4.18 Income & Assets

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Respondents have been asked numerous questions about their income, assets, and debts over the course of the surveys.  While many researchers use income as the primary measure of economic resources available to a respondent, users can draw a more complete picture of economic well-being by examining both income and wealth.  Wealth, which is equal to a respondent’s assets minus her debts, reflects the total financial resources available to the respondent.

Data Summary: In every survey year, respondents were asked about their income.  Table 4.18.1 presents the broad range of income questions asked since 1968, including wages, business and farm income, rental income, interest and dividends, public assistance support sources, and alimony.  In early survey years, respondents were asked about the combined income of themselves and their husbands; in later years, respondents were asked separate questions on how much income they and their husbands received (pretax) from the various sources.  Beginning in 1983, respondents were also asked about the income of their partners.  In years when the entire survey was shortened, some income sources were combined into fewer questions; in years when a more in-depth survey was used, the questions were separated.

In addition to the in-depth questions about the income of the respondent and her husband or partner, respondents also provided their estimate for total income of all individuals in the family in some years, while in other years they were asked to estimate the total income of all individuals except their husbands and themselves.  Finally, respondents have been asked in select years about their ability to get along on their family’s income, with choices ranging from “always have money left over” to “can’t make ends meet.”

Correctly gauging respondent income is a complicated task.  Respondents may misreport their total income due to the many sources of income and debt they must consider.  A final income figure is calculated based on questions about individual income sources.  The 1988–2001 surveys first asked respondents about the total income of all people living at the residence.  Respondents were then asked to provide a detailed breakdown of each type of income for themselves and their spouses/partners.  These questions provide researchers with a method of checking how close an individual’s rough guess of income is to the more finely derived total.

Table 4.18.1 Income Questions: 1968-2001

Question1

68-73

75

77

78

80

82

83

85, 87

88, 91

93

95-2001

Wage & Salary

*

*

*

*

*

*

*

*

*

*

*

Business Income

*

*

*

*

*

*

*

*

*

*

*

Farm Income

*

*

*

*

*

*

*

*

*

*

*

Interest, Dividends

*

*

*

*

*

*

*

*

*

*

*

Rental Income

*

*

*

*

*

*

*

*

*

*

*

Social Security

 

 

 

 

 

 

*

 

*

*

*

Pension Income

 

 

 

 

 

 

*

 

*

*

*

Unemployment Compensation

*

*

*

*

*

*

*

*

*

*

*

Workers’ Compensation

 

 

 

*

 

 

*

 

*

*

*

Disability Income

*

*

*

*

*

*

*

 

*

*

*

Welfare (AFDC)

*

*

*

*

*

*

*

*

*

*

*

Food Stamps

 

 

*

*

*

*

*

*

*

*

*

Alimony, Child Support

 

 

 

*

*

*

*

*

*

*

*

Assistance from Relatives

*

 

 

 

*

*

 

*

 

*

 

Total Family Income

*

*

*

*

 

*

*

*

*

*

*

Ability to Get Along on Income

 

 

 

 

*

*

 

*

 

 

 

R and Husband/Partner Keep Joint or Separate Accounts

 

 

 

 

 

 

 

 

 

*

*

 
1 All income categories are not asked as separate questions in all years; categories were most often combined in telephone surveys.

Respondents have periodically been asked a full set of asset questions.  Table 4.18.2 depicts the questions pertaining to assets by survey year; note that telephone surveys are omitted from the table because no asset questions were asked in those surveys.  When respondents are asked the full selection of questions, they provide information on the value and mortgage of their home, cash assets, business and farm activity, vehicles, and other debts.  In several years, respondents have also been asked to rate their overall financial position as better than, worse than, or about the same as the previous year.

 Table 4.18.2 Asset Questions: 1968-2001

 

Survey Years

Question

68

69, 70

71-73

78

83, 88

91

93

95-2001

Own Home/Apartment

*

 

*

*

*

 

*

*

Market Value of Property

*

 

*

*

*

 

*

*

Amount Owed on Property

*

 

*

*

*

 

*

*

Have Estate/Trust

 

 

 

 

 

*

*

*

Amount Estate/Trust

 

 

 

 

 

*

*

*

Have Money Assets

*

 

*

*

*

*

*

*

Amount of Money Assets

*

 

*

*

*

*

*

*

Have Savings Bonds

*

 

*

*

*

 

*

*

Amount of Savings Bonds

*

 

*