree, the separation is based on the age at which
they most recently attended a higher education program. In the
survey, 64 percent of individuals who went to college and report
their most recent date of attendance are considered traditionally
aged students and 36 percent are adult learners.
Table A. Students pursuing higher education as
traditionally aged students or adult learners
(by parents’ education, gender, and race/ethnicity)
Percent
Characteristic
Traditionally
aged students
Adult learners
Parents’ education
Both parents high school degree or less 52.1 47.9
At least 1 parent with some college, neither
with a bachelor’s degree 61.7 38.3
At least 1 parent with a bachelor’s degree 77.3 22.7
Race/ethnicity
White, non-Hispanic 66.1 33.9
Black, non-Hispanic 50.8 49.2
Hispanic 54.4 45.6
Gender
Male 63.3 36.7
Female 65.1 34.9
Note: Among respondents who completed at least some college.
Table B. Overall, how would you say the lifetime
financial benefits of your bachelor’s or associate
degree program compare to its financial costs?
(by type of student)
Percent
Response
Traditionally
aged students
Adult learners
Benefits outweigh costs 58.9 42.8
About the same 23.6 31.7
Costs outweigh benefits 17.7 23.9
Note: Among respondents who completed at least some college.
Table C. 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 type of student)
Percent
Response
Traditionally
aged students
Adult learners
Completed more education 43.1 55.0
Chosen a different field of study 38.1 32.8
Attended a different school 23.7 24.6
Completed less education or not attended
college 8.2 10.3
44 Report on the Economic Well-Being of U.S. Households in 2016

cation categorizes schools based on how selective
(accepting a small number of applicants) or how
inclusive (accepting a larger share of applicants) they
are.
36
Among respondents who completed a degree
from a public or nonprofit school that the Carnegie
Classification rates as a part-time, two-year, or inclu-
sive institution, 56 percent feel that the benefits out-
weigh the costs, which still exceeds the percent with
this level of satisfaction regarding the value of their
degree among graduates of for-profit institutions.
As was observed in previous years of the SHED,
there is also evidence that the field of study impacts
how people with similar levels of education value
their degree (table 24). While sample sizes for any
given degree are small, among respondents who com-
pleted at least an associate degree, those with degrees
in engineering are the most likely to report that the
benefits of their degree exceed the costs.
Desire to Change Educational
Decisions
The responses to the question of whether one’s edu-
cation 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
36 The Carnegie Classification 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 first-
year 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 Center for Postsecondary
Research at the Indiana University School of Education, “Car-
negie Classification of Institutes of Higher Education,” web
page, http://carnegieclassifications.iu.edu/.
Figure 22. 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)
Benefits much higher Benefits somewhat higher Benefits same as costs Costs somewhat higher Costs much higher
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
Percent
37
32
29
21
19
21
12
10
12
8
8
17
12
16
22
6
8
22
19
24
18
41
37
15 25
28
24
17
17
17
Note: Among respondents who completed at least some college. Degree completers are those with at least an associate degree or a bachelor’s degree. Bachelor’s and
associate degree recipients are asked to report on their perceptions of that degree. Those without at least an associate degree are asked to report on their most recent educa-
tional program.
Table 24. 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 76.3 13.8 9.5
Business/management 70.2 18.4 11.1
Life sciences 69.8 17.9 12.3
Computer/information sciences 68.8 12.6 18.6
Physical sciences/math 65.7 19.5 14.9
Education 64.7 19.2 15.4
Health 62.8 25.1 10.9
Law 54.1 15.5 30.1
Humanities 54.0 20.3 25.8
Vocational/technical 51.2 32.2 16.6
Social/behavioral sciences 50.2 28.7 20.3
Other 48.4 22.0 29.0
Undeclared 34.2 50.1 11.8
Did not state 51.1 19.8 19.0
Note: Among respondents who completed at least an associate degree.
May 2017 45

http://carnegieclassifications.iu.edu/

educational investment paid off. In order to gain
further insight into the dimensions on which some
people feel their educational investments were lack-
ing, the survey also asks respondents what they
would do differently if they could go back and make
their educational decision again.
Among those who started college but did not com-
plete their degree, two-thirds say that, if they could
make their educational choices again, they would
have completed more education (table 25). Notably,
even among respondents who feel that the costs of
their education outweigh the benefits, 62 percent of
non-graduates say that they would have completed
more education. 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 asso-
ciate degree, the pattern of responses is similar.
Thirty-eight percent of these respondents would
have completed more education, which includes
59 percent with only an associate degree who would
have done so. Only 7 percent would have either com-
pleted less education or not attended college.
This question also provides evidence that respon-
dents 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-eight percent of respondents who
attended 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 19 percent of those who
attended a public institution (figure 23). This differ-
ence across institution types remains statistically sig-
nificant even after controlling for the selectivity of
the school attended (using the Carnegie Classifica-
Table 25. 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)
Percent
Response
Some college,
certificate, or
technical degree
Associate,
bachelor’s, or
graduate degree
Chosen a different field of study 34.9 35.9
Attended a different school 28.1 21.6
Completed less education or not attended college 14.1 6.6
Completed more education 66.3 38.4
Note: Among respondents who completed at least some college. Respondents can
select multiple answers.
Figure 23. 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 institution type)
Percent
Completed more education
Completed less education or not attended college
Attended a different school
Chosen a different field of study
Public Private not-for-profitPrivate for-profit
54
37
49
23
5
9
48
28
19
39
31
37
Note: Among respondents who completed at least some college. Respondents can select multiple answers.
46 Report on the Economic Well-Being of U.S. Households in 2016

tion),
37
gender, age, parents’ education, own level of
education completed, and the age at which the indi-
vidual last attended the educational program.
Factors Influencing College
Attendance
Recognizing the importance of college attendance
and completion decisions, the survey considers sev-
eral factors that influence these choices. The likeli-
hood that an individual attends college is signifi-
cantly correlated with the education of his or her
parents. Among young adults ages 25 to 39 whose
parents both have no education beyond high school,
52 percent received a high school degree or less
themselves and just 18 percent obtained at least a
bachelor’s degree.
38
Among similarly aged respon-
dents with at least one parent who has a bachelor’s
degree, 66 percent received a bachelor’s degree,
whereas 9 percent have no education beyond high
school (figure 24).
Additionally, among those who do attend college,
family background is correlated with the type of
school that they attend. Sixteen percent of individu-
als ages 25 to 39 who went to college and whose par-
ents both have a high school degree or less report
that they attended a private for-profit institution.
For comparison, among respondents with at least
one parent who has a bachelor’s degree, 4 percent
attended a for-profit institution (figure 25).
37 Ibid.
38 Respondents ages 18 to 24 are excluded from young adults here
to reflect that many individuals in that age cohort have not yet
completed their education. Respondents age 40 and older are
excluded in order to focus on young adults whose educational
experiences are more recent.
Figure 24. Educational attainment of young adults ages 25–39 (by parents’ education)
Both parents high school degree or less
At least 1 parent with some college,
neither with a bachelor’s degree
At least 1 parent with a bachelor’s degree
Percent
High school degree or less Some college or associate degree Bachelor’s degree or more
66
32
18
9 25
24 44
52 30
Note: Among respondents ages 25–39.
Figure 25. Institutions attended by young adults ages 25–39 (by parents’ education)
At least 1 parent with a bachelor’s degree
At least 1 parent with some college, neither with a bachelor’s degree
Both parents high school degree or less
Percent
4
27
68
11
12
77
16
17
67
Public Private not-for-pro!tPrivate for-pro!t
Note: Among respondents who completed at least some college.
May 2017 47

Differences in the types of schools attended also dif-
fer based on the race and ethnicity of the student.
Approximately 6 percent of white young adults (ages
25 to 39) who went to college attended a for-profit
institution. This compares to 16 percent of black
young adults and 20 percent of Hispanic young
adults who went to college reporting that they went
to a for-profit school (figure 26).
One possibility for these different educational deci-
sions is that the types of people providing educa-
tional advice differ based on one’s socioeconomic
background. However, the survey asks young adults
and recent college attendees about who provided
them with advice when making their educational
choices and there generally are not clear patterns in
responses across demographic groups.
39
The one
exception is that individuals whose parents attended
college are more likely to have received advice from
their parents than are those whose parents did not.
Seventy-seven percent of those whose parents have
at least a bachelor’s degree say that their parents pro-
vided advice and that this advice was at least moder-
ately important. This compares to 60 percent of
those whose parents did not complete a bachelor’s
degree.
Overall, parents are the most frequent source of
advice for educational decisions, with two-thirds of
respondents indicating that they received advice from
their parents and that this advice was at least moder-
ately important (table 26). However, sizeable minori-
ties also received advice from high school teachers or
counselors (38 percent), friends (36 percent), or rep-
resentatives of a college or university (31 percent).
Reasons for Not Starting or Not
Finishing College
In order to better understand the decisionmaking
process of those who have no education beyond high
school or who completed some college but have no
certificate or degree from that education, these
respondents describe what influenced that decision
or outcome. This question is only asked of respon-
dents age 30 or younger, or who attended school in
39 This question is only asked of respondents who attended col-
lege in the last decade or who are under age 30 (irrespective of
whether they attended college or not).
Figure 26. Institutions attended by young adults ages 25–39 (by race/ethnicity)
White, non-Hispanic
Black, non-Hispanic
Hispanic
Percent
Public Private not-for-pro!t Private for-pro!t
72
23
6
63
21
16
71
9
20
Note: Among respondents who completed at least some college.
Table 26. How important was the advice or opinion of each
of the following people when you were deciding whether to
attend college and what school to attend?
Percent
Type of individual No advice
Not/slightly
important
Moderately/
very
important
Parents 12.1 20.8 66.4
Friends 17.0 45.8 36.5
High school teachers or counselors 21.6 39.4 38.4
Siblings, aunts, uncles, or other relatives 21.3 39.5 38.2
Faculty or representatives of a college 25.9 43.1 30.5
Employer 43.5 34.7 20.8
Religious leader 50.2 32.5 16.3
Other 52.1 18.8 7.7
Note: Among respondents who attended college in the past decade or who are
under age 30.
48 Report on the Economic Well-Being of U.S. Households in 2016

the past decade. Respondents can select all responses
that applied to their situation.
Among respondents who completed a high school
degree but who did not attend college, the most com-
mon reasons provided for this choice are that they
needed to earn money (37 percent), it was too expen-
sive (37 percent), they simply were not interested
(33 percent), or because they wanted to work
(27 percent) (table 27).
For students who attended college but did not finish
and are no longer enrolled, the expenses of college
are the most frequently cited reason for leaving with-
out completing a degree (43 percent). This is fol-
lowed by 36 percent who felt that they needed to
earn money and 29 percent who wanted to work.
For both the reasons for not attending college and
the reasons for not completing college, there is a sub-
stantial gender gap in the responses. Among women
who either did not attend college or did not complete
a college degree, 22 percent indicate that child care
responsibilities contributed to this decision. This
compares to 5 percent of men who saw child care as
a barrier preventing attendance or completion of a
degree. In contrast, men are more likely than women
to report that they either wanted to work or that
they simply were not interested in college (table 28).
Table 27. Reasons for not attending college or not
completing college
Percent
Reason
Reason for not
attending
college
Reason for not
completing
degree
Too expensive 37.0 42.7
Needed to earn money 37.0 36.1
Simply was not interested in college 33.5 n/a
Simply was not interested in continuing college n/a 22.2
Wanted to work 26.8 29.0
Did not think benefits outweighed costs 18.7 18.8
Child care responsibilities 12.4 14.6
Supported or cared for parents or siblings 5.2 3.5
Was not admitted 1.0 n/a
Low grades n/a 7.7
Other 14.6 11.6
Note: Among respondents who did not attend college or who went to college
but did not complete their degree and are not currently enrolled in school.
Respondents can select multiple answers.
n/a Not applicable.
Table 28. Reasons for not attending college or not
completing college (by gender)
Percent
Reason Male Female
Too expensive 40.6 39.5
Needed to earn money 35.8 37.3
Wanted to work 34.9 21.3
Simply was not interested in college or
continuing college 33.7 21.6
Did not think benefits outweighed costs 19.9 17.7
Child care responsibilities 4.7 22.0
Supported or cared for parents or siblings 3.7 4.8
Was not admitted or low grades 3.4 5.6
Other 7.6 18.2
Note: Among respondents who did not attend college or who went to college
but did not complete their degree and are not currently enrolled in school.
Respondents can select multiple answers.
May 2017 49

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
through other forms of borrowing. The survey asks
respondents about their use of borrowing to finance
their education and the status of any loans that they
incurred. The results show that the repayment status
of student loans is highly correlated with the respon-
dents’ 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.
Student Loans Overview
Thirty percent of adults report that they borrowed
money to pay for expenses related to their own edu-
cation, including 17 percent who currently owe
money on these loans and 13 percent who borrowed
money that they have since repaid. Among those
who completed at least some education beyond high
school, 43 percent acquired at least some debt to
finance that education, and 53 percent of those who
completed at least a bachelor’s degree acquired at
least some debt in the process. Consistent with the
higher rate of borrowing among recent cohorts of
college attendees, the fraction of adults who have
ever borrowed for their education is slightly above
that observed in the 2015 survey. Further reflecting
recent increases in educational borrowing, for each
level of education, the likelihood of borrowing is
highest among those ages 18 to 29 (figure 27).
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 respon-
dents who report that they currently owe money for
their own educational expenses, 94 percent report
owing money on student loans, but 20 percent have
education-related credit card debt, 5 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 $32,731 and the median is
$17,000.
41
(The median amount of education debt is
consistently lower than the mean due to some indi-
viduals with large levels of debt.) Considering other
forms of debt for one’s own education, the median
amount of education-related credit card debt among
those who have this debt is $2,500 and the median
education-related home-equity loan is $10,000.
Looking at all debt acquired for the respondent’s
own education combined, the median level of educa-
tion debt is $19,000 (table 29).
Not all respondents who have outstanding education
debt are currently making payments on all of their
loans. Thirty-eight percent of respondents with out-
standing student loan debt from their own education
indicate that one or more of their loans are in defer-
ment, so they do not currently have to make pay-
ments on that loan. Among those who indicate that
they currently are making payments on one or more
loans for their own education, the average monthly
40 Respondents who indicate that they have other debt for their
education are asked to specify its form. Among those who pro-
vide additional specificity to this follow-up question, the most
common responses are auto loans, personal loans, or borrowing
from relatives.
41 Based on the frequency of debt and reported debt levels, this
implies about $1.18 trillion of total student loan debt levels
nationally for one’s own education based on the SHED
responses, which compares to $1.28 trillion of student loan
debt observed in the Federal Reserve Bank of New York’s
Consumer Credit Panel data in the third quarter of 2016 (see
Household Debt and Credit Report Q3 2016, www.newyorkfed
.org/microeconomics/hhdc.html). However, the aggregate loan
total from the SHED does not include loans for which the
recipient of the education is not a co-signer of the loan—as
loan values are not asked in these instances—and does not
include cases where respondents have a loan but do not report
the amount. Since this additional debt will appear in the Con-
sumer Credit Panel data, this limits the ability to conduct a
direct comparison of student loan debt levels.
51

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https://www.newyorkfed.org/microeconomics/hhdc.html

payment is $393, with a median monthly payment
of $222.
The burden of education debt also extends beyond
just the person obtaining the education. One way in
which some parents or other family members assist
with education debt is through direct assistance to
help the borrower make loan payments. When bor-
rowers are asked whether anyone else, such as a par-
ent, is helping with debt payments for their educa-
tion, 19 percent report that this is the case.
42
The fre-
quency of such assistance is greater among young
borrowers. Fifty-two percent of borrowers under age
25 report that someone else is assisting them with
these education debt payments, which is partially
reflective of the high rate of assistance among those
who are still enrolled in school (table 30).
Another way that family members may help cover
the costs of education involves incurring education
debt in their own names (either through a separate
loan or through a co-signed loan with the student).
In addition to the 17 percent of individuals who cur-
rently owe money on loans for their own education,
4 percent owe money for a spouse’s or partner’s edu-
cation and 5 percent hold debt acquired for a child’s
or grandchild’s education. Similar to that observed
for the education debt for one’s own education, the
debt taken on for a child’s or grandchild’s education
is not always through a formal student loan and
sometimes involves a home-equity loan or credit
42 It is not clear whether the monthly payment amounts reported
in the survey include these payments made on behalf of the
borrower by others, or if payments made on behalf of the bor-
rower are in addition to the totals presented here.
Figure 27. Use of debt to finance own education, including loans that have been fully repaid (by age and
highest degree completed)
Percent
60+
45–59
30–44
18–29
Age group
Graduate degree
Bachelor’s degree
Associate degree
Some college or certi!cate
53
37
23
11
55
49
38
17
63
53
44
28
69
67
62
34
Note: Among respondents who completed at least some college.
Table 29. Form and amounts of 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 93.7 32,731 17,000
Credit card 20.3 6,814 2,500
Home-equity loan 5.0 38,640 10,000
Other loan 3.6 52,885 6,000
Total – 36,299 19,000
Note: Among respondents who have at least some debt outstanding for their own
education. Some respondents have more than one type of debt.
52 Report on the Economic Well-Being of U.S. Households in 2016

card debt (table 31). Reflecting that some individuals
owe money for multiple people’s educations, overall,
23 percent of individuals say that they currently owe
money on any education loans.
Student Loan Payment Status by
Demographic and Education
Characteristics
Among respondents who currently have outstanding
student loans from their own education, 19 percent
are behind on their payments. This compares to
18 percent who reported that they were behind on
student loan payments in 2015 and 14 percent who
reported being behind in 2014.
43
The likelihood of being behind on payments is
greatest among those who completed less education.
Thirty-four percent of respondents who completed
some college, a certificate, or a technical degree and
who have outstanding loans are behind on their debt,
and 13 percent of those who completed an associate
degree are behind.
44
In comparison, 11 percent of
respondents with outstanding loans who completed
a bachelor’s degree and 3 percent of those with a
graduate degree 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 per-
haps counterintuitively, have a lower rate of falling
behind on payments than those with lower levels of
debt. Nineteen percent of respondents with less than
$10,000 of outstanding debt, and 20 percent of those
with between $10,000 and $25,000 of debt, are
behind on their payments. Among respondents with
$100,000 of debt or more, the fraction of borrowers
who are behind is a lower 8 percent. This is consis-
tent with the pattern of delinquency on education
debt by loan levels that was observed in the 2015
survey.
One limitation of focusing exclusively on those who
currently owe money on their education 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,
10 percent report that they are currently behind on
their payments, 45 percent have outstanding debt
and are current on their payments, and 44 percent
have completely paid off their loans.
First-generation college students who took out a stu-
dent loan for their education are disproportionately
43 The comparison to 2014, however, should be treated with some
caution, as the question structure changed between 2014 and
2015.
44 The rate of being behind on payments for those with some col-
lege, a certificate, or a technical degree includes respondents
who report that their highest degree is a high school degree or
less who also report that they have debt. 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 be their high school education.
Table 30. Receipt of assistance from others with education
debt payments (by age)
Percent
Age
Receive assistance
from others with
their education
debt payments
18–24 51.8
25–29 14.6
30–39 16.3
40+ 4.5
Overall 19.2
Note: Among respondents who have at least some debt outstanding for their own
education.
Table 31. Form of education debt incurred for one’s own
education and for a child’s or grandchild’s education
(by whose education the debt funded)
Percent
Form of debt
Debt holders
with form of
debt for own
education
Debt holders
with form of
debt for child’s/
grandchild’s
education
Student loan 93.7 86.6
Credit card 20.3 22.4
Home-equity loan 5.0 13.2
Other loan 3.6 7.8
Note: Among respondents who have at least some debt outstanding for their own
education or a child’s or grandchild’s education. Some respondents have more
than one type of debt.
May 2017 53

likely to report being behind on their payments.
45
As
was also observed in both the 2014 and 2015 surveys,
among respondents under age 40, first-generation
college students who ever borrowed are more than
twice as likely to be behind on their payments as bor-
rowers with a parent who completed a bachelor’s
degree (figure 28).
Similar differences also emerge based on the race and
ethnicity of respondents. Black and Hispanic bor-
rowers are much more likely than white borrowers to
be behind on their loans, and are less likely to have
completely repaid their loans (figure 29). The diver-
gence 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 His-
panic than it is for white individuals. There are sev-
eral potential explanations for the observation that
black and Hispanic borrowers, as well as those from
lower socioeconomic backgrounds, are more likely to
fall behind on their loan payments. In particular, it
may be due to differences in their likelihood of
degree completion, differences in the wages received
for a given educational credential, different levels of
financial support from one’s family, or differences in
the availability of a financial safety net to help them
manage the payments if the degree does not pay off.
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
45 First-generation college students are defined here as those who
do not have at least one parent who completed a bachelor’s
degree.
Figure 28. Payment status of student loans acquired for own education (by age and parents’ education)
Percent
Currently owe education debt, behind Currently owe education debt, not behind Paid off loans
Not first-generation college students (all)
First-generation college students (all)
Not first-generation college students (ages 18–39)
First-generation college students (ages 18–39) 16
8
12
7
57
69
39
54
27
23
49
39
Note: Among respondents who borrowed for their own education.
Figure 29. Payment status of student loans acquired for own education (by age and race/ethnicity)
Percent
Currently owe education debt, behind Currently owe education debt, not behind Paid off loans
Hispanic (all)
Black, non-Hispanic (all)
White, non-Hispanic (all)
Hispanic (ages 18–39)
Black, non-Hispanic (ages 18–39)
White, non-Hispanic (ages 18–39) 6 6262 31
25 69 7
26 56 17
6 41 53
20 56 24
23 45 32
Note: Among respondents who borrowed for their own education.
54 Report on the Economic Well-Being of U.S. Households in 2016

behind on student loan payments than those who
attended public or nonprofit schools (table 32).
While 6 percent of students who attended a public
institution and 8 percent of those who attended a
nonprofit institution are behind on their student
loan payments, 22 percent of those who went to 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, it also could relate to
the educational backgrounds of students who attend
these different types of schools. Over 95 percent of
respondents who attended for-profit institutions
went to a school considered by the Carnegie Classifi-
cation to be an inclusive, part-time, or two-year insti-
tution. 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 is 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 part-
time, two-year, or inclusive public or nonprofit insti-
tutions, 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” sec-
tion of this report.) When doing so, the gap between
public, nonprofit, and for-profit institutions shrinks
but does not disappear completely. Eleven percent of
students who borrowed to attend a part-time, 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 per-
cent of students who borrowed to attend a two-year
or inclusive for-profit institution who are behind.
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.
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 6.4 46.9 46.7
Private not-for-profit 8.5 47.5 44.1
Private for-profit 21.7 48.5 29.8
Overall 10.3 45.4 44.3
Note: Among respondents who borrowed to pay for their own education.
May 2017 55

Retirement
The survey also considers the extent to which
respondents are preparing for the longer-term finan-
cial needs that they will face in retirement as well as
the current experiences of retirees. In general, the
results demonstrate that many individuals are strug-
gling to save for retirement and, even among those
who are saving, individuals are uncertain about their
ability to successfully manage their self-directed
retirement savings. This uncertainty is manifested by
over half of savers who have limited or no comfort in
their ability to manage these funds. Additionally,
among current retirees, there are notable differences
in the retirement assets across demographic groups.
Saving for Retirement
Many respondents report that they lack retirement
savings. When asked what types of retirement savings
or pension they have, 28 percent of non-retired
adults indicate that they currently have no retirement
savings or pension whatsoever.
Among those who do have savings, the most com-
monly reported form of retirement savings is a
defined contribution plan, such as a 401(k) or
403(b) plan. Half of all non-retirees have money
in this type of retirement savings plan (figure 30).
This is nearly twice the 25 percent of non-retirees
who have a traditional defined benefit pension plan
through an employer. Thirty-one percent of non-
retirees have an individual retirement account (IRA),
and 46 percent indicate that they have retirement sav-
ings outside of a formal retirement account.
Perhaps unsurprisingly, the pattern of saving for
retirement varies by age, with the likelihood of hav-
ing savings being lowest among younger respondents.
Nearly half of those ages 18 to 29 report that they
have no retirement savings or pension, whereas over
three-fourths of non-retirees age 30 or older indicate
that they have at least some savings.
However, not all individuals of a given age are
equally likely to have retirement savings. In particu-
Figure 30. Forms of retirement savings among non-retirees
Percent
None
Other
Business
Real estate
Defined benefit pension
IRA
Outside savings
401(k) 50
46
31
25
14
7
4
28
Note: Among respondents not currently retired. Respondents can select multiple answers.
IRA is individual retirement account.
57

lar, whether respondents have retirement savings as
they approach retirement is highly dependent on
their employment and disability status (figure 31).
While almost 90 percent of employed respondents
age 45 or older have retirement savings, a much
smaller 34 percent of those who are out of work due
to a disability have retirement savings. As a result,
even though individuals who are out of work due to
a disability represent just 12 percent of non-retired
individuals age 45 or older, because of their low rate
of retirement savings, they represent just over one-
third of all non-retirees without retirement savings
over that age.
The reported frequency of having retirement
savings also increases sharply with income. Ninety-
six percent of respondents making at least $100,000
per year report having at least some retirement sav-
ings and 87 percent of those making between
$40,000 and $100,000 per year have savings. But
among respondents making less than $40,000 per
year, 44 percent have any retirement savings. This
divergence in retirement savings by income is
similarly true among individuals within age cohorts
(table 33).
The income and employment status of individuals
are closely related, meaning that part of the lower
rate of retirement savings among lower-income
adults results from their lower employment rates.
However, even among non-self-employed full-time
Figure 31. Presence of any retirement savings (by age and employment status)
18–29
30–44
45–59
60+
Age group
Percent
Overall
Not working due to a disability
Not employed
Homemaker
Employed
66
85
89
90
35
68
69
71
27
24
49
63
20
15
30
45
53
76
80
81
Note: Among respondents not currently retired.
Table 33. Non-retirees reporting any retirement savings
(by age and family income)
Percent
Age
Less than
$40,000
$40,000–
$100,000
Greater than
$100,000
18–29 39.0 78.3 96.6
30–39 39.4 84.7 95.5
40–49 52.5 87.4 95.9
50–59 46.4 92.2 95.5
60+ 57.3 92.5 95.8
Overall 43.6 86.7 95.7
Note: Among respondents not currently retired.
58 Report on the Economic Well-Being of U.S. Households in 2016

workers, those in lower-income families are much
less likely to have savings (64 percent) than are those
in families with higher incomes between $40,000 and
$100,000 (93 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 dis-
tribution, 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.
While many adults struggle to save for retirement,
among those who have retirement savings, there is
also evidence that some may not preserve these sav-
ings for retirement and will instead use the savings
for other purposes. This is despite the fact that early
withdrawals from some retirement accounts may
incur a substantial tax penalty. Six percent of those
with retirement savings report that they borrowed
money from a retirement account during the year
before the survey (table 34). Moreover, 6 percent of
those with such accounts report that they cashed out
(permanently withdrew) some or all of their retire-
ment savings in the prior 12 months, and 1 percent
indicate that they both borrowed money from and
cashed out retirement accounts in that time. Overall,
13 percent of adults with retirement savings either
borrowed from those savings, cashed out those sav-
ings, or did both in the prior year. Additionally,
3 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
Recognizing that self-directed retirement savings
are the dominant method of preparing for retire-
ment, the survey seeks to better understand how
comfortable individuals are at managing these retire-
ment savings. Among those who have at least some
self-directed retirement savings (including 401(k)s,
IRAs, and savings outside retirement accounts),
there are decidedly mixed levels of comfort. Forty-
seven percent of these adults are mostly or very com-
fortable making investment decisions in these
accounts. However, the remaining 53 percent of
adults with self-directed retirement savings are either
not comfortable or are only slightly comfortable
making these decisions.
There is also evidence that the level of comfort is
lower among men with less education and among
women of all education levels (figure 32). Sixty-
five percent of men with at least a bachelor’s degree
report that they are mostly or very comfortable mak-
ing these investment decisions. In comparison,
45 percent of men with a high school education or
less express this level of comfort, and only 38 percent
of women with a bachelor’s degree and 37 percent of
women with a high school degree or less are at least
mostly comfortable managing these accounts. Addi-
tionally, the patterns of investment comfort across
education levels for men and women are noticeably
disparate. Men with at least a bachelor’s degree are
significantly more likely to be very comfortable than
those with a high school degree or less. However,
increased educational attainment does not signifi-
cantly improve the likelihood of women being very
comfortable when managing self-directed invest-
ments. Both 9 percent of women with a high school
degree or less, as well as those with at least a bach-
elor’s degree, report that they are very comfortable
managing these accounts.
The survey also seeks to understand the factors
contributing to individuals not saving for their retire-
ment through defined contribution plans. Among
those who are employed for somebody else in their
main job (thereby excluding those who are self-
employed, contractors, or not working), 33 percent
of workers do not have a 401(k), or similar,
account.
48
This includes 63 percent of individuals
who are employed for someone else, but whose
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, half of those who cashed out a
retirement account, 58 percent of those who borrowed money,
and 70 percent of those who did both are under age 45, sug-
gesting that many 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
Table 34. Borrowing and cashing out of retirement
accounts (by presence of current retirement savings)
Percent
Response
Currently has
retirement
savings
Currently has no
retirement
savings
Borrowed 6.2 0.5
Cashed out 5.7 2.1
Both 0.6 0.4
Note: Among respondents not currently retired.
May 2017 59

family income is less than $40,000, who do not have
a 401(k).
Among the one-third of workers employed for some-
one else who do not have a 401(k) type account, their
lack of an account may be due to their decision not
to participate in a plan offered by their employer,
their employer not offering a plan (or not offering
one for which they are eligible), or a combination of
a lack of interest in a plan and their employer not
offering one. Based on responses to the survey,
38 percent of these workers are offered a 401(k) type
plan by their employer that they choose not to par-
ticipate in (figure 33). An additional 21 percent
report that their employer does not offer a plan (or
that they don’t know if one was offered), but they
either would not participate or don’t know if they
would participate even if offered by their employer.
Hence, for 59 percent of workers, their lack of inter-
est or capacity for saving in a 401(k) limits their par-
ticipation, rather than their employer not providing a
plan to invest in.
Retirement Decision and Experiences
Respondents who are currently retired are asked
about their experiences in retirement and about how
they manage their expenses. The most common age
to retire is 62, with 20 percent of retirees who recall
their retirement age saying that they retired at that
age, followed by age 65, when 11 percent of those
who recall their retirement age retired. Eighty-
five percent of these current retirees who recall their
retirement age report that they had retired at or
before age 65.
When asked about why they retired at the age that
they did, the most common reasons are wanting to
spend more time with family, which 59 percent of
401(k) plans include both 401(k) plans as well as these other
forms of defined contribution retirement accounts.
Figure 32. Comfort investing self-directed retirement savings (by gender and education)
Mostly comfortable
Very comfortable
High school degree or less (male)
Some college or associate degree (male)
Bachelor’s degree or more (male)
High school degree or less (female)
Some college or associate degree (female)
Bachelor’s degree or more (female) 9 29
11 25
9 28
26 38
20 34
11 34
Percent
Note: Among respondents not currently retired.
Figure 33. Reasons for not participating in a 401(k)
Not offered,
would not participate
21%
Not offered,
would participate
41%
Offered,
does not participate
38%
Note: Among respondents employed for somebody else who do not have a
401(k) type account.
60 Report on the Economic Well-Being of U.S. Households in 2016

retirees rate as somewhat or very important to their
decision, or wanting to do other things, which
58 percent rate as somewhat or very important. Less
frequent are poor health (30 percent rating as at least
somewhat important), not liking the work (27 per-
cent), or being forced to retire (24 percent).
The importance of health to one’s retirement deci-
sion does seem to differ, however, based on the indi-
vidual’s level of education. While 18 percent of retir-
ees with a bachelor’s degree indicate that their health
factored into their decision to retire when they did,
this was at least somewhat important for 35 percent
of retirees with a high school degree or less and
33 percent of retirees with some college or an associ-
ate degree.
Differences also exist in the factors for when to retire
among retirees of different races and ethnicities.
Forty percent of black retirees and half of Hispanic
retirees indicate that poor health was at least some-
what important to their decision, which exceeds the
26 percent of white retirees for whom this contrib-
uted to their decision. White retirees, on the other
hand, are more likely to indicate that they retired at
least in part because they wanted to do other things
(cited by 60 percent of white retirees and 59 percent
of Hispanic retirees, compared to 45 percent of
black retirees).
When it comes to sources of funds in retirement,
87 percent of those in retirement are drawing Social
Security benefits (table 35). Sixty-three percent are
drawing a traditional defined benefit pension,
52 percent draw on savings outside a retirement
account, 42 percent use savings from an IRA, and
38 percent draw on a defined contribution plan.
There are also notable differences in the sources of
retirement income among retirees based on their
level of education. The likelihood of having private
retirement savings increases with education. In
aggregate, 75 percent of retirees with a high school
degree or less are drawing from at least some private
retirement savings (other than employment during
retirement and relying on family), compared to
91 percent of those with at least a bachelor’s degree.
This can also be seen among the specific private
retirement sources in table 35. For example, while
30 percent of retirees with a high school degree have
a 401(k), over half of retirees with a bachelor’s
degree have one.
In contrast, less-educated retirees are more likely to
be drawing Social Security, which is driven com-
pletely by differences in claimant rates before age 70.
Among those age 70 or older, over 96 percent of
retirees with each level of education are claiming
Social Security. But among those ages 62 to 70,
98 percent of retirees with a high school degree or
less are claiming Social Security, relative to 82 per-
cent of those with at least a bachelor’s degree. This
may reflect differences across education level in
Table 35. Sources of funds in retirement (by education)
Percent
Source
High school
degree
or less
Some
college
Bachelor’s
degree
or more
Overall
Social Security 92.1 86.0 79.6 87.2
Defined benefit pension 54.7 64.4 74.9 62.6
Savings outside a retirement
account 43.2 50.6 70.0 52.2
Individual retirement account (IRA) 31.7 44.9 59.2 42.5
401(k) or other defined benefit
pension 29.8 38.6 53.6 38.4
Income from real estate or the
sale of real estate 8.4 15.8 18.8 13.2
My spouse/partner has a job 19.4 25.6 28.0 23.5
I have a job 6.9 11.8 13.6 10.0
Income from a business or the
sale of a business 2.5 6.8 6.7 4.8
Relying on children or other family 4.7 4.1 1.3 3.7
Other retirement savings 17.7 21.5 25.1 20.7
Note: Among respondents who are partly or fully retired. Respondents can select
multiple answers.
Table 36. Sources of funds in retirement (by race/ethnicity)
Percent
Source
White,
non-Hispanic
Black,
non-Hispanic
Hispanic
Social Security 88.6 84.1 83.0
Defined benefit pension 64.1 56.0 58.2
Savings outside a retirement account 58.5 21.7 40.2
Individual retirement account (IRA) 47.9 20.3 27.7
401(k) or other defined benefit pension 40.9 27.8 32.9
Income from real estate 14.1 8.7 10.9
My spouse/partner has a job 23.6 33.2 21.9
I have a job 10.0 11.7 12.2
Income from a business 4.5 2.4 9.3
Relying on children or other family 2.9 6.2 7.4
Other retirement savings 22.4 12.6 15.1
Note: Among respondents who are partly or fully retired. Respondents can select
multiple answers.
May 2017 61

whether to defer claiming so that annual benefits
continue to grow.
Similar differences in sources of retirement funds
appear based on the race and ethnicity of the retiree.
Black and Hispanic retirees are substantially less
likely than whites to have 401(k) savings, IRA sav-
ings, or savings outside of a retirement account, and
somewhat less likely to have a defined benefit pen-
sion or income from real estate (table 36). In aggre-
gate, two-thirds of black retirees and 74 percent of
Hispanic retirees have at least some private retire-
ment savings, compared to 86 percent of white retir-
ees with private retirement savings. In contrast, black
and Hispanic retirees are somewhat more likely to
be relying on other family members for support,
although the incidence of relying on family support
is relatively low irrespective of one’s race and
ethnicity.
62 Report on the Economic Well-Being of U.S. Households in 2016

Conclusion
The results of the 2016 Survey of Household Eco-
nomics and Decisionmaking reflect the continued
modest improvements in the U.S. economy. Overall,
more people report that they are doing okay or living
comfortably financially, more people are saving at
least a portion of their income, and fewer people are
ill-prepared for modest emergencies that may arise.
There also has been a continued increase in the share
of adults reporting that they have a bank account
and in the share who feel that credit is available to
them should they desire it. Although these improve-
ments are not always substantial relative to results
observed in 2015, they do reflect a continuation of
the positive trajectory observed in recent years.
However, despite these improvements, several areas
of concern remain for some American families. Of
particular note are the nearly one-fourth of adults
who do not expect to be able to pay their current
month’s bills in full, the 19 percent of non-retirees
age 60 or older with no retirement savings, and the
9 percent of recently moved renters who report that
eviction or the threat of an eviction contributed to
their move.
Additionally, not all demographic groups are faring
equally well in the economy. When considering the
level of financial challenges observed in the survey
across demographic groups, racial and ethnic minori-
ties, respondents with less education, and those from
modest socioeconomic backgrounds all exhibit
greater rates of financial challenges than do white
adults, individuals with higher levels of education, or
those coming from more-advantaged financial cir-
cumstances. Among other factors, this can be
observed through the different rates of college atten-
dance by family background; the different rental
experiences, eviction rates, and rates of income vola-
tility by race and ethnicity; and the different levels of
predictability in work schedules and rates of emer-
gency savings by level of education. Considering the
recent trajectory of well-being, in addition to the
level, the survey also observes that the pace of
improvement in recent years has been slower across
several dimensions for those with a high school
degree or less, and particularly among white adults
with a high-school degree or less.
Beyond simply tracking the financial well-being of
American families, the survey also highlights some of
the barriers to economic advancement and decisions
underlying economic outcomes—which may help in
guiding effective tools to overcome any obstacles
that may exist. For example, among young adults
who do not attend or complete college, while the cost
of college or a need to earn money is often the bar-
rier to completion, child care responsibilities played
a role for one-fifth of young women who do not
obtain a degree. Or, among young adults who are liv-
ing with their parents, most are doing so to save
money, but many are also doing so either to provide
financial assistance or to care for sick or elderly rela-
tives. These, and other, motivations underlie the deci-
sions that lead to the outcomes observed. By both
monitoring financial outcomes and more fully con-
sidering how financial decisions are formed, the
results of this survey can help to establish a more
informed picture of the financial status of American
families.
63

Appendix A: Technical Appendix on
Survey Methodology
The Survey of Household Economic Decisionmak-
ing (SHED) was designed by Board staff and admin-
istered by GfK, an online consumer research com-
pany, 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. Respondents who reply
to the mailing and complete a profile survey are then
included in the GfK panel.
49
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 popula-
tion.
50
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 rela-
tively quickly.
A total of 11,882 KnowledgePanel members received
e-mail invitations to complete this survey, including
an oversample of respondents with a household
income less than $40,000. The contacted sample
included a random selection of 2,857 Knowl-
edgePanel respondents who participated in the
Board’s 2015 SHED (excluding those who were in
the 2015 lower-income oversample) and an addi-
tional 5,608 randomly selected KnowledgePanel
respondents. It also included 3,417 randomly selected
KnowledgePanel respondents whose household
income was less than $40,000. (See table 1 in main
text.) The lower-income oversample was included in
the study to ensure sufficient coverage of this popu-
lation for key questions of interest.
From these three components of the sample, a total
of 6,643 people responded to the e-mail request to
participate and completed the survey yielding a final-
stage completion rate of 55.9 percent. The recruit-
ment rate for the primary sample, reported by GfK,
was 12.2 percent and the profile rate was 64.2 per-
cent, for a cumulative response rate of 4.4 percent.
To enhance the completion rate, GfK sent e-mail
reminders to non-responders over the course of the
field period.
51
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 addi-
tional $5 incentive for completing this survey in
addition to the standard incentives offered by GfK.
Re-interviewed respondents who participated in the
2013 or 2014 SHED were provided with an addi-
49 For further details on the KnowledgePanel sampling methodol-
ogy and comparisons between KnowledgePanel and telephone
surveys, see www.knowledgenetworks.com/accuracy/
spring2010/disogra-spring10.html.
50 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 Non-
Probability Samples,” Public Opinion Quarterly 75, no. 4(2011):
709–47.
51 E-mail reminders were sent on days 3, 11, 14, and 18 of the
field period.
65

http://www.knowledgenetworks.com/accuracy/spring2010/disogra-spring10.html

http://www.knowledgenetworks.com/accuracy/spring2010/disogra-spring10.html

tional $5 incentive, for a total of $10.
52
On average
respondents completed the survey in approximately
23 minutes (median time).
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, barring occasional dis-
parities 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 methodol-
ogy 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 distribu-
tion 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,
and metropolitan area status.
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 sur-
vey includes a lower-income oversample, the depar-
tures caused by this oversample from an EPSEM
design are corrected by adjusting the corresponding
design weights accordingly with the Current Popula-
tion 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, and household
income. Demographic and geographic distributions
for the noninstitutionalized civilian population ages
18 and over from the March 2014 Current Popula-
tion Survey are used as benchmarks in this
adjustment.
Although weights allow the sample population to
match the U.S. population based on observable char-
acteristics, 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.
52 The higher incentive for these re-interviewed respondents was
provided to maintain the higher compensation rate that was ini-
tially offered to survey respondents in those years.
66 Report on the Economic Well-Being of U.S. Households in 2016

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 sur-
veys where possible. Questions are listed below in the order in which they are pre-
sented 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 well-
being 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=2 and xIflag=2)
INSERT: $10 / if (xsflag=1 or 3) or (xsflag=2 and xIflag=1) 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 collec-
tion is estimated to average 0.4 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 collec-
tion 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, Paper-
work Reduction Project (7100-0359), Washington, DC 20503.
67

Living Arrangements Section
Base: All respondents
[SHOW DISPLAY1 AND L0 ON THE SAME PAGE]
[DISPLAY1]
First, tell us a little about yourself.
Base: All respondents
[GRID, S ACROSS]
[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes or no to each
option]
L0. 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) [TEXTBOX]
ACROSS:
1=Yes
0=No
68 Report on the Economic Well-Being of U.S. Households in 2016

Base: L0_c = 1
[SP]
L0A. 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: (L0=d, e, f, or g) or (L0=c and L0A=2)
[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW:Please answer yes or no to each
option ]
[GRID, S ACROSS]
L1. You indicated that you live with [IF L0_e=1, INSERT: your parents,] [IF
L0_e=1, INSERT: extended family members,] [IF L0_F=1, INSERT: a room-
mate,] [IF L0A=2, INSERT: adult children who are not in school,] [IF L0
CHECKED d, e, or f or L0A=2, INSERT: or] someone outside of your immediate
family.
Are each of the following reasons why you live with these individuals?
DOWN:
a. To save money
b. To provide financial assistance to those living with me
c. To care for sick, disabled, or elderly family member or friend
d. To receive assistance with child care
e. Companionship/prefer living with others
f. Other (Please specify):[TXT]________________________________
ACROSS:
1. Yes
0. No
May 2017 69

Base: (L0=d, e, f, or g) or (L0=c and L0A=2)
L2. Could you [IF PPMARIT=1, INSERT: and your spouse / IF PPMARIT=6,
INSERT: and your partner] afford to live on your own in your current neighbor-
hood if you had to?
4. Definitely Yes
3. Probably Yes
2. Probably No
1. Definitely No
Base: L2 = 1 or 2
L3. Would you [IF PPMARIT=1, INSERT: and your spouse / IF PPMARIT=6,
INSERT: and your partner] prefer to live on your own if you could afford to?
1. Yes
0. No
General Well-Being Section
Base: All 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
70 Report on the Economic Well-Being of U.S. Households in 2016

Base: All 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 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
Base: All respondents
[S]
B6A. Thinking about your family when you were growing up (under age 17),
would you say your family during that time was generally pretty well off finan-
cially, about average, poor, or did it vary?
4. Pretty well off financially
3. About average
2. Poor
1. It varied
May 2017 71

Employment Section
Base: All respondents
[SHOW DISPLAY2 AND D1 ON THE SAME PAGE]
[DISPLAY2]
This section will ask some questions about your recent employment.
[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes or no to each
option]
[GRID, S ACROSS]
D1. Do each of the following describe your employment situation in the past
month?
DOWN:
a. Employed for someone else
b. Self-employed
c. Temporarily laid off
d. Not employed, but looking for a job
e. Not employed, and not looking for a job
f. Homemaker
g. Student
h. Disabled and not working
i. Retired
ACROSS:
1. Yes
0. No
72 Report on the Economic Well-Being of U.S. Households in 2016

Base: All respondents
[IF NO OPTIONS SELECTED IN D1, SHOW ALL ANSWER CHOICES]
[IF ONE OPTION SELECTED IN D1, DO NO PRESENT QUESTIONS AND AUTO-PUNCH
SELECTED]
[IF MULTIPLE OPTIONS SELECTED IN D1, ONLY SHOW OPTIONS SELECTED]
[S]
D2. In the past month, which one of the following do you consider to best
describe your employment situation?
1. Employed for someone else
2. Self-employed
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
Base: D1_a=1 or D1_b=1
[S]
D3. Think about the main job that you had in the past month. In this job,
did you:
1. Work full-time for someone else [display if D1_a=1]
2. Work part-time for someone else [display if D1_a=1]
3. Work for yourself (self-employed) or as a sole-proprietor [display if D1_b=1]
4. Work as a partner in a partnership (e.g. partner in law firm, medical practice)
[DISPLAY IF D1_b=1]
5. Work as a consultant/contractor [DISPLAY IF D1_a=1 or D1_b=1]
May 2017 73

Base: D3 = 1, 2, or 5
[S]
D3A. Still thinking about your main job, do you normally start and end work
around the same time each day that you work or does it vary from week-to-week?
1. Normally work the same hours
2. Schedule varies, primarily at my request
3. Schedule varies, primarily based on my employer’s needs
Base: D3A=3
[S]
D3B. Approximately how far in advance does your employer usually tell you the
hours that you will need to work on any given day?
1. One day in advance or less (including on call)
2. 2 to 3 days in advance
3. 4 to 6 days in advance
4. 1 to 2 weeks in advance
5. 2 to 4 weeks in advance
6. More than a month in advance
74 Report on the Economic Well-Being of U.S. Households in 2016

Base: D3 = 1, 2, or 5
[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes, no, or don’t
know to each option]
[GRID, S ACROSS]
D3C. Still thinking about your main job, does your employer offer you each of the
following benefits (even if you do not personally use the benefit)?
DOWN:
a. Paid sick leave
b. Paid vacation/personal leave
c. Maternity or paternity leave
d. Health insurance
e. Disability insurance
f. Life insurance
g. Retirement benefits
h. Ability to work from home
ACROSS:
1. Yes
0. No
9. Don’t know
Base: D3 = 1, 2, or 5
[S]
D3D. Still thinking about your main job, how does your employer normally pay
you for your work?
1. Direct-deposit into your bank account or credit union account
2. Paper check
3. Deposit onto a reloadable prepaid card
4. Cash
5. Other (Please specify): [TEXTBOX] ________________
May 2017 75

Base: D1_a=1 or D1_b=1
[GRID, S ACROSS]
D4. In addition to your main job, in the past month did you have any other paid
jobs?
DOWN:
a. I had another full-time job
b. I had another part-time job
ACROSS:
1=Yes
0=No
Base: D1=a, b, c, d, e, f, g, or h
[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes or no to each
option]
[GRID, S ACROSS]
D6. In the past 12 months, have you done each of the following:
DOWN:
a. Asked for a raise or a promotion at work [display if D1_a=1]
b. Received a raise or a promotion at work [display if D1_a=1]
c. Applied for a new job
d. Started a new job
e. Voluntarily left a job
f. Gotten laid off or fired from a job
ACROSS:
1=Yes
0=No
76 Report on the Economic Well-Being of U.S. Households in 2016

Base: D6_b=1
[S]
D7. Thinking about the raise you received in the past 12 months, how did this
raise compare to changes in your living expenses over that period?
1. It failed to keep up with changing living expenses
2. It was in line with changes in living expenses
3. It exceeded changes in living expenses
Base: D1=a, b, c, d, e, f, g, or h
[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes or no to each
option]
[GRID, S ACROSS]
D8. How much do each of the following impact your ability to work for pay or
work as much as you would like?
DOWN:
a. Child-care responsibilities
b. Caretaking responsibilities for someone other than a child (such as a parent)
c. Health problems of my own
d. Difficulty arranging transportation to or from work
e. (DISPLAY IF D1_a=1) Employer’s restrictions for how many hours I work
f. (DISPLAY IF D1_a=1) Employer sets or schedules the times or shifts
that I work
ACROSS:
0. No impact
1. Minor impact
2. Moderate impact
3. Severe impact
May 2017 77

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
78 Report on the Economic Well-Being of U.S. Households in 2016

Base: All respondents
[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes or no to each
option]
[GRID, S ACROSS]
D9A. We are also interested in other activities that you may have done recently to
earn money.
In the past month, have you been paid for each of the following occasional work
activities or side jobs?
Please do not include activities that you only do as part of your main job
DOWN:
a. Babysitting, child care services, dog walking, and/or house sitting
b. Disabled adult and/or elder care services
c. House cleaning, house painting, yard work, landscaping, and/or other property
maintenance work
d. Providing personal services to individuals, such as picking up their dry cleaning,
helping people move, running errands, booking travel, etc.
ACROSS:
1=Yes
0=No
May 2017 79

Base: All respondents
[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes or no to each
option]
[GRID, S ACROSS]
D9B. In the past month, have you been paid for each of the following occasional
work activities or side jobs?
Please do not include activities that you only do as part of your main job
DOWN:
a. Completing online tasks through websites, such as Amazon Services, Mechani-
cal Turk, Fiverr, Task Rabbit, or YouTube. Such tasks might include editing docu-
ments, reviewing resumes, writing songs, creating graphic designs, rating pictures,
posting videos, blog posts, etc.
b. Renting out property, such as your car, your place of residence, or other items
you own, through websites, newspaper ads, flyers, etc.
c. Selling new/used goods, handcrafts, etc., on-line through eBay , Craigslist, or
other websites
d. Other online paid activities (do not include taking GfK Surveys). Please
Specify: [TEXTBOX]
ACROSS:
1=Yes
0=No
80 Report on the Economic Well-Being of U.S. Households in 2016

Base: All respondents
[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes or no to each
option]
[GRID, S ACROSS]
D9C. In the past month, have you been paid for each of the following occasional
work activities or side jobs?
Please do not include activities that you only do as part of your main job
DOWN:
a. Selling goods (such as food, handcrafts, etc.) or services at flea markets, swap
meets, garage sales, mobile vans/trucks, stalls/kiosks or other temporary physical
outlets/locations
b. Selling used goods (such as clothes, wedding dresses, handcrafts, etc.) at con-
signment shops or thrift stores
c. Any other paid activities that you have not yet mentioned (do not include taking
GfK Surveys). Please specify: [TEXTBOX]
ACROSS:
1=Yes
0=No
Base: Any response in (D9A, D9B, or D9C = yes)
[M]
D10. In the past month, what are the reasons why you have engaged in occasional
paid work activities or side jobs? Check all that apply
a. To earn money as a primary source of income
b. To earn extra money on top of pay from a current job, retirement, pension, dis-
ability, or other regular source of income
c. To earn extra money to help family members
d. To maintain existing job-related skills
e. To acquire new job-related skills
f. To network/meet people
g. Just for fun (as a hobby)
h. Other (please specify): [TEXT]
May 2017 81

Base: At least one answer selected to D10
[IF RESPONDENT SELECTED MORE THAN 1 ANSWER IN D10, INSERT ANSWER OPTIONS
SELECT IN D10 AS ANSWER OPTIONS FOR D11]
[IF RESPONDENT ONLY SELECTED ONE ANSWER OPTION IN D10, AUTO PUNCH THAT
AS THE ANSWER FOR D11 AND DO NOT ASK D11]
[S]
D11. In the past month, what is the main reason why you have engaged in occa-
sional paid work activities or side jobs?
1. To earn money as a primary source of income
2. To earn extra money on top of pay from a current job, retirement, pension, dis-
ability, or other regular source of income
3. To earn extra money to help family members
4. To maintain existing job-related skills
5. To acquire new job-related skills
6. To network/meet people
7. Just for fun (as a hobby)
8. [IF TEXT ENTERED IN D10 THEN INSERT THAT AS THE ANSWER OPTION / IF D10_H=1
BUT NO TEXT INSERTED, THEN INSERT: Other ]
Base: Any response in (D9A, D9B, or D9C = yes)
[Q]
D12. Excluding GfK surveys, considering all occasionalpaid work activities or
side jobs in which you participated in last month (those that are not part of your
main paid job(s)):
a. How much time do you usually spend per month on occasional paid work
activities or side jobs, other than your primary job?
_______________ hours per month [range: 0-720]
b. About how much of your monthly income do you [IF PPMARIT=1, INSERT:
and your spouse / IF PPMARIT=6, INSERT: and your partner] usually get from
occasional paid work activities or side jobs? For example, 10% of your income, or
60% of your income.
_________ % of overall income [range: 0-100]
82 Report on the Economic Well-Being of U.S. Households in 2016

Base: Any response in (D9A, D9B, or D9C = yes)
[S]
D13. Six months from now, do you expect to devote more, the same, or less time to
occasional paid work activities or side jobs other than your main job compared to
today?
1. More
2. Less
3. About the same
Base: Any response in (D9A, D9B, or D9C = yes)
[S]
D14. To what extent have occasional paid work activities or side jobs helped you
to offset any negative effects of unemployment, loss of working hours, loss of
benefits, or frozen wages in a formal job in the last year?
1. Very much
2. Somewhat
3. Not at all
4. Does not apply
Base: Any response in (D9A, D9B, or D9C = yes)
[S]
D15. In the past 12 months, to what extent has the money earned from occasional
paid work activities or side jobs been a significant source of income for you [IF
PPMARIT=1, INSERT: and your spouse / IF PPMARIT=6, INSERT: and your
partner]?
1. Very much
2. Somewhat
3. Not at all
4. Does not apply
May 2017 83

Base: Any response in (D9A, D9B, or D9C = yes)
[S]
D16. In the past 12 months, to what extent has the money earned from occasional
paid work activities or side jobs been a regular/consistent source of income for you
[IF PPMARIT=1, INSERT: and your spouse / IF PPMARIT=6, INSERT: and
your partner]?
1. Very much
2. Somewhat
3. Not at all
4. Does not apply
Base: All respondents
[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes or no to each
option]
[GRID, S ACROSS]
D17. In the past month, did you do each of the following types of unpaid work for
someone else?
DOWN:
a. Apprenticeship or internship
b. Volunteer work
c. Bartering (Work done in exchange for an item or service of similar value)
d. Other (Please Specify): [Text Box]
ACROSS:
1=Yes
0=No
84 Report on the Economic Well-Being of U.S. Households in 2016

Base: D17_a=1 or D17_b=1 or D17_d=1
[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes or no to each
option]
[GRID, S ACROSS]
D17B. Which of the following are reasons that you did unpaid work for someone
else in the past month?
DOWN:
a. To improve the local community
b. To help others or give back to society
c. To maintain existing job-related skills
d. To acquire new job-related skills
e. To network/meet people
f. Just for fun (as a hobby)
g. Other (please specify): [Textbox]
ACROSS:
1. Yes
0. No
May 2017 85

General Housing Section
Base: All respondents
[SHOW DISPLAY3 AND GH1 ON THE SAME PAGE]
[DISPLAY3]
This section will ask some questions about your housing situation.
[S]
GH1. Which one of the following best describes your housing arrangement where
you currently live?
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 respondents
[NUMBER BOX, RANGE 1900 TO 2016]
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]
86 Report on the Economic Well-Being of U.S. Households in 2016

Rent Section
Base: GH1 = 3
[M]
[RANDOMIZE a-f]
R1. Please select all the reasons below for why you rent your home rather than
own your home.
a. It’s cheaper to rent than own a home
b. Owning a home is a bigger financial risk
c. It’s more convenient to rent (for example you can move easily)
d. I plan on moving in the near future
e. I can’t qualify for a mortgage to buy a home
f. I can’t afford the down payment to buy a home
g. I simply prefer to rent
h. I’m currently looking to buy a home
i. Other (Please specify):[TXT]________________________________
Base: (GH1 = 3 or GH1 = 4) AND (GH2 >= 2015)
[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
May 2017 87

Base: (GH2>=2015) AND (R4=0 or refused)
[M]
R5A. An eviction is when your landlord forces you to move when you don’t want
to. Were you, or a person you were staying with, evicted from the home you
moved from in [INSERT GH2 RESPONSE IN NORMAL FONT]?
1. Yes
0. No
Base: (GH2>=2015) AND (R4=0 or refused) AND (R5A=0 or refused)
[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes or no to each
option]
[GRID, S ACROSS]
R5B. Did each of the following contribute to your moving from your previous
home in [INSERT GH2 RESPONSE]?
DOWN:
a. Received an eviction notice
b. Your landlord told you, or a person you were staying with, to leave
c. You, or a person you were staying with, missed a rent payment and thought that
if you didn’t move you would be evicted
d. The city condemned the property and forced you to leave
ACROSS:
1. Yes
0. No
88 Report on the Economic Well-Being of U.S. Households in 2016

Base: (GH2>=2015) AND (R4=1 or 2)
[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes or no to each
option]
[GRID, S ACROSS]
R5C. Did each of the following contribute to your moving from your previous
home in [INSERT GH2 RESPONSE]?
DOWN:
a. Bank took possession of your home in foreclosure
b. Received a notice from the bank that they planned to foreclose
c. Missed mortgage payments and thought that if you didn’t move, the bank
would foreclose on your home
d. The city condemned the property and forced you to leave
ACROSS:
1. Yes
0. No
Base: (GH2>=2015) AND [(No or refused to all in R5B) OR (No or refused to all in R5C)]
[M]
R5D. Please select all of the reasons that you moved to your current home in
[INSERT GH2 RESPONSE IN NORMAL FONT]?
a. Rent increased at previous home or apartment [DISPLAY IF R4=0 OR
REFUSED]
b. Landlord would not fix things at previous home or apartment [DISPLAY IF
R4=0 OR REFUSED]
c. To save money
d. Better quality or larger home
e. Closer to work or school
f. Better quality neighborhood or schools
g. Relocated to a new city
h. Change in family status (e.g. marriage, divorce, children)
i. Other (Please Specify): [TEXTBOX]
May 2017 89

Base: (GH1 = 3) and (GH2>=2015)
[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes, no, or don’t
know to each option]
[GRID, S ACROSS]
R6. When you rented your current home, were each of the following part of the
rental application process?
DOWN:
a. Documentation of employment or income
b. Payment of a security deposit
c. Payment of an application fee
d. Request for references
e. Request to run a credit check
f. Request to run a criminal background check
ACROSS:
1. Yes
0. No
9. Don’t know
Base: (GH1 = 3)
[S]
R7. In the past 12 months, have you experienced any problems with your house or
apartment that you felt needed to be fixed, such as a leak or a broken appliance?
1. Yes
0. No
90 Report on the Economic Well-Being of U.S. Households in 2016

Base: (GH1 = 3) and (R7=1)
[S]
R8. Did you contact your landlord about the problem with your house or apart-
ment that that needed to be fixed?
1. Yes
0. No
Base: (GH1 = 3) and (R8=1)
[S]
R8A. After you contacted your landlord about the problem with your house or
apartment, how much difficulty did you have getting them to fix the probem?
3. Substantial difficulty
2. Moderate difficulty
1. A little difficulty
0. None
Base: (GH1 = 3) and (R8=0)
[S]
R8B. What is the main reason that you did not contact your landlord about the
problem with your house or apartment that needed to be fixed?
1. Expected that they would not be willing to fix
2. The problem didn’t bother me that much
3. It was easier for me to fix without their assistance
4. I did not want to cause trouble with the landlord
5. Other (Please specify): [TXT]________________________________
May 2017 91

Base: (GH1 = 3 or 4)
[S]
R9. Do you [IF PPMARIT=1, INSERT: (and/or your spouse) / IF PPMARIT=6,
INSERT: (and/or your partner)] expect to purchase a home in the next 5 years?
4. Definitely Yes
3. Probably Yes
2. Probably No
1. Definitely No
8. Don’t know
Base: (GH1 = 3 or 4) and (R9 = 3 or 4)
[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes or no to each
option]
[GRID, S ACROSS]
R10. Are each of the following reasons that you expect to buy a home in the next
5 years?
ACROSS:
a. Will have saved enough for a down-payment
b. Will be more certain about job
c. Will be more certain about location or where to live
d. Will have a higher income
e. Change in family circumstances (e.g. marriage, divorce, children)
f. Other (Please specify): [TXT]________________________________
DOWN:
1. Yes
0. No
92 Report on the Economic Well-Being of U.S. Households in 2016

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]

888888. Don’t know [S]
Own Section
Base: (GH1 = 1 OR 2)
[M]
[RANDOMIZE a-f]
H0. Please select all the reasons below for why you own your home rather than
rent.
a. It’s cheaper to own than rent a home
b. Owning a home is a good financial investment
c. Certainty about monthly payments
d. Building equity with payments
e. Don’t like to move
f. Less rules / able to customize house
g. Simply prefer to own
h. Other (Please specify):[TXT]________________________________
May 2017 93

Base: (GH1 = 1 OR 2)
[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
Base: (GH1 = 1 OR 2) and (GH2>=2015)
[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
94 Report on the Economic Well-Being of U.S. Households in 2016

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]

888888. Don’t know [S]
Banking Section
Base: All respondents
[SHOW DISPLAY4 AND BK1 ON THE SAME PAGE]
[DISPLAY4]
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 mar-
ket account?
1. Yes
0. No
May 2017 95

Base: All respondents
[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes or no to each
option]
[GRID, S ACROSS]
BK2. In the past 12 months, have you [IF PPMARIT=1, INSERT: and/or your
spouse / IF PPMARIT=6, INSERT: and/or your partner]:
DOWN:
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.)
ACROSS:
1. Yes
0. No
Base: all respondents
[S]
BK5. Suppose that you were making a $10 purchase at a local store. How would
you most commonly expect to pay for this purchase?
a. Cash
b. Check
c. Credit card
d. Debit card
e. Prepaid card
f. Money order
g. Mobile app
h. Other [TEXTBOX]: _______________
96 Report on the Economic Well-Being of U.S. Households in 2016

Credit Application Section
Base: all 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 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 2017 97

Base: A0=1
[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
98 Report on the Economic Well-Being of U.S. Households in 2016

Base: A0=1 OR -1 (Refused)
[GRID, S ACROSS]
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]:
DOWN:
a. You [IF PPMARIT=1, INSERT: or your spouse / IF PPMARIT=6, INSERT:
or your partner] were turned down for credit
b. 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. 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
ACROSS:
1. Yes
0. No
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 2017 99

Base: (A1_a=1 or A1_b=1) and at least two of (A0A_a – A0A_i) selected
[IF ONLY ONE OF A0A_A – A0A_I SELECTED, DO NOT ASK AND AUTO-PUNCH
RESPONSE]
[M]
A3. In the past 12 months, 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 [INSERT A0A RESPONSE]
Credit Condition Section
Base: all 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
100 Report on the Economic Well-Being of U.S. Households in 2016

Base: all respondents
[S]
C2A. Do you have at least one credit card?
1. Yes
0. No
Base: C2A=1 or refused
[S]
C3. Do you currently have any outstanding unpaid credit card debt?
1. Yes
0. No
Base: C3=1 or refused
[S]
C3A. Do you [IF PPMARIT=1, INSERT: and your spouse / IF PPMARIT=6,
INSERT: and your partner] currently have more, less, or about the same amount
of credit card debt than you had 12 months ago?
3. More debt now
2. About the same
1. Less debt now
Base: C3=0
[S]
C3B. 12 months ago, did you have any credit card debt that you have since
paid off ?
1. Yes
0. No
May 2017 101

Base: C2A=1 or refused
[S]
C4A. In the past 12 months, how frequently have you carried an unpaid balance
on one or more of your credit cards?
0. Never carried an unpaid 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 pay-
ment on one or more of your credit cards?
0. Never
1. Once
2. Some of the time
3. Most or all of the time
102 Report on the Economic Well-Being of U.S. Households in 2016

Education Section
Base: all respondents
[SHOW DISPLAY5 AND ED0 ON THE SAME PAGE]
[DISPLAY5]
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”
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
May 2017 103

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)
[SAMPLE NOTE: Asking of re-respondents to know if last year’s info is up to date]
[S]
ED0C: In the past 12 months, have you taken any classes towards a degree or
completed any educational programs?
1. Yes
0. No
104 Report on the Economic Well-Being of U.S. Households in 2016

Base: (ED0 = (3, 4, 5, 6, 7, 8, OR 9) OR ED0A=1) AND ((xsflag=1 OR 3) OR (ED0A=1) OR
(ED0C=1))
SAMPLE NOTE: Asking of all new respondents and only re-respondents whose education
has changed in past year
[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]
May 2017 105

Base: ((ED0=3 or 4) or (ED0=2 and ED0A=1)) AND ((xsflag=1 or 3) OR (ED0A=1) OR
(ED0C=1))
SAMPLE NOTE: Asking of all new respondents and only re-respondents whose education
has changed in past year
SHOW ED2A AND ED2B ON THE SAME SCREEN
[DROPDOWN]
ED2A. In what state is the school that you [IF ED0A=1, INSERT: currently
attend / IF ED0A=0 OR ED0A=REFUSED, INSERT: attended for your most
recent educational program] located? If the school is not located in the United
States, please select “International” from the bottom of the list.
[DROPDOWN BOX with 50 states + DC + the term “international”]
ED2B. 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]?
[DROPDOWN BOX with list of schools]
If you do not see the school you attended in the list above, please type it into the text
box provided.
School name: [State-specific drop-down list]
Other school not listed: [TEXTBOX]
Base: (ED0 =3 or 4) and (ED0A=0 or refused) AND (xsflag=1 or 3)
SAMPLE NOTE: Asking of all new respondents who are not enrolled in school (re-
respondents we either know from LY interview, are currently enrolled, or attended in past
yr)
[NUMBER BOX]
ED4. In what year did you last attend this educational program?
_____ [NUM BOX, RANGE 1900 – 2016]
106 Report on the Economic Well-Being of U.S. Households in 2016

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)
[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes or no to each
option]
[GRID, S ACROSS]
ED6. Knowing what you know now about the benefits and costs of your educa-
tion, 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
May 2017 107

Base: [(ED0 = 5, 6, 7, 8, or 9)] AND [((xsflag=1 or 3) OR (ED0A=1) OR (ED0C=1))]
SAMPLE NOTE: Asking of all new respondents and only re-respondents whose education
has changed in past year
SHOW ED7A AND ED7B ON THE SAME SCREEN
[DROPDOWN]
ED7A. In what state is the school that you received your [DOV_ED] located? If
the school is not located in the United States, please select “International” from
the bottom of the list.
[DROPDOWN BOX with 50 states + DC + the term “international”]
[DROPDOWN]
ED7B. What is the name of the school from which you received your [DOV_ED]?
School name: [State-specific drop-down list]
If you do not see the school you attended in the list above, please type it into the text
box provided.
Other school not listed: [TEXTBOX]
Base: ED0 = 5, 6, 7, 8, or 9 AND [(xsflag=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 – 2016]
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
108 Report on the Economic Well-Being of U.S. Households in 2016

Base: ED0 = 5, 6, 7, 8, or 9
[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes or no to each
option]
[GRID, S ACROSS]
ED11. Knowing what you know now about the benefits and costs of your educa-
tion, 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
May 2017 109

Base: (ED0>=2) AND (PPAGE<=30 or ED4>=2006 or ED9>=2006 or ED0A=1 or ED0C=1 )
[GRID, S ACROSS]
ED12. How important was the advice or opinion of each of the following types of
people when you were deciding whether to attend college [IF ED0>=3 OR
ED0A=1 OR ED0C=1, INSERT: and what school to attend]?
DOWN:
a. Parents
b. Siblings, aunts, uncles, or other relatives
c. Friends
d. High school teachers or counselors
e. Faculty or representatives of a college
f. Employer
g. Religious leader
h. Other (Please Specify): [TEXTBOX]
ACROSS:
5. Very important
4. Moderately important
3. Slightly important.
2. Not important
1. No advice from person
110 Report on the Economic Well-Being of U.S. Households in 2016

Base: (ED0 = 2) and (ED0A = 0 or refused) and PPAGE<=30 [M, RANDOMIZE a-f] ED13. Which of the following are reasons why you did not attend college? a. Too expensive b. Child care responsibilities c. Supported or cared for parents or siblings d. Needed to earn money e. Wanted to work f. Simply was not interested in college g. Was not admitted h. Did not think benefits of attending college were worth the cost i. Other: [TEXTBOX]_____________________________ Base: (ED0 = 3) and (ED0A = 0 or refused) and (PPAGE<=30 or ED4>=2006)
[M, RANDOMIZE a-f]
ED14. Which of the following are reasons why you did not complete your college
degree?
a. Too expensive
b. Child care responsibilities
c. Supported or cared for parents or siblings
d. Needed to earn money
e. Wanted to work
f. Simply not interested in continuing in college
g. Did not think the benefits of continuing college were worth the cost
h. Low grades
i. Other: [TEXTBOX]
May 2017 111

Student Loans Section
Base: All 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, S ACROSS]
SL2. Think about the money you currently owe 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
112 Report on the Economic Well-Being of U.S. Households in 2016

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 owe 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: SL1 = 1
[NUMBER BOX RANGE $0-$99,999]
SL4A. Does anyone else (such as a parent) help you pay these loans from your
own education?
1. Yes
0. No
Base: SL1 = 1
[NUMBER BOX RANGE $0-$99,999]
SL4. Approximately how much is the total monthly payment that you make on the
loans from your education?
$ ______ [NUM BOX $0-99999]
Base: SL1 = 1
[S]
SL5. Is one or more of the loans from your own education in deferment, forbear-
ance, or being forgiven so you do not need to make payments right now?
1. Yes
0. No
May 2017 113

Base: SL1 = 1
[S]
SL6. Are you behind on payments or in collections for one or more of the loans
from your own education?
1. Yes
0. No
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
[GRID, S ACROSS]
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
114 Report on the Economic Well-Being of U.S. Households in 2016

Base: SL1 = 1 OR SL7=1
[S]
SL9. Did you complete the most recent educational program for which you bor-
rowed money?
1. Yes
0. No
2. Still enrolled in the program
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 edu-
cation 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’s 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
May 2017 115

Base: IF SL11=1
[GRID, S ACROSS]
SL12. Is the money you owe for your child’s or grandchild’s education a student
loans, home-equity loan, 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
Retirement Planning Section
Base: (D1_i = 0 or Refused) and (D2 =1-8 or refused)
[SHOW DISPLAY6 AND K2 ON THE SAME PAGE]
[FOR THOSE WHO ARE NOT DISPLAYED K2, SHOW DISPLAY6 AND K8A ON THE SAME
PAGE]
[DISPLAY6]
This section will ask some questions about your planning and savings for
retirement.
116 Report on the Economic Well-Being of U.S. Households in 2016

Base: (D1_i = 0 or Refused) and (D2 =1-8 or refused)
[GRID, S ACROSS]
K2. Do you currently have each of the following types of retirement savings or
pension?
DOWN:
a. 401(k), 403(b), Keogh, 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 (Please specify): [TEXTBOX]
ACROSS:
1=Yes
0=No
Base: (K2_a=0 or refused) AND (D1_a=1 or D2=1)
[S]
DC1. Does your employer offer a 401(k), 403(b), Thrift, or other defined contri-
bution retirement plan?
1. Yes
0. No
8. Don’t know
May 2017 117

Base: DC1 = 0 or 8
[S]
DC3. If your employer did offer a 401(k), 403(b), Thrift, or other defined contri-
bution retirement 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)
[S]
DC4: How comfortable are you with making your own investment decisions in
your retirement accounts (including IRA, 401(k), 403(b), Thrift, or other retire-
ment accounts where you choose the investments for yourself)?
1. Very comfortable
2. Mostly comfortable
3. Slightly comfortable
4. Not comfortable
Base: (D1_i = 0 or Refused) and (D2 =1-8 or refused)
[S]
K5A. In the past 12 months, have you borrowed money from or cashed out (per-
manently withdrawn) money from any of your retirement savings accounts?
1. Yes, borrowed money
2. Yes, cashed out
3. Yes, both
0. No
118 Report on the Economic Well-Being of U.S. Households in 2016

Base: (D1_i = 1 or D2=9)
[SHOW DISPLAY 6A AND K8A ON THE SAME SCREEN]
[DISPLAY6A]
This section will ask some questions about your planning and savings for
retirement.
[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. You indicated previously that you are retired. At what age did you retire?
[NUM BOX 17-PPAGE]

999 Not Sure [S]
Base: (D1_i = 1 or D2=9)
[GRID, S ACROSS]
K9. How important were each of the following in your decision to retire at the age
that you did?
DOWN:
a. Poor health
b. Wanted to do other things
c. Didn’t like the work
d. Wanted to spend more time with family
e. Forced to retire or lack of available work
ACROSS:
3. Very important
2. Somewhat important
1. Not important
May 2017 119

Base: (D1_i = 1 or D2=9)
[GRID, S ACROSS]
[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes or no to each
option]
K10. Are each of the following 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 [DISPLAY IF PPMARIT=1 OR PPMARIT=6]
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), Keogh, or other defined contribution plan from work (i.e., a
retirement plan through work, where you contributed 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. Relying on children, grandchildren, or other family
k. Other retirement savings
ACROSS:
1. Yes
0. No
120 Report on the Economic Well-Being of U.S. Households in 2016

Income and Consumption Section
[SHOW DISPLAY7 AND I0 ON THE SAME PAGE]
[DISPLAY7]
This section will ask some questions about your savings, expenses, and sources of
income.
Base: All respondents
[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 2017 121

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
12 months?
1. Yes
0. No
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
122 Report on the Economic Well-Being of U.S. Households in 2016

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 spend-
ing was:
3. More than your income
2. The same as your income
1. Less than your income
Base: I1 = 3
[GRID, S ACROSS]
I3. In the past 12 months, did you [IF PPMARIT=1, INSERT: and your spouse /
IF PPMARIT=6, INSERT: and your partner] do each of the following to cover
spending that exceeded your income?
DOWN:
a. Spend out of your savings
b. Borrow / take-on debt
c. Rely on family or friends
d. Other (Please describe): [TEXTBOX] _____________
ACROSS:
1. Yes
0. No
Base: All respondents
[S]
I9. In the past 12 months, 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
May 2017 123

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: (I9 = 2 or 3)
[S]
I12. In the past 12 months, 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 because your income was lower than normal?
1. Yes
0. No
124 Report on the Economic Well-Being of U.S. Households in 2016

Online Consumer Activities Section
Base: all respondents
[GRID, S ACROSS]
OL1. In the past 12 months, have you purchased each of the following types of
goods online:
DOWN:
a. Groceries or personal care items
b. Clothing
c. Furniture or household goods
d. Electronics or appliances
e. Books, music, or DVDs
f. Travel-related items (plane tickets, hotel rooms)
g. Tickets to live events, like sporting events, concerts, or movies
h. Food delivery or carryout
i. Other (Please describe): [TEXTBOX] ________________________________
ACROSS:
1. Yes
0. No
May 2017 125

Base: Yes to any choices in OL1
[ONLY SHOW CHOICES SELECTED IN OL1]
[GRID, S ACROSS]
OL2. For each type of good that you purchased online in the past 12 months,
what was the primary reason that you made these purchases online rather than in a
local store?
DOWN:
a. Groceries or personal care items
b. Clothing
c. Furniture or household goods
d. Electronics or appliances
e. Books, music, or DVDs
f. Travel-related items (plane tickets, hotel rooms)
g. Tickets to live events, like sporting events, concerts, or movies
h. Food delivery or carryout
i. Other
ACROSS:
1. Convenience
2. Better price
3. Better quality
4. Not available in local stores
5. Other reason
126 Report on the Economic Well-Being of U.S. Households in 2016

Base: all respondents
[GRID, S ACROSS]
OL3. In the past 12 months have you done each of the following:
DOWN:
a. Bought used, second-hand, or handmade goods on websites like eBay,
Craigslist, or Etsy?
b. Used a ride-hailing service like Uber or Lyft?
c. Stayed overnight in a private residence that you booked online using a service
like Airbnb, VRBO, or HomeAway?
d. Hired someone online to do a task for you remotely through a service such as
Mechanical Turk or Fiverr?
e. Hired someone online to to do an in-person task such as child-care or house-
cleaning through a service such as Handy, Care.com, or TaskRabbit?
f. Ordered delivery of prepared meals through services such as GrubHub, Caviar,
Instacart or UberEats?
g. Bought streaming online media or entertainment content, through services such
as Netflix or Amazon Prime?
ACROSS:
1. Yes
0. No
May 2017 127

Base: all respondents
[GRID]
OL4. In the past 12 months, have you used the internet to do each of the follow-
ing, even if you did not make the purchase online?
DOWN:
a. Read product reviews or get product information
b. Compare prices and the availability of products, either across online sites or
listed for sale in brick-and-mortar stores
c. Interacted with a customer service representative for a product you purchased
d. Taken a class or educational program
e. Made reservations online, such as at a restaurant, salon, or doctor’s office
(including both from the business directly or through sites such as OpenTable)
ACROSS:
1. Yes
0. No
Emergency Fund Section
[SHOW DISPLAY8 AND EF1 ON THE SAME PAGE]
[DISPLAY8]
This section will ask some questions about your emergency savings, insurance, and
economic hardships.
Base: All 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
128 Report on the Economic Well-Being of U.S. Households in 2016

Base: EF1 = 0 or refused
[S]
EF2. If you were to lose your main source of income (e.g. job, government ben-
efits), could you cover your expenses for 3 months by borrowing money, using sav-
ings, selling assets, or borrowing from friends/family?
1. Yes
0. No
Base: All 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: All respondents
[S]
EF5A. Do you expect to be able to pay all of your bills in full this month?
1. I will be able to pay all of my bills in full
0. I cannot pay some bills or will only make a partial payment on some of them
May 2017 129

Base: EF5A=1
[S]
EF5B. How would a $400 emergency expense that you had to pay impact your
ability to pay your other bills this month?
1. I would still be able to pay all of my other bills in full
0. I could not pay some other bills or would only make a partial payment on some
of them
Health and Insurance Section
Base: All respondents
[GRID, S ACROSS]
[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 fol-
lowing, 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 doc-
tor )
ACROSS:
1. Yes
0. No
130 Report on the Economic Well-Being of U.S. Households in 2016

Base: All 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 2017 131

Base: All respondents
[GRID]
[SUPPRESS DEFAULT INSTRUCTIONS, INSTEAD SHOW: Please answer yes, no, or don’t
know to each option]
E4. Are you CURRENTLY covered by any of the following types of health insur-
ance or health coverage plans?
PROGRAMMING NOTE: CODE “Yes” AS 1, “No” AS 0, AND REFUSED AS -1.
DOWN:
a. Insurance through a current or former employer or union (of yourself or a fam-
ily member)
b. Insurance purchased directly from an insurance company (by yourself or a fam-
ily member)
c. Medicare, for people 65 or older, or people with certain disabilities
d. Medicaid, Medical Assistance, or any kind of government-assistance plan for
those with low incomes or disability
e. TRICARE or other military health care
f. VA (including those who have ever used or enrolled for VA health care)
g. Indian Health Service
h. Insurance purchased through a health insurance exchange
i. Any other type of health insurance or health coverage plan
ACROSS:
1. Yes
0. No
132 Report on the Economic Well-Being of U.S. Households in 2016

Base: All respondents
[GRID, S ACROSS]
[SUPPRESS DEFAULT INSTRUCTIONS]
E6. Do you currently have serious difficulty with any of the activities listed below
due to a physical, mental, or emotional condition?
Please do not include difficulties resulting from a temporary condition such as preg-
nancy or a short-term injury.
DOWN:
a. Do you have serious difficulty hearing or serious difficulty seeing even with
glasses (including being blind or deaf)?
b. Because of a physical, mental, or emotional condition, do you have serious dif-
ficulty concentrating, remembering, or making decisions?
c. Do you have serious difficulty walking or climbing stairs?
ACROSS:
1. Yes
0. No
Base: D1_h=0
[GRID]
[SUPPRESS DEFAULT INSTRUCTIONS]
E7. Do you currently have a health problem or disability which prevents you from
working or which limits the kind or amount of work that you can do?
1. Yes
0. No
May 2017 133

Financial Hardship Section
Base: All respondents
[GRID, S ACROSS]
X2. Have you and your family living with you experienced each of the following
events in the past 12 months?
DOWN:
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. Told by landlord that I had to move out
f. Received a foreclosure or eviction notice
g. A business I owned had financial difficulty
h. I had a significant health problem
i. A family member had significant health problem
j. Divorce
k. Death of primary breadwinner
ACROSS:
1. Yes
0. No
134 Report on the Economic Well-Being of U.S. Households in 2016

Base: X2=1 for at least one answer
[ONLY SHOW CHOICES A-I WHERE RESPONDENT ANSWERED “YES” TO X2]
[GRID, S ACROSS]
X3. How much financial strain did each of the events that you experienced cause
for you and your family?
DOWN:
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. Told by landlord that I had to move out
f. Received a foreclosure or eviction notice
g. A business I owned had financial difficulty
h. I had a significant health problem
i. A family member had significant health problem
j. Divorce
k. Death of primary breadwinner
ACROSS:
1. None
2. A little strain
3. Moderate strain
4. Substantial strain
May 2017 135

Base: All 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]

999 None [S]
Childhood Background Section
[SHOW DISPLAY9 AND CH0 ON THE SAME PAGE]
[DISPLAY9]
Finally, we are interested in a few characteristics of your neighborhood and family
when you were growing up.
Base: all respondents
[NUMBER BOX]
CH0. Where did you live when you started high school?
a. City and State: [TEXTBOX]
b. Zip Code: [TEXTBOX]
136 Report on the Economic Well-Being of U.S. Households in 2016

Base: all respondents
[GRID, S ACROSS]
CH1. When you were growing up (under age 17), how frequently did you worry
about each of the following?
DOWN:
a. Your family’s finances
b. Having enough food to eat
c. Crime and personal safety
d. Having a stable caregiver
ACROSS:
1. Never worried
2. Rarely worried
3. Sometimes worried
4. Regularly worried
Base: xsflag=1 or 3
[S]
CH2. 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
May 2017 137

Base: xsflag=1 or 3
[S]
CH3. 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
[INSERT STANDARD CLOSE]
End of survey
138 Report on the Economic Well-Being of U.S. Households in 2016

Appendix C: Consumer Responses to
Survey Questions
Questions are listed below in the order in which they were presented to respondents, although not all questions
were asked to all respondents. Questions with fewer than 6,610 respondents were not asked to the full sample,
and readers are advised to refer to appendix B for details on question-specific screening criteria. All data are
weighted to yield estimates for the U.S. adult population.

Question L0. Do each of the following types of people
currently live with you in your household?
Response Percent
My spouse or partner 64.6
My child or children who are under age 18 27.6
My adult child or children who are age 18 or older 15.6
My parents 13.3
My extended family such as brothers, sisters or cousins 10.2
Roommate(s) who are not related to me 5.7
Other individuals (please specify) 0.3
Note: Number of unweighted respondents = 6,610.

Question L0A. Which of the following best describes the
adult children (who are age 18 or older) who live with you?
Response Percent
All of the adult children living with me are currently enrolled
in school 37.1
One or more of the adult children who lives with me is not
currently enrolled in school 61.4
Refused 1.0
Not asked 0.4
Note: Number of unweighted respondents = 979.
Question L1. You indicated that you live with (your parents,
extended family members, a roommate, adult children who
are not in school, or) someone outside of your immediate
family. Are each of the following reasons why you live with
these individuals?
Response Percent
To save money 66.2
To provide financial assistance to those living with me 36.9
To care for sick, disabled, or elderly family member or friend 20.6
To receive assistance with child care 5.3
Companionship/prefer living with others 34.1
Other (please specify) 11.7
Note: Number of unweighted respondents = 1,638.

Question L2. Could you (and your spouse/and your partner)
afford to live on your own in your current neighborhood if
you had to?
Response Percent
Definitely yes 38.0
Probably yes 18.8
Probably no 18.9
Definitely no 24.4
Note: Number of unweighted respondents = 1,638.
139

Question L3. Would you (and your spouse/and your partner)
prefer to live on your own if you could afford to?
Response Percent
Yes 69.1
No 30.7
Refused 0.2
Note: Number of unweighted respondents = 609.

Question B2. Overall, which one of the following best
describes how well you are managing financially
these days:
Response Percent
Living comfortably 29.5
Doing okay 40.5
Just getting by 21.4
Finding it difficult to get by 8.5
Refused 0.1
Note: Number of unweighted respondents = 6,610.

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
Much better off 6.3
Somewhat better off 20.9
About the same 55.2
Somewhat worse off 14.3
Much worse off 3.1
Note: Number of unweighted respondents = 6,610.
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
Much better off 22.5
Somewhat better off 30.9
About the same 24.6
Somewhat worse off 15.8
Much worse off 5.8
Refused 0.4
Note: Number of unweighted respondents = 6,610.

Question B6A. Thinking about your family when you were
growing up (under age 17), would you say your family
during that time was generally pretty well off financially,
about average, poor, or did it vary?
Response Percent
Pretty well off financially 13.4
About average 57.2
Poor 22.8
It varied 6.4
Refused 0.2
Note: Number of unweighted respondents = 6,610.
140 Report on the Economic Well-Being of U.S. Households in 2016

Question D1. Do each of the following describe your
employment situation in the past month?
Response Percent
Employed for someone else 55.5
Self-employed 10.1
Temporarily laid off 1.7
Not employed, but looking for a job 6.7
Not employed, and not looking for a job 9.0
Homemaker 15.4
Student 10.1
Disabled and not working 7.8
Retired 21.5
Note: Number of unweighted respondents = 6,610.

Question D2. In the past month, which one of the
following do you consider to best describe your
employment situation?
Response Percent
Employed for someone else 51.3
Self-employed 6.1
Temporarily laid off 0.4
Not employed, but looking for a job 3.6
Not employed, and not looking for a job 1.5
Homemaker 7.3
Student 5.4
Disabled and not working 5.7
Retired 18.7
Refused 0.1
Note: Number of unweighted respondents = 6,610.

Question D3. Think about the main job that you had in the
past month. In this job, did you:
Response Percent
Work full time for someone else 70.8
Work part time for someone else 16.0
Work for yourself (self-employed) or as a sole proprietor 9.2
Work as a partner in a partnership (e.g., partner in law firm,
medical practice) 1.0
Work as a consultant/contractor 2.5
Refused 0.7
Note: Number of unweighted respondents = 3,686.
Question D3A. Still thinking about your main job, do you
normally start and end work around the same time each
day that you work or does it vary from week to week?
Response Percent
Normally work the same hours 74.5
Schedule varies, primarily at my request 8.5
Schedule varies, primarily based on my employer’s needs 16.9
Refused 0.1
Note: Number of unweighted respondents = 3,204.

Question D3B. Approximately how far in advance does your
employer usually tell you the hours that you will need to
work on any given day?
Response Percent
One day in advance or less (including on call) 37.4
2 to 3 days in advance 16.5
4 to 6 days in advance 11.8
1 to 2 weeks in advance 19.3
2 to 4 weeks in advance 7.9
More than a month in advance 7.0
Refused 0.1
Note: Number of unweighted respondents = 567.

Question D3C. Still thinking about your main job, does your
employer offer you each of the following benefits (even if
you do not personally use the benefit)?
Response Refused Yes No Don’t know
Paid sick leave 0.3 65.5 30.4 3.8
Paid vacation/personal leave 0.2 77.3 20.2 2.2
Maternity or paternity leave 0.6 52.0 30.9 16.5
Health insurance 0.2 77.2 20.5 2.1
Disability insurance 0.5 58.3 30.0 11.2
Life insurance 0.7 62.6 29.6 7.1
Retirement benefits 0.3 67.4 26.8 5.5
Ability to work from home 0.8 24.9 70.6 3.8
Note: Number of unweighted respondents = 3,204.
May 2017 141

Question D3D. Still thinking about your main job, how does
your employer normally pay you for your work?
Response Percent
Direct-deposit into your bank account or credit union account 82.8
Paper check 14.5
Deposit onto a reloadable prepaid card 1.3
Cash 1.0
Other (please specify) 0.3
Refused 0.1
Note: Number of unweighted respondents = 3,204.

Question D4. In addition to your main job, in the past month
did you have any other paid jobs?
Response Percent
I had another full-time job 2.5
I had another part-time job 13.0
Note: Number of unweighted respondents = 3,686.

Question D6. In the past 12 months, have you done each of
the following:
Response Percent
Asked for a raise or a promotion at work 15.7
Received a raise or a promotion at work 45.7
Applied for a new job 24.3
Started a new job 13.8
Voluntarily left a job 9.7
Gotten laid off or fired from a job 3.8
Note: Number of unweighted respondents = 3,187 (a, b) and 5,350 (c, d, e, f).

Question D7. Thinking about the raise you received in the
past 12 months, how did this raise compare to changes in
your living expenses over that period?
Response Percent
It failed to keep up with changing living expenses 42.4
It was in line with changes in living expenses 45.8
It exceeded changes in living expenses 11.7
Refused 0.1
Note: Number of unweighted respondents = 1,428.
Question D8. How much do each of the following impact
your ability to work for pay or work as much as you
would like?
Response
Percent
Refused
No
impact
Minor
impact
Moderate
impact
Severe
impact
Child care responsibilities 0.5 76.8 8.2 7.5 7.0
Caretaking responsibilities for
someone other than a child
(such as a parent) 0.5 85.5 7.3 4.4 2.2
Health problems of my own 0.4 67.2 15.3 9.0 8.2
Difficulty arranging
transportation to or
from work 0.4 85.1 7.0 4.8 2.6
Employer’s restrictions for
how many hours I work 0.1 76.1 11.4 8.4 3.9
Employer sets or schedules
the times or shifts that
I work 0.4 71.7 14.3 9.0 4.6
Note: Number of unweighted respondents = 5,350 (a, b, c, d) and 3,187 (e, f).

Question D5. Which one of the following best describes
your spouse’s/partner’s current employment status?
Response Percent
Employed full time 55.5
Employed part time 8.3
Temporarily laid off 0.2
Not employed, but looking for a job 1.9
Not employed and not looking for a job 0.9
Homemaker 7.0
Student 1.4
Disabled and not working 4.0
Retired 20.2
Refused 0.7
Note: Number of unweighted respondents = 3,979.

Question D9A. In the past month, have you been paid for
each of the following occasional work activities or side
jobs? Please do not include activities that you only do as
part of your main job.
Response Percent
Babysitting, child care services, dog walking, and/or house
sitting 5.2
Disabled adult and/or elder care services 2.4
House cleaning, house painting, yard work, landscaping,
and/or other property maintenance work 7.0
Providing personal services to individuals, such as picking up
their dry cleaning, helping people move, running errands,
booking travel, etc. 4.0
Note: Number of unweighted respondents = 6,610.
142 Report on the Economic Well-Being of U.S. Households in 2016

Question D9B. In the past month, have you been paid for
each of the following occasional work activities or side
jobs? Please do not include activities that you only do as
part of your main job.
Response Percent
Completing online tasks through websites, such as Amazon
Services, Mechanical Turk, Fiverr, Task Rabbit, or YouTube.
Such tasks might include editing documents, reviewing
resumes, writing songs, creating graphic designs, rating
pictures, posting videos, blog posts, etc. 4.6
Renting out property, such as your car, your place of
residence, or other items you own, through websites,
newspaper ads, flyers, etc. 3.1
Selling new/used goods, handcrafts, etc., online through eBay,
Craigslist, or other websites 9.5
Other online paid activities (do not include taking GfK Surveys).
Please specify: 1.5
Note: Number of unweighted respondents = 6,610.

Question D9C. In the past month, have you been paid for
each of the following occasional work activities or side
jobs? Please do not include activities that you only do as
part of your main job.
Response Percent
Selling goods (such as food, handcrafts, etc.) or services at
flea markets, swap meets, garage sales, mobile
vans/trucks, stalls/kiosks or other temporary physical
outlets/locations 4.9
Selling used goods (such as clothes, wedding dresses,
handcrafts, etc.) at consignment shops or thrift stores 4.4
Any other paid activities that you have not yet mentioned (do
not include taking GfK Surveys). Please specify: 3.2
Note: Number of unweighted respondents = 6,610.

Question D10. In the past month, what are the reasons why
you have engaged in occasional paid work activities or
side jobs? Check all that apply.
Response Percent
To earn money as a primary source of income 23.3
To earn extra money on top of pay from a current job,
retirement, pension, disability, or other regular source
of income 47.8
To earn extra money to help family members 14.1
To maintain existing job-related skills 5.6
To acquire new job-related skills 6.2
To network/meet people 6.0
Just for fun (as a hobby) 26.3
Other (please specify) 9.8
Refused 3.2
Note: Number of unweighted respondents = 1,753.
Question D11. In the past month, what is the main reason
why you have engaged in occasional paid work activities
or side jobs?
Response Percent
To earn money as a primary source of income 18.5
To earn extra money on top of pay from a current job,
retirement, pension, disability, or other regular source of
income 41.9
To earn extra money to help family members 8.1
To maintain existing job-related skills 1.2
To acquire new job-related skills 1.6
To network/meet people 0.9
Just for fun (as a hobby) 17.5
Other 10.2
Refused 0.2
Note: Number of unweighted respondents = 1,693.

Question D12. Excluding GfK surveys, considering all
occasional paid work activities or side jobs in which you
participated in last month (those that are not part of your
main paid job(s)):
Response Mean Median
How much time do you usually spend per month
on occasional paid work activities or side jobs,
other than your primary job? (hours per month) 18.5 6
About how much of your monthly income do you
(and your spouse/and your partner) usually get
from occasional paid work activities or side
jobs? For example, 10% of your income, or
60% of your income. (% of overall income)
(>0) 14.5 5
Note: Number of unweighted respondents = 1,716 (a) and 1,399 (b).

Question D13. Six months from now, do you expect to
devote more, the same, or less time to occasional paid
work activities or side jobs other than your main job
compared to today?
Response Percent
More 22.7
Less 21.7
About the same 54.5
Refused 1.1
Note: Number of unweighted respondents = 1,753.
May 2017 143

Question D14. To what extent have occasional paid work
activities or side jobs helped you to offset any negative
effects of unemployment, loss of working hours, loss of
benefits, or frozen wages in a formal job in the last year?
Response Percent
Very much 9.5
Somewhat 27.9
Not at all 29.5
Does not apply 32.2
Refused 0.9
Note: Number of unweighted respondents = 1,753.

Question D15. In the past 12 months, to what extent has the
money earned from occasional paid work activities or side
jobs been a significant source of income for you (and your
spouse/and your partner)?
Response Percent
Very much 10.1
Somewhat 23.7
Not at all 51.0
Does not apply 14.6
Refused 0.5
Note: Number of unweighted respondents = 1,753.

Question D16. In the past 12 months, to what extent has the
money earned from occasional paid work activities or side
jobs been a regular/consistent source of income for you
and your spouse/partner?
Response Percent
Very much 10.1
Somewhat 27.0
Not at all 48.4
Does not apply 14.0
Refused 0.5
Note: Number of unweighted respondents = 1,753.
Question D17. In the past month, did you do each of the
following types of unpaid work for someone else?
Response Percent
Apprenticeship or internship 1.9
Volunteer work 25.0
Bartering (work done in exchange for an item or service of
similar value) 3.7
Other (please specify) 1.2
Note: Number of unweighted respondents = 6,610.

Question D17B. Which of the following are reasons that you
did unpaid work for someone else in the past month?
Response Percent
To improve the local community 62.7
To help others or give back to society 74.0
To maintain existing job-related skills 15.6
To acquire new job-related skills 15.6
To network/meet people 31.0
Just for fun (as a hobby) 47.9
Other (please specify) 10.9
Note: Number of unweighted respondents = 1,801.

Question GH1. Which one of the following best describes
your housing arrangement where you currently live?
Response Percent
I (and/or my spouse and/or my partner) own our/my home
with a mortgage or loan 42.4
I (and/or my spouse and/or my partner) own our/my home free
and clear (without a mortgage or loan) 18.8
I (and/or my spouse and/or my partner) pay rent 27.6
I (and/or my spouse and/or my partner) don’t own our/my
home or pay rent 10.6
Refused 0.5
Note: Number of unweighted respondents = 6,610.

Question GH2. In what year did you (buy/start renting/move
into) your current home?
Statistic Year
Mean 2004
Median 2007
Note: Number of unweighted respondents = 6,534.
144 Report on the Economic Well-Being of U.S. Households in 2016

Question R1. Please select all the reasons below for why
you rent your home rather than own your home.
Response Percent
It’s cheaper to rent than own a home 23.1
Owning a home is a bigger financial risk 21.8
It’s more convenient to rent (for example, you can move easily) 28.4
I plan on moving in the near future 25.9
I can’t qualify for a mortgage to buy a home 29.6
I can’t afford the down payment to buy a home 49.9
I simply prefer to rent 19.0
I’m currently looking to buy a home 13.3
Other (please specify) 9.7
Refused 0.4
Note: Number of unweighted respondents = 1,819.

Question R4. Did you own your previous home that you
moved from in [year of last move]?
Response Percent
No 88.9
Yes, and I still own that home 5.8
Yes, and I sold that home 5.0
Refused 0.2
Note: Number of unweighted respondents = 672.

Question R5A. An eviction is when your landlord forces you
to move when you don’t want to. Were you, or a person you
were staying with, evicted from the home you moved from
in [year of last move]?
Response Percent
Yes 5.0
No 94.7
Refused 0.3
Note: Number of unweighted respondents = 599.
Question R5B. Did each of the following contribute to your
moving from your previous home in [year of last move]?
Response Percent
Received an eviction notice 0.6
Your landlord told you, or a person you were staying with, to
leave 2.2
You, or a person you were staying with, missed a rent payment
and thought that if you didn’t move you would be evicted 1.0
The city condemned the property and forced you to leave 0.7
Note: Number of unweighted respondents = 565.

Question R5C. Did each of the following contribute to your
moving from your previous home in [year of last move]?
Response Percent
Bank took possession of your home in foreclosure 2.6
Received a notice from the bank that they planned to foreclose 2.3
Missed mortgage payments and thought that if you didn’t
move, the bank would foreclose on your home 1.1
The city condemned the property and forced you to leave 0.0
Note: Number of unweighted respondents = 73.

Question R5D. Please select all of the reasons that you
moved to your current home in [year of last move]?
Response Percent
Rent increased at previous home or apartment 16.0
Landlord would not fix things at previous home or apartment 9.2
To save money 22.5
Better quality or larger home 25.5
Closer to work or school 24.1
Better quality neighborhood or schools 11.1
Relocated to a new city 32.5
Change in family status (e.g., marriage, divorce, children) 15.1
Other (please specify) 16.6
Refused 1.4
Note: Number of unweighted respondents = 605.
May 2017 145

Question R6. When you rented your current home, were
each of the following part of the rental application
process?
Response
Percent
Yes No
Don’t
know
Refused
Documentation of employment
or income 69.9 25.1 4.8 0.2
Payment of a security deposit 81.8 14.5 3.5 0.2
Payment of an application fee 52.4 41.8 5.4 0.4
Request for references 48.8 44.3 6.4 0.5
Request to run a credit check 54.4 35.6 9.4 0.6
Request to run a criminal
background check 45.6 37.4 16.3 0.7
Note: Number of unweighted respondents = 577.

Question R7. In the past 12 months, have you experienced
any problems with your house or apartment that you felt
needed to be fixed, such as a leak or a broken appliance?
Response Percent
Yes 54.1
No 45.8
Refused 0.2
Note: Number of unweighted respondents = 1,819.

Question R8. Did you contact your landlord about the
problem with your house or apartment that needed to
be fixed?
Response Percent
Yes 90.7
No 8.9
Refused 0.4
Note: Number of unweighted respondents = 974.

Question R8A. After you contacted your landlord about the
problem with your house or apartment, how much difficulty
did you have getting them to fix the problem?
Response Percent
Substantial difficulty 14.9
Moderate difficulty 17.2
A little difficulty 21.8
None 46.2
Note: Number of unweighted respondents = 887.
Question R8B. What is the main reason that you did not
contact your landlord about the problem with your house
or apartment that needed to be fixed?
Response Percent
Expected that they would not be willing to fix 6.5
The problem didn’t bother me that much 8.0
It was easier for me to fix without their assistance 43.2
I did not want to cause trouble with the landlord 16.7
Other (please specify) 24.7
Refused 0.9
Note: Number of unweighted respondents = 83.

Question R9. Do you (and/or your spouse and/or your
partner) expect to purchase a home in the next 5 years?
Response Percent
Definitely yes 15.2
Probably yes 21.8
Probably no 17.1
Definitely no 23.2
Don’t know 22.6
Refused 0.1
Note: Number of unweighted respondents = 2,288.

Question R10. Are each of the following reasons that you
expect to buy a home in the next 5 years?
Response Percent
Will have saved enough for a down payment 74.6
Will be more certain about job 58.8
Will be more certain about location or where to live 73.5
Will have a higher income 68.3
Change in family circumstances (e.g., marriage, divorce,
children) 38.3
Other (please specify) 5.0
Note: Number of unweighted respondents = 741.

Question R3. About how much do you (and/or your spouse
and/or your partner) pay for rent each month?
Statistic Value
Mean (dollars) (>0) 901.1
Median (dollars) (>0) 775.0
Don’t know (percent) 6.7
Note: Number of unweighted respondents = 1,792.
146 Report on the Economic Well-Being of U.S. Households in 2016

Question H0. Please select all the reasons below for why
you own your home rather than rent.
Response Percent
It’s cheaper to own than rent a home 46.0
Owning a home is a good financial investment 71.8
Certainty about monthly payments 23.1
Building equity with payments 42.5
Don’t like to move 27.1
Less rules/able to customize house 44.9
Simply prefer to own 69.3
Other (please specify) 4.2
Refused 0.1
Note: Number of unweighted respondents = 4,293.

Question H6. Prior to purchasing your current home did you
(or your spouse/or your partner) ever own another house?
Response Percent
Yes 55.6
No 44.3
Refused 0.1
Note: Number of unweighted respondents = 4,293.

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
Proceeds from sale of previous home 36.7
Personal savings 66.7
Loan or gift from family/friends 15.9
Second mortgage 4.1
Financial assistance from a government program or
nonprofit organization 2.3
None 8.2
Other (please specify) 6.1
Refused 0.0
Note: Number of unweighted respondents = 311.
Question M2. In the past 12 months, have you (or your
spouse/or your partner) missed two or more payments on
your mortgage?
Response Percent
Yes 2.8
No 96.5
Refused 0.7
Note: Number of unweighted respondents = 2,687.

Question M4. About how much is your total monthly
mortgage payment (i.e., the amount you send to the bank)?
Statistic Value
Mean (dollars) (>0) 1,279.8
Median (dollars) (>0) 1,150.0
Don’t know (percent) 8.0
Note: Number of unweighted respondents = 2,625.

Question BK1. Do you (and/or your spouse and/or your
partner) currently have a checking, savings, or money
market account?
Response Percent
Yes 92.7
No 6.7
Refused 0.6
Note: Number of unweighted respondents = 6,610.

Question BK2. In the past 12 months, have you (and/or your
spouse and/or your partner):
Response Percent
Used a money order 17.6
Used a check-cashing service 7.5
Used a tax refund anticipation loan 1.7
Used a pawn shop loan, a payday loan, an auto title loan, or a
paycheck advance/deposit advance 4.2
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.) 5.7
Note: Number of unweighted respondents = 6,610.
May 2017 147

Question BK5. Suppose that you were making a $10
purchase at a local store. How would you most commonly
expect to pay for this purchase?
Response Percent
Cash 36.8
Check 0.9
Credit card 24.3
Debit card 36.6
Prepaid card 0.6
Money order 0.1
Mobile app 0.1
Other 0.1
Refused 0.5
Note: Number of unweighted respondents = 6,610.

Question A6. If you were to apply for a credit card today,
how confident are you that your application would be
approved?
Response Percent
Not confident 15.4
Somewhat confident 19.6
Very confident 58.5
Don’t know 6.3
Refused 0.2
Note: Number of unweighted respondents = 6,610.

Question A0. In the last 12 months, have you (or your
spouse/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)?
Response Percent
Yes 39.8
No 59.7
Refused 0.5
Note: Number of unweighted respondents = 6,610.
Question A0A. Please select all of the types of credit below
that you (or your spouse/or your partner) have applied for
in the past 12 months.
Response Percent
Mortgage to buy a new home 9.7
Refinance of a home mortgage 9.3
Home-equity loan or line of credit 6.1
Credit card 65.0
Car/auto loan 25.6
Student loan 8.7
Personal general-purpose loan from a bank 10.1
Personal loan from friends or family 2.9
Other (please specify) 4.5
Refused 0.6
Note: Number of unweighted respondents = 2,496.

Question A0B. Was there a time in the past 12 months that
you (or your spouse/or your partner) desired credit but
chose not to submit a credit application?
Response Percent
Yes 10.7
No 88.9
Refused 0.4
Note: Number of unweighted respondents = 4,085.

Question A1. In the past 12 months, please tell us if each of
the following has or has not happened to you (or your
spouse/or your partner):
Response Percent
You (or your spouse or your partner) were turned down
for credit 22.7
You (or your spouse/or your partner) were approved for credit,
but were not given as much credit as you applied for 16.1
You(or your spouse/or your partner) put off applying for credit
because you thought you might be turned down 16.7
Note: Number of unweighted respondents = 2,525.
148 Report on the Economic Well-Being of U.S. Households in 2016

Question A2. You indicated that you (or your spouse/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?
Response Percent
Yes 60.4
No 39.4
Refused 0.2
Note: Number of unweighted respondents = 419.

Question A3. In the past 12 months, which forms of credit
that you applied for were you denied or offered less credit
than requested:
Response Percent
Mortgage to buy a new home 5.5
Refinance of a home mortgage 2.9
Home-equity loan or line of credit 3.4
Credit card 69.7
Car/auto loan 11.8
Student loan 3.8
Personal general-purpose loan from a bank 8.1
Personal loan from friends or family 2.8
Other 2.7
Refused 2.8
Note: Number of unweighted respondents = 783.

Question C1. If you had to guess, do you think your current
credit score (such as a FICO score) is:
Response Percent
Excellent 33.9
Very good 21.6
Good 16.5
Fair 10.2
Poor 10.3
Don’t know my score or how to rate it 7.2
Refused 0.3
Note: Number of unweighted respondents = 6,610.
Question C2A. Do you have at least one credit card?
Response Percent
Yes 79.3
No 20.4
Refused 0.3
Note: Number of unweighted respondents = 6,610.

Question C3. Do you currently have any outstanding unpaid
credit card debt?
Response Percent
Yes 46.1
No 53.5
Refused 0.4
Note: Number of unweighted respondents = 5,388.

Question C3A. Do you (and your spouse/and your partner)
currently have more, less, or about the same amount of
credit card debt than you had 12 months ago?
Response Percent
More debt now 30.6
About the same 39.1
Less debt now 29.7
Refused 0.6
Note: Number of unweighted respondents = 2,548.

Question C3B. Twelve months ago, did you have any credit
card debt that you have since paid off?
Response Percent
Yes 19.4
No 80.2
Refused 0.4
Note: Number of unweighted respondents = 2,841.
May 2017 149

Question C4A. In the past 12 months, how frequently have
you carried an unpaid balance on one or more of your
credit cards?
Response Percent
Never carried an unpaid balance (always pay in full) 45.4
Once 6.4
Some of the time 20.2
Most or all of the time 27.6
Refused 0.4
Note: Number of unweighted respondents = 5,388.

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
Never 41.3
Once 8.1
Some of the time 32.4
Most or all of the time 17.4
Refused 0.8
Note: Number of unweighted respondents = 2,896.

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 8.1
High school degree or GED 27.5
Some college but no degree (including currently enrolled in
college) 19.2
Certificate or technical degree 5.5
Associate degree 8.1
Bachelor’s degree 18.0
Master’s degree 9.0
Professional degree (e.g., MBA, MD, JD) 2.8
Doctoral degree 2.1
Note: Number of unweighted respondents = 6,610.
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
Yes 9.8
No 89.9
Refused 0.2
Note: Number of unweighted respondents = 6,345.

Question ED0B. What type of degree program are you
currently enrolled in?
Response Percent
Certificate or technical degree 5.8
Associate degree 22.3
Bachelor’s degree 47.2
Master’s degree 15.2
Professional degree (e.g., MBA, MD, JD) 3.5
Doctoral degree 5.6
Refused 0.4
Note: Number of unweighted respondents = 394.

Question ED0C. In the past 12 months, have you taken any
classes toward a degree or completed any educational
programs?
Response Percent
Yes 5.0
No 94.7
Refused 0.3
Note: Number of unweighted respondents = 1,863.
150 Report on the Economic Well-Being of U.S. Households in 2016

Question ED1. Which one of the following broad categories
best describes your current/most recent educational
program?
Response Percent
Humanities 6.4
Social/behavioral sciences 8.0
Life sciences 3.2
Physical sciences/math 3.1
Computer/information sciences 9.0
Engineering 7.5
Education 9.5
Business/management 20.7
Health 10.9
Law 3.8
Vocational/technical training 6.8
Undeclared 6.2
Other (please specify) 3.6
Refused 1.3
Note: Number of unweighted respondents = 4,542.

Question ED4. In what year did you last attend this
educational program?
Statistic Year
Mean 1996
Median 2000
Note: Number of unweighted respondents = 1,385.

Question ED5. How would you say the lifetime financial
benefits of your current/most recent educational program
compare to its financial costs?
Response Percent
Financial benefits are much larger 19.9
Financial benefits are somewhat larger 15.9
About the same financial benefits and financial costs 35.4
Financial costs are somewhat larger 11.6
Financial costs are much larger 14.0
Refused 3.3
Note: Number of unweighted respondents = 1,690.
Question ED6. 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 34.9
Attended a different school 28.1
Completed less education 5.8
Completed more education 66.3
Chosen not to attend college 11.9
Note: Number of unweighted respondents = 1,482.

Question ED9. In what year did you receive your most
recent degree?
Statistic Year
Mean 1996
Median 1998
Note: Number of unweighted respondents = 2,779.

Question ED10. Overall, how would you say the lifetime
financial benefits of your associate degree/bachelor’s
degree program compare to its financial costs?
Response Percent
Financial benefits are much larger 38.1
Financial benefits are somewhat larger 25.5
About the same financial benefits and financial costs 20.3
Financial costs are somewhat larger 8.0
Financial costs are much larger 7.5
Refused 0.6
Note: Number of unweighted respondents = 2,849.

Question ED11. Knowing what you know now about the
benefits and costs of your education, if you could go back
and make decisions regarding your most recent education
program again, would you have done each of these things:
Response Percent
Chosen a different field of study 35.9
Attended a different school 21.6
Completed less education 5.1
Completed more education 38.3
Chosen not to attend college 3.7
Note: Number of unweighted respondents = 2,849.
May 2017 151

Question ED12. How important was the advice or opinion
of each of the following types of people when you were
deciding whether to attend college (and what school
to attend)?
Response
Percent
Very
impor-
tant
Moder-
ately
impor-
tant
Slightly
impor-
tant
Not
impor-
tant
No
advice
from
person
Refused
Parents 45.2 21.2 13.0 7.8 12.0 0.8
Siblings, aunts, uncles,
or other relatives 15.9 22.3 19.7 19.8 21.3 1.1
Friends 13.1 23.3 24.4 21.4 17.0 0.7
High school teachers
or counselors 13.2 25.2 21.1 18.3 21.6 0.6
Faculty or representatives
of a college 9.5 21.0 22.3 20.8 25.9 0.5
Employer 5.7 15.1 13.1 21.5 43.5 1.1
Religious leader 6.2 10.1 9.6 22.9 50.2 0.9
Other (please specify) 3.1 4.6 3.6 15.2 52.1 21.4
Note: Number of unweighted respondents = 1,431.

Question ED13. Which of the following are reasons why you
did not attend college?
Response Percent
Too expensive 37.0
Child care responsibilities 12.4
Supported or cared for parents or siblings 5.2
Needed to earn money 37.0
Wanted to work 26.8
Simply was not interested in college 33.5
Was not admitted 1.0
Did not think benefits of attending college were worth the cost 18.7
Other: 14.6
Refused 1.4
Note: Number of unweighted respondents = 169.
Question ED14. Which of the following are reasons why you
did not complete your college degree?
Response Percent
Too expensive 42.7
Child care responsibilities 14.5
Supported or cared for parents or siblings 3.5
Needed to earn money 36.1
Wanted to work 29.0
Simply not interested in continuing in college 22.2
Did not think the benefits of continuing college were worth
the cost 18.8
Low grades 7.7
Other 11.6
Refused 1.1
Note: Number of unweighted respondents = 246.

Question 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).
Response Percent
Yes 16.6
No 83.0
Refused 0.4
Note: Number of unweighted respondents = 6,610.

Question SL2. Think about the money you currently owe
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 93.7
Home-equity loan 5.0
Credit card 20.3
Other loan (please specify) 3.6
Note: Number of unweighted respondents = 919.
152 Report on the Economic Well-Being of U.S. Households in 2016

Question SL3. Thinking specifically about the money that
you owe 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.
Response Mean (dollars)
(>0)
Median (dollars)
(>0)
Student loan 32,731.5 17,000
Home-equity loan 38,639.8 10,000
Credit card 6,813.5 2,500
Other loan (please specify) 52,885.1 6,000
Total 36,298.7 19,000
Note: Number of unweighted respondents = 836 (a), 22 (b), 177 (c), 32 (d), and
861 (e).

Question SL4A. Does anyone else (such as a parent) help
you pay these loans from your own education?
Response Percent
Yes 19.2
No 80.8
Refused 0.0
Note: Number of unweighted respondents = 919.

Question SL4. Approximately how much is the total
monthly payment that you make on the loans from your
education?
Statistic Dollars
Mean (>0) 392.7
Median (>0) 222.0
Note: Number of unweighted respondents = 602.

Question SL5. Is one or more of the loans from your own
education in deferment, forbearance, or being forgiven so
you do not need to make payments right now?
Response Percent
Yes 38.3
No 60.8
Refused 0.9
Note: Number of unweighted respondents = 919.
Question SL6. Are you behind on payments or in collections
for one or more of the loans from your own education?
Response Percent
Yes 18.5
No 80.7
Refused 0.8
Note: Number of unweighted respondents = 919.

Question SL7. Did you borrow money or take out any loans
to pay for your own education that you have since repaid?
Response Percent
Yes 15.9
No 83.6
Refused 0.6
Note: Number of unweighted respondents = 5,691.

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 17.2
Associate degree 22.3
Bachelor’s degree 60.5
Professional degree (e.g., MBA, MD, JD) 10.5
Master’s degree or doctoral degree 19.4
Note: Number of unweighted respondents = 1,896.

Question SL9. Did you complete the most recent
educational program for which you borrowed money?
Response Percent
Yes 67.6
No 18.9
Still enrolled in the program 13.0
Refused 0.5
Note: Number of unweighted respondents = 1,896.
May 2017 153

Question SL10. Do you currently owe any money used to
pay for your spouse’s/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
Yes 6.3
No 93.2
Refused 0.5
Note: Number of unweighted respondents = 3,979.

Question SL11. Do you currently owe any money used to
pay for your child’s 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
Yes 74.4
No 6.1
Do not have children or grandchildren 19.0
Refused 0.5
Note: Number of unweighted respondents = 5,798.

Question SL12. Is the money you owe for your child’s or
grandchild’s education a student loans, home-equity loan,
credit card debt, or some other type of loan? If you have
multiple loans, please select all that apply.
Response Percent
Student loan 86.6
Home-equity loan 13.2
Credit card 22.4
Other loan (please specify) 7.8
Note: Number of unweighted respondents = 323.
Question K2. Do you currently have each of the following
types of retirement savings or pension?
Response Percent
401(k), 403(b), Keogh, 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) 50.3
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) 24.5
IRA or Roth IRA 30.6
Savings outside a retirement account (e.g., a brokerage
account, savings account, or stock holdings) 45.8
Ownership of real estate or land that you plan to sell or rent to
generate income in retirement 14.4
Ownership of my business 6.7
Other retirement savings (please specify) 3.7
Note: Number of unweighted respondents = 4,508.

Question DC1. Does your employer offer a 401(k), 403(b),
thrift, or other defined contribution retirement plan?
Response Percent
Yes 32.8
No 48.0
Don’t know 18.1
Refused 1.1
Note: Number of unweighted respondents = 1,130.

Question DC3. If your employer did offer a 401(k), 403(b),
thrift, or other defined contribution retirement plan, would
you contribute to the plan?
Response Percent
Definitely no 4.6
Probably no 11.0
Probably yes 38.2
Definitely yes 26.1
Don’t know 20.1
Note: Number of unweighted respondents = 771.
154 Report on the Economic Well-Being of U.S. Households in 2016

Question DC4. How comfortable are you with making your
own investment decisions in your retirement accounts
(including IRA, 401(k), 403(b), thrift, or other retirement
accounts where you choose the investments for yourself)?
Response Percent
Very comfortable 15.1
Mostly comfortable 31.8
Slightly comfortable 32.0
Not comfortable 21.0
Refused 0.0
Note: Number of unweighted respondents = 2,965.

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
Yes, borrowed money 4.5
Yes, cashed out 4.7
Yes, both 0.6
No 89.8
Refused 0.4
Note: Number of unweighted respondents = 4,508.

Question K8A. You indicated previously that you are retired.
At what age did you retire?
Statistic Value
Mean (age) 59.8
Median (age) 62
Don’t know (percent) 9.8
Note: Number of unweighted respondents = 2,093.
Question K9. How important were each of the following in
your decision to retire at the age that you did?
Response
Percent
Very
important
Somewhat
important
Not
important
Refused
Poor health 16.6 13.2 68.2 2.0
Wanted to do other things 24.6 33.7 39.0 2.7
Didn’t like the work 8.0 19.4 69.1 3.5
Wanted to spend more time
with family 28.3 31.2 38.2 2.4
Forced to retire or lack of
available work 13.4 10.2 73.8 2.6
Note: Number of unweighted respondents = 2,102.

Question K10. Are each of the following sources of funds
for you (and your spouse/and your partner) in retirement?
Response Percent
Social Security 87.2
I have a job 10.0
My spouse/partner has a job 23.5
Pension with a defined benefit from work (i.e., pension based
on a formula, your earnings, and years of service) 62.6
401(k), 403(b), Keogh, or other defined contribution plan from
work (i.e., a retirement plan through work, where you
contributed a percent of your salary each pay-period to
invest for retirement) 38.4
IRA or Roth IRA 42.5
Savings outside a retirement account (e.g., a brokerage
account, savings account) 52.1
Income from real estate or the sale of real estate 13.1
Income from a business or the sale of a business 4.8
Relying on children, grandchildren, or other family 3.7
Other retirement savings 20.7
Note: Number of unweighted respondents = 1,340 (c) and 2,102 (all other
questions).
May 2017 155

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 67.2
Self-employment 14.1
Freelance work or hobbies (do not include income from GfK) 12.9
Interest, dividends, or rental income 27.4
Social Security 25.7
Supplemental Security (SSI) 4.1
Unemployment income 3.3
Pension income 17.3
Any other income 11.0
Note: Number of unweighted respondents = 6,610.

Question I0A. Did you (and/or your spouse/partner) receive
any income from any source in the past 12 months?
Response Percent
Yes 18.2
No 78.3
Refused 3.6
Note: Number of unweighted respondents = 392.

Question I4A. Which of the following categories best
describes the total income that you (and your spouse/and
your partner) received from all sources, before taxes and
deductions, in the past 12 months?
Response Percent
$0 6.1
$0 to $4,999 5.8
$5,000 to $14,999 7.6
$15,000 to $24,999 8.6
$25,000 to $39,999 12.0
$40,000 to $49,999 9.2
$50,000 to $74,999 15.8
$75,000 to $99,999 10.6
$100,000 to $149,999 13.2
$150,000 to $199,999 5.6
$200,000 or higher 4.7
Refused 0.8
Note: Number of unweighted respondents = 6,610.
Question I1. In the past 12 months, would you say that your
(and your spouse’s/and your partner’s) total spending was:
Response Percent
More than your income 17.1
The same as your income 32.8
Less than your income 50.0
Refused 0.2
Note: Number of unweighted respondents = 6,320.

Question I3. In the past 12 months, did you (and your
spouse/and your partner) do each of the following to cover
spending that exceeded your income?
Response Percent
Spend out of your savings 59.9
Borrow/take-on debt 50.0
Rely on family or friends 40.5
Other (please describe) 2.8
Note: Number of unweighted respondents = 1,093.

Question I9. In the past 12 months, which one of the
following best describes how your (and your spouse’s/and
your partner’s) income changes from month to month,
if at all?
Response Percent
Roughly the same amount each month 67.6
Roughly the same most months, but some unusually high
or low months during the year 21.9
Often varies quite a bit from one month to the next 9.9
Refused 0.7
Note: Number of unweighted respondents = 6,610.

156 Report on the Economic Well-Being of U.S. Households in 2016

Question I10. Please indicate whether each of the following
is a reason that your (and your spouse’s/and your
partner’s) income changed from month to month in the
past year:
Response Percent
Bonuses 15.5
Commissions 6.7
Seasonal employment 13.1
Irregular work schedule (i.e., your work hours change from
week to week) 43.0
Periods of unemployment 15.7
Investment Income 8.6
Other (please specify) 17.2
Refused 5.3
Note: Number of unweighted respondents = 1,992.

Question I12. In the past 12 months, did you (and your
spouse/and your partner) have any months where you
struggled to pay your bills because your income was lower
than normal?
Response Percent
Yes 39.9
No 59.7
Refused 0.4
Note: Number of unweighted respondents = 1,992.

Question OL1. In the past 12 months, have you purchased
each of the following types of goods online:
Response Percent
Groceries or personal care items 30.8
Clothing 54.3
Furniture or household goods 25.6
Electronics or appliances 35.1
Books, music, or DVDs 43.6
Travel-related items (plane tickets, hotel rooms) 45.7
Tickets to live events, like sporting events, concerts, or movies 34.3
Food delivery or carryout 35.9
Other (please describe) 3.7
Note: Number of unweighted respondents = 6,610.
Question OL2. For each type of good that you purchased
online in the past 12 months, what was the primary reason
that you made these purchases online rather than in a
local store?
Response
Percent
Con-
ven-
ience
Better
price
Better
quality
Not
avail-
able in
local
stores
Other
reason
Refused
Groceries or personal care
items 48.3 29.2 2.4 12.5 5.5 2.1
Clothing 45.5 28.6 2.4 19.2 2.9 1.3
Furniture or household
goods 40.7 39.7 2.9 12.3 3.0 1.3
Electronics or appliances 38.3 50.5 2.0 6.8 1.8 0.6
Books, music, or DVDs 48.7 34.9 1.5 12.0 2.3 0.7
Travel-related items
(plane tickets, hotel
rooms) 58.9 29.4 1.0 8.5 1.8 0.4
Tickets to live events, like
sporting events,
concerts, or movies 68.5 14.4 1.2 12.7 2.5 0.7
Food delivery or carryout 82.2 10.3 1.1 1.0 3.9 1.5
Other (please describe) 31.7 32.1 4.9 18.6 8.7 4.0
Note: Number of unweighted respondents = 1,938 (a); 3,403 (b); 1,580 (c); 2,193
(d); 2,906 (e); 2,855 (f); 2,017 (g); 2,088 (h); and 218 (i).

Question OL3. In the past 12 months have you done each of
the following:
Response Percent
Bought used, secondhand, or handmade goods on websites
like eBay, Craigslist, or Etsy? 25.3
Used a ride-hailing service like Uber or Lyft? 16.0
Stayed overnight in a private residence that you booked online
using a service like Airbnb, VRBO, or HomeAway? 8.6
Hired someone online to do a task for you remotely through a
service such as Mechanical Turk or Fiverr? 1.4
Hired someone online to do an in-person task such as child
care or housecleaning through a service such as Handy,
Care.com, or TaskRabbit? 2.5
Ordered delivery of prepared meals through services such as
GrubHub, Caviar, Instacart, or UberEats? 6.2
Bought streaming online media or entertainment content,
through services such as Netflix or Amazon Prime? 35.8
Note: Number of unweighted respondents = 6,610.
May 2017 157

Question OL4. In the past 12 months, have you used the
Internet to do each of the following, even if you did not
make the purchase online?
Response Percent
Read product reviews or get product information 70.7
Compare prices and the availability of products, either across
online sites or listed for sale in brick-and-mortar stores 65.4
Interacted with a customer service representative for a
product you purchased 30.7
Taken a class or educational program 13.8
Made reservations online, such as at a restaurant, salon, or
doctor’s office (including both from the business directly or
through sites such as OpenTable) 29.6
Note: Number of unweighted respondents = 6,610.

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
Yes 48.3
No 51.3
Refused 0.4
Note: Number of unweighted respondents = 6,610.

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
Yes 42.5
No 56.7
Refused 0.7
Note: Number of unweighted respondents = 3,303.
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
Put it on my credit card and pay it off in full at the next
statement 38.8
Put it on my credit card and pay it off over time 20.0
With the money currently in my checking/savings account or
with cash 41.8
Using money from a bank loan or line of credit 3.5
By borrowing from a friend or family member 12.7
Using a payday loan, deposit advance, or overdraft 2.0
By selling something 7.9
I wouldn’t be able to pay for the expense right now 12.1
Other (please specify) 1.5
Refused 1.0
Note: Number of unweighted respondents = 6,610.

Question EF5A. Do you expect to be able to pay all of your
bills in full this month?
Response Percent
I will be able to pay all of my bills in full 75.9
I cannot pay some bills or will only make a partial payment on
some of them 23.2
Refused 0.9
Note: Number of unweighted respondents = 6,610.

Question EF5B. How would a $400 emergency expense that
you had to pay impact your ability to pay your other bills
this month?
Response Percent
I would still be able to pay all of my other bills in full 83.6
I could not pay some other bills or would only make a partial
payment on some of them 15.7
Refused 0.6
Note: Number of unweighted respondents = 5,051.
158 Report on the Economic Well-Being of U.S. Households in 2016

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) 10.9
To see a doctor 12.3
Mental health care or counseling 5.2
Dental care (including skipping check-ups or routine cleaning) 18.1
To see a specialist (such as an OB/GYN, dermatologist,
orthopedic surgeon, etc.) 8.7
Follow-up care (e.g., skipping physical therapy sessions
recommended by a doctor ) 6.8
Note: Number of unweighted respondents = 6,609.

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
Yes 23.5
No 75.7
Refused 0.8
Note: Number of unweighted respondents = 6,610.

Question E2A. Approximately how much did you pay out of
pocket for unexpected major medical expenses in the past
12 months?
Statistic Dollars
Mean (>0) 2,519.3
Median (>0) 1,000.0
Note: Number of unweighted respondents = 1,560.
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
Yes 42.0
No 57.7
Refused 0.3
Note: Number of unweighted respondents = 1,630.

Question E4. Are you CURRENTLY covered by any of the
following types of health insurance or health coverage
plans?
Response Percent
Insurance through a current or former employer or union (of
yourself or a family member) 60.8
Insurance purchased directly from an insurance company (by
yourself or a family member) 11.8
Medicare, for people 65 or older, or people with certain
disabilities 21.7
Medicaid, Medical Assistance, or any kind of
government-assistance plan for those with low incomes or
disability 11.8
TRICARE or other military health care 4.1
VA (including those who have ever used or enrolled for VA
health care) 5.0
Indian Health Service 1.4
Insurance purchased through a health insurance exchange 4.2
Any other type of health insurance or health coverage plan 4.9
Note: Number of unweighted respondents = 6,610.

Question E6. Do you currently have serious difficulty with
any of the activities listed below due to a physical, mental,
or emotional condition?
Response Percent
Hearing or serious difficulty seeing even with glasses
(including being blind or deaf) 6.7
Concentrating, remembering, or making decisions 8.1
Walking or climbing stairs 9.2
Note: Number of unweighted respondents = 6,610.
May 2017 159

Question E7. Do you currently have a health problem or
disability which prevents you from working or which limits
the kind or amount of work that you can do?
Response Percent
Yes 12.5
No 87.0
Refused 0.6
Note: Number of unweighted respondents = 5,977.

Question X2. Have you and your family living with you
experienced each of the following events in the past
12 months?
Response Percent
I lost a job 6.6
I had my work hours and/or pay reduced 8.1
My spouse/partner lost a job 3.9
My spouse/partner had their work hours and/or pay reduced 5.2
Told by landlord that I had to move out 1.8
Received a foreclosure or eviction notice 1.8
A business I owned had financial difficulty 2.0
I had a significant health problem 11.6
A family member had significant health problem 12.5
Divorce 1.8
Death of primary breadwinner 1.2
Note: Number of unweighted respondents = 6,610.
Question X3. How much financial strain did each of the
events that you experienced cause for you and your family?
Response
Percent
None
A little
strain
Moderate
strain
Sub-
stantial
strain
Refused
I lost a job 15.2 20.0 25.1 38.9 0.8
I had my work hours and/or
pay reduced 8.5 30.3 32.5 28.6 0.1
My spouse/partner lost a job 13.4 25.6 26.0 35.0 0.0
My spouse/partner had their
work hours and/or pay
reduced 7.6 29.9 39.8 21.7 1.0
Told by landlord that I had to
move out 18.8 14.3 27.6 38.9 0.3
Received a foreclosure or
eviction notice 18.3 15.2 31.6 35.0 0.0
A business I owned had
financial difficulty 17.8 21.1 27.4 33.7 0.0
I had a significant health
problem 20.1 25.2 29.2 25.4 0.2
A family member had
significant health problem 21.6 26.2 31.0 21.0 0.2
Divorce 20.8 19.5 26.2 32.9 0.6
Death of primary breadwinner 23.8 20.1 21.1 32.4 2.6
Note: Number of unweighted respondents = 386 (a), 512 (b), 217 (c), 294 (d), 88
(e), 92 (f), 116 (g), 925 (h), 812 (i), 110 (j), and 63 (k).

Question CH1. When you were growing up (under age 17),
how frequently did you worry about each of the following?
Response
Percent
Never
worried
Rarely
worried
Some-
times
worried
Regularly
worried
Refused
Your family’s finances 43.6 21.8 23.4 10.6 0.6
Having enough food to eat 65.6 17.4 11.6 4.9 0.5
Crime and personal safety 60.0 24.0 11.4 4.2 0.5
Having a stable caregiver 74.4 13.5 7.6 3.8 0.6
Note: Number of unweighted respondents = 6,610.
160 Report on the Economic Well-Being of U.S. Households in 2016

Question CH2. What is the highest level of education that
your mother completed?
Response Percent
Less than high school degree 18.9
High school degree or GED 35.8
Some college but no degree 11.4
Certificate or technical degree 5.4
Associate degree 4.9
Bachelor’s degree 11.5
Graduate degree 6.6
Don’t know 5.3
Refused 0.2
Note: Number of unweighted respondents = 6,610.
Question CH3. What is the highest level of education that
your father completed?
Response Percent
Less than high school degree 21.6
High school degree or GED 29.3
Some college but no degree 9.0
Certificate or technical degree 4.7
Associate degree 3.4
Bachelor’s degree 11.9
Graduate degree 9.4
Don’t know 9.7
Refused 0.9
Note: Number of unweighted respondents = 6,610.
May 2017 161

Summary statistics for demographics
Demographic characteristic
Weighted Unweighted
Observations
Mean Standard deviation Mean Standard deviation
Age 47.4 17.2 52.7 16.7 6,610
Male 0.5 0.5 0.5 0.5 6,610
Female 0.5 0.5 0.5 0.5 6,610
18–29 0.2 0.4 0.1 0.3 6,610
30–44 0.3 0.4 0.2 0.4 6,610
45–59 0.3 0.4 0.3 0.4 6,610
60+ 0.3 0.4 0.4 0.5 6,610
Less than high school 0.1 0.3 0.0 0.2 6,610
High school degree 0.3 0.4 0.3 0.4 6,610
Some college, certificate, or technical school 0.2 0.4 0.3 0.4 6,610
Associate degree 0.1 0.3 0.1 0.3 6,610
Bachelor’s degree or higher 0.3 0.5 0.3 0.5 6,610
White, non-Hispanic 0.6 0.5 0.7 0.4 6,610
Black, non-Hispanic 0.1 0.3 0.1 0.3 6,610
Other, non-Hispanic 0.1 0.3 0.0 0.2 6,610
Hispanic 0.2 0.4 0.1 0.3 6,610
2+ races, non-Hispanic 0.0 0.1 0.0 0.2 6,610
Family income less than $40,000 0.4 0.5 0.5 0.5 6,539
Family income $40,000–$100,000 0.4 0.5 0.3 0.5 6,539
Family income greater than $100,000 0.2 0.4 0.2 0.4 6,539
Household income less than $40,000 0.3 0.5 0.4 0.5 6,610
Household income $40,000–$100,000 0.4 0.5 0.3 0.5 6,610
Household income greater than $100,000 0.3 0.5 0.2 0.4 6,610
Married 0.6 0.5 0.6 0.5 6,610
Not married 0.4 0.5 0.4 0.5 6,610
Northeast 0.2 0.4 0.2 0.4 6,610
Midwest 0.2 0.4 0.2 0.4 6,610
South 0.4 0.5 0.4 0.5 6,610
West 0.2 0.4 0.2 0.4 6,610
162 Report on the Economic Well-Being of U.S. Households in 2016

0517
www.federalreserve.gov

https://www.federalreserve.gov

Cover
Title
Preface
Contents
Executive Summary
Overall Financial Well-Being
Employment, Multiple Jobs, and Informal Work
Income and Savings
Economic Preparedness and Emergency Savings
Banking and Credit
Housing and Living Arrangements
Higher Education
Education Debt and Student Loans
Retirement
Introduction
Survey Background
Overall Economic Well-Being
Current Economic Circumstances
Self-Assessed Financial Challenges
Employment, Multiple Jobs, and Informal Work
Overview of Employment
Employment Conditions, Scheduling, and Benefits
Multiple Jobs and Informal Work
Paid and Unpaid Work among Young Adults
Income and Savings
Income Amounts and Sources
Spending Relative to Income
Income and Spending Volatility
Economic Preparedness and Emergency Savings
Recent Hardships
Emergency Savings
Emergency Spending on Health Care
Banking, Credit Access, and Credit Usage
Unbanked and Underbanked
Credit Applications and Outcomes
Additional Demand for Credit and Perceived Credit Access
Credit Card Usage
Housing and Household Living Arrangements
Living Arrangements
Reasons for Renting or Owning
Experiences of Renters
Experiences and Expectations for Home Purchases
Higher Education and Human Capital
Value of Higher Education by Educational Characteristics
Desire to Change Educational Decisions
Factors Influencing College Attendance
Reasons for Not Starting or Not Finishing College
Education Debt and Student Loans
Student Loans Overview
Student Loan Payment Status by Demographic and Education Characteristics
Retirement
Saving for Retirement
Self-Directed Retirement Savings
Retirement Decision and Experiences
Conclusion
Appendix A: Technical Appendix on Survey Methodology
Appendix B: Survey of Household Economics and Decisionmaking—Questionnaire
Introduction
Living Arrangements Section
General Well-Being Section
Employment Section
General Housing Section
Rent Section
Own Section
Mortgage Section
Banking Section
Credit Application Section
Credit Condition Section
Education Section
Student Loans Section
Retirement Planning Section
Income and Consumption Section
Online Consumer Activities Section
Emergency Fund Section
Health and Insurance Section
Financial Hardship Section
Childhood Background Section
Appendix C: Consumer Responses to Survey Questions
Back Cover