HOUSEHOLDS WITH HIGH LEVELS OF NET ASSETS

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1 HOUSEHOLDS WITH HIGH LEVELS OF NET ASSETS Report to the Consumer Federation of America and Providian Financial Corp. Catherine P. Montalto, Ph.D. Associate Professor Consumer and Textile Sciences Department College of Human Ecology, The Ohio State University 1787 Neil Avenue, Columbus, Ohio Phone: Fax: July 10, 2001

2 HOUSEHOLDS WITH HIGH LEVELS OF NET ASSETS Introduction Over 43 million American households had net assets of at least in 1998, and 4.6 million households had net assets valued at one million dollars or more. The characteristics of households with high levels of net assets, the composition of net assets of these households, and factors associated with having high net assets were studied to increase understanding of saving and wealth building behavior of American households. The data analyzed in this study are from the public use tape of the 1998 Survey of Consumer Finances released by the Federal Reserve Board in February The Survey of Consumer Finances (SCF) is a triennial survey that provides comprehensive and detailed information on household financial assets, nonfinancial assets, and debt. The 1998 SCF provides the best and most recent information on net assets of American households. (For more descriptive information about the 1998 SCF refer to Kennickell, Starr-McCluer, and Surette, 2000.) A total of 4,309 households were interviewed in the 1998 SCF 2,813 from the area probability sample and 1,496 from a special list sample. The area probability sample provides good information on assets that are broadly distributed in the population, like home ownership. The special list sample over samples households that are likely to be relatively wealthy in order to obtain good information on the upper tail of the wealth distribution where less widely owned assets, like noncorporate businesses, are concentrated. The SCF final nonresponse-adjusted sampling weight (X42001) accounts for both the systematic properties of the sample design and differential patterns of nonresponse. The descriptive statistics reported in this research are calculated using the SCF weight variable to produce estimates that are representative of the million households in the U.S. in The multivariate analyses are not weighted because many of the weight-defining variables were included as independent variables in the multivariate model. Characteristics of Households with High Net Assets In 1998, 42.2% of all American households (43.3 million households) had net assets of at least, and 4.5% (4.6 million households) had net assets of or more (Table 1). Compared to the total sample of households, the subsample of households with high net assets had higher income, were more likely to have received a large inheritance in the past, and were slightly more likely to expect an inheritance in the future. Over 56% of households with net assets of at least and nearly 90% of households with net assets of over had annual income of $50,000 or more, compared to only 34% of all households. Only 5% of all households had received an inheritance of $65,000 or more in the past, compared to 10% and 28%, respectively, of households with high net assets. Householders in households with high net assets were older, more educated, more likely to be White NonHispanic, and more likely to be married compared to the total population of householders. Approximately 54% of all households were headed by a householder 45 years or older, compared to 71% of households with net assets of at least, and 81% of households with net assets of or more. Approximately 27% of all households were headed by a householder with at least a Bachelor s C. P. Montalto, Households with High Levels of Net Assets, July 10, 2001 page 1

3 degree, compared to 40% of households with or more in net assets, and 72% of households with net assets of or more. Variation by Demographic and Economic Characteristics The percent of households with high net assets varied by demographic and economic characteristics of the household and the householder. The percent of households with high net assets increased with age of the householder. Only 13% of households with a householder under age 35 had net assets of at least compared to 39% of households with a householder age 35 to 44, and 56% of households with a householder age 45 and older (Table 1). The same increasing pattern is observed for net assets of or more, although the percentages are lower less than one percent of households with a householder under age 35, 2.7% of households with a householder age 35 to 44, and 6.8% of households with a householder age 45 and older had net assets of or more. The probability of having high net assets varied by race and ethnicity, and marital status and sex of the respondent. Higher percentages of households with White NonHispanic householders (48%) or NonHispanic householders of races other than White or Black (38%) had net asset of or more compared to households with Black NonHispanic (18%) or Hispanic (17%) householders. Similarly, households with White NonHispanic householders (5.4%) or NonHispanic householders of races other than White or Black (4.7%) were more likely than households with Black NonHispanic householders (less than 1%) or Hispanic householders (2%) to have net assets of or more. The percentage of households with high net assets was much higher for households with married householders (52% and 6%) than for households with an unmarried male householder (29% and 3.7%) or an unmarried female householder (28% and 1.4%). There is a strong positive relationship between education and net assets. Less than one fourth of households with a householder who had not completed high school had net assets of or more, and only 0.4% of these households had net assets of at least. These percentage increased to 36% and 1.4% when the householder had a high school diploma, 57% and 8% when the householder had a Bachelor s degree, and 69% and 17% when the householder had attended graduate school. Household income and household net assets have a strong positive relationship. Only 9% for households with annual income under $10,000 had net assets of or more, compared to 92% of households with annual income of or more. The percent of households with net assets of at least was less than 0.3% for households with annual income under $10,000, and increased to 36% for households with annual income of or more. Households that received or expect to receive inheritance were more likely to have high net assets. Among households who received inheritance in the past, 62% had net assets of or more, and 10% had net assets of at least. The comparable percentages for households who had not received inheritance were 37% and 3%. Among households who expect inheritance in the future, 50% had net assets of or more, and 6% had net assets C. P. Montalto, Households with High Levels of Net Assets, July 10, 2001 page 2

4 of at least. The comparable percentages for households who did not expect future inheritance were 6% and 4%. Net asset are positively associated with inheritance level. Forty-two percent of households who received inheritance of less than $7,500 had net assets of or more compared to 55% of households who received inheritance of $7,500 to $20,500, 66% of households who received inheritance of $20,500 to $65,000, and 85% of households who received inheritance of at least $65,000. The comparable percentages for net assets of at least were 2%, 5%, 7%, and 25%. Mean and median values of total annual household income, household net assets, and inheritance level differ substantially across households grouped by net asset level (Table 2). The mean values are much larger than the median values because the mean values are sensitive to the small percentage of households who have extremely high income or net assets. As a result, the median values are more likely to represent the typical American household. Median (mean) total household income for all households was $33,000 ($52,295) compared to $55,000 ($84,336) for households with net assets of at least. Median (mean) household net assets was $71,700 ($282,980) for all households compared to $258,361 ($634,740) for households with net assets of at least. The mean value of inheritance for all households was $15,760 compared to $32,690 for households with net assets of at least. Within the subsample of households with high net assets, there was significant variation in the levels of income, net assets, and inheritance level. Median total household income for households with net assets of at least was 3.6 times larger than median total household income for households with net assets of to $250,000. Median net assets were 11.5 times larger for households with net assets of at least compared to households with net assets of to $250,000. Composition of Net Assets Home equity and retirement account assets are very important components of net assets for American households (Table 2). The typical household holds 50% (median share) of net assets in the primary residence (net of mortgage debt) and/or retirement accounts. Home equity was relatively more important than retirement account assets; the median household had 26% and 1% of net assets in home equity and retirement accounts respectively. The relative importance of home equity and retirement account assets varies with net asset level. The median share of net assets in home equity decreased with net asset level. The median share of net assets in home equity was 43% for households with net assets of to $250,000; 28% for households with net assets of $250,000 to $500,000; 20% for households with net assets of $500,000 to ; and only 10% for households with net assets of at least. The median share of net assets in retirement account assets was approximately 17% for households with net assets of to, but decreased to 6% for households with net assets of at least. C. P. Montalto, Households with High Levels of Net Assets, July 10, 2001 page 3

5 Directly held stocks and the net equity in business assets are important components of net assets for households with net assets of at least (Table 3). Directly held stocks accounted for 12% (mean share) of net assets of these households, compared to less than 5% for all households. Net equity in business assets accounted for 21% (mean share) of net assets of households with at least in net assets, compared to less than 8% for all households. Factors Associated with High Net Assets The positive relationship between total household income and household net assets remains even when age of the householder is controlled (Table 4). For households with young householders (less than 35 years), the median level of net assets increased from $420 for households with total annual income of less than $10,000, to $191,600 for households with total annual income of or more. For households with older householders (65 years and older), the median level of net assets increased from $24,800 for households with total annual income of less than $10,000, to $1,249,100 for households with total annual income of or more. To further explore the independent effects of demographic and economic characteristics on the level of household net assets, two multivariate logistic regressions were conducted. The dependent variable in the first regression was an indicator variable equal to one if household net assets were at least, and zero otherwise. The dependent variable in the second regression was an indicator variable equal to one if household net assets were at least, and zero otherwise. The independent variables included dichotomous indicator variables for age, education, race/ethnicity, and marital status/sex of the householder; total household annual income; the level of inheritance received; and a dichotomous indicator variable for expectation of receiving an inheritance in the future. Odds-ratios are presented in Table 4 for all variables that were statistically significant in the logistic regressions. An odds-ratio is interpreted as the probability that net assets are above the threshold for households with the given characteristic relative to households in the reference category, controlling for the effects of all other variables included in the model. For example, in the odds-ratio for age 35 to 44 years in the first regression is The interpretation is that households with a householder 35 to 44 years older were 3.7 times more likely than households with a householder under 35 years to have net assets of at least controlling for education, race/ethnicity, and marital status/sex of the householder; total household annual income; the level of inheritances received; and expectation of receiving an inheritance in the future. The logistic regression results confirmed the strong positive effect of age, even when education and income were controlled. Households with householders age 65 years and over were 33.4 times more likely than households with householders under 35 years to have net assets of at least, and 13.9 time more likely to have assets of or more. The strong positive effect of total household income, controlling for education and age, is also confirmed. Compared to households with total annual income of less than $10,000, households with total annual income of $50,000 to are 16 times more likely, and C. P. Montalto, Households with High Levels of Net Assets, July 10, 2001 page 4

6 households with total annual income of and over are 168 times more likely to have net asset of at least. Households with total annual income of and over are 97 times more likely than households with total annual income of less than $10,000 to have net assets of or more. Differences by race/ethnicity, marital status and sex of the householder in the probability of having high net assets remained, even when education and income were controlled. Households with Black NonHispanic householders were only 42% as likely as comparable households with White NonHispanic householders to have net asset of at least, and were only 27% as likely to have net assets of or more. Households with unmarried male householders were only 65% as likely as households with married householders to have net assets of at least, but were 34% more likely to have net assets of or more. Summary Many American households are able to save and build wealth. In 1998, over 43 million American households had net assets of at least, and 4.6 million households had net assets valued at one million dollars or more. Age and income have important positive relationships with net assets, but households are all stages of the life cycle and at all income levels have been able to build significant wealth. Nearly 40% of middle age households (35 to 44 years) and over half of households with householders age 45 and older have accumulated net assets of at least. Over one-fourth of moderate income households (annual income of $10,000 to $25,000), and over one-third of middle income households (annual income of $25,000 to $50,000) have accumulated net assets of at least. Home equity and retirement account assets are important components of net assets for all households. Households with assets of or more also rely on stock and business ownership to build wealth. References Kennickell, A. B., Starr-McCluer, M., and Surette, B. J. (2000). Recent changes in U.S. family finances: Results from the 1998 Survey of Consumer Finances, Federal Reserve Bulletin, 86(1), C. P. Montalto, Households with High Levels of Net Assets, July 10, 2001 page 5

7 Table 1. Characteristics of the total sample and of the subsample of households with net assets of at least and at least, and percent of each subgroup with net assets over a given threshold Characteristic Total sample Subsample with net (column percent) Subsample with net (column percents) Percent with net (row percents) Percent with net (row percents) All households Age of respondent less than 35 years to 44 years years and over to 54 years to 64 years years and over Education of respondent Less than high school High school graduate Some college Bachelor s degree Graduate school Race/ethnicity of respondent White nonhispanic Black nonhispanic Hispanic Nonhispanic, other races Marital status & sex of respondent Married Unmarried female Unmarried male Total household annual income ($1997) less than $10, $10,000 to $24, $25,000 to $49, $50,000 to $99, and over Net assets ($1998) less than $99, n.a. n.a. to $249, n.a n.a. $250,000 to $499, n.a. n.a. $500,000 to $999, n.a. n.a. and over n.a. n.a. Received inheritance in past Yes No Expect inheritance in future Yes No C. P. Montalto, Households with High Levels of Net Assets, July 10, 2001 page 6

8 Characteristic Inheritance level Total sample Subsample with net (column percent) Subsample with net (column percents) Percent with net (row percents) Percent with net (row percents) No inheritance Less than $7, $7,500 to $20, $20,500 to $64, $65,000 and over For subsample of households who received inheritance in the past, approx. value at time of receipt: Median inheritance level $20,000 $36,000 $125,000 n.a. n.a. Mean inheritance level $77,710 $109,475 $349,241 n.a. n.a. SOURCE: 1998 Survey of Consumer Finances (SCF98) represents million U.S. households; Subsample with net assets of at least represents 43.3 million U.S. households; Subsample with net assets of at least represents 4.6 million U.S. households; All statistics calculated using the SCF final nonresponse-adjusted sampling weights (X42001) C. P. Montalto, Households with High Levels of Net Assets, July 10, 2001 page 7

9 C. P. Montalto, Households with High Levels of Net Assets, July 10, 2001 page 8 Table 2. Mean and median values of income, net assets, and composition of net assets Variable Total sample Subsample with net assets of at least to $249,999 Subsample with net assets: $250,000 to $499,999 $500,000 to $999,999 At least Total household annual income ($1997) Median $ 33,000 $ 55,000 $ 42,000 $ 58,000 $ 70,000 $ 150,000 Mean $ 52,295 $ 84,336 $ 49,277 $ 69,239 $ 82,389 $ 286,779 Household net assets Median $ 71,700 $ 258,361 $ 156,200 $ 341,200 $ 645,580 $ 1,794,600 Mean $ 282,980 $ 634,740 $ 160,718 $ 350,733 $ 679,013 $ 3,497,894 Inheritance level Median Mean $ 15,757 $ 32,690 $ 10,307 $ 21,216 $ 40,786 $ 155,619 Share of net assets in primary residence (net of mortgage debt) 1 Median Mean Share of net assets in retirement accounts 1 Median Mean Share of net assets in primary residence and/or retirement accounts 1 Median Mean Figures for total sample represent the 91.8 million U.S. households (89.4% of all households) with positive net assets. Approximately 8% of U.S. households have negative net worth and nearly 2.5% of U.S. households report no (zero) net assets. SOURCE: 1998 Survey of Consumer Finances (SCF98) represents million U.S. households; Subsample with net assets of at least represents 43.3 million U.S. households (21.0 million, 12.1 million, 5.5 million, and 4.6 million households in each subsample); All statistics calculated using the SCF final nonresponse-adjusted sampling weights (X42001)

10 Table 3. Components of net assets for subsample of households with net assets of at least Variable Subsample with net assets of at least to $249,999 Subsample with net assets: $250,000 to $499,999 Component as a percent of net assets (mean share) $500,000 to $999,999 At least Financial assets Transaction accounts Certificates of deposit Savings bonds Bonds Stocks (directly held) Mutual funds (excluding MMF) Retirement accounts Cash value of life insurance Other managed assets Other financial assets Nonfinancial assets Vehicles Primary residence (not excluding mortgage debt) Other residential property Equity in nonresidential property Business net equity Other nonfinancial assets Debt Home-secured debt Other residential property Installment loans Other lines of credit Credit card balances Other debt Median net assets $258,361 $156,200 $341,200 $645,580 $1,794,600 Mean net assets $634,740 $160,718 $350,733 $679,013 $3,497,894 NOTE: Financial assets as a percent of net assets + nonfinancial assets as a percent of net assets - debt as a percent of net assets = 100% (small differences are due to rounding). For example, from the data for the subsample with net assets of at least : = SOURCE: 1998 Survey of Consumer Finances (SCF98) represents million U.S. households; Subsample represent 21.0 million, 12.1 million, 5.5 million, and 4.6 million households U.S. households respectively; All statistics calculated using the SCF final nonresponse-adjusted sampling weights (X42001) C. P. Montalto, Households with High Levels of Net Assets, July 10, 2001 page 9

11 Table 4. Median and mean level of net assets by income and age Median level of household net assets Total household annual income ($1997) Age of respondent Total sample less than $10,000 $10,000 to $24,999 $25,000 to $49,999 $50,000 to $99,999 and over less than 35 years $ 9,000 $ 420 $ 3,010 $ 14,560 $ 59,220 $ 191, to 44 years 63,500 1,690 8,360 42, , , to 54 years 105, ,600 76, , , to 64 years 127,900 9,920 61, , ,600 1,187, years and over 137,480 24, , , ,200 1,249,100 Mean level of household net assets Total household annual income ($1997) Age of respondent Total sample less than $10,000 $10,000 to $24,999 $25,000 to $49,999 $50,000 to $99,999 and over less than 35 years $ 66,904 $ 9,983 $ 20,250 $ 33,212 $ 129,655 $ 652, to 44 years 195,499 50,243 31,217 83, , , to 54 years 361,974 36,724 45, , ,838 1,526, to 64 years 532,699 72, , , ,959 2,918, years and over 392,187 66, , , ,194 3,253,963 SOURCE: 1998 Survey of Consumer Finances (SCF98) represents millions U.S. households; All statistics calculated using the SCF final nonresponse-adjusted sampling weights (X42001) C. P. Montalto, Households with High Levels of Net Assets, July 10, 2001 page 10

12 Table 5. Odds-ratios from the logistic regression results of the probability of household net assets above the threshold NOTE: Odds ratios are presented only where estimated coefficients were statistically significant at p<.001. ( n.s. indicates estimated coefficient was not statistically significantly different from zero ) Characteristic Age of respondent (reference category: less than 35 years) Net assets of at least Net assets of at least 35 to 44 years to 54 years to 64 years years and over Education of respondent (reference category: less than high school) High school graduate Some college Bachelor s degree Graduate school Race/ethnicity of respondent (reference category: White nonhispanic) Black nonhispanic Hispanic Nonhispanic, other races n.s. n.s. Marital status & sex of respondent (reference category: married) Unmarried female n.s. Unmarried male Total household annual income ($1997) (reference category: less than $10,000) $10,000 to $24, n.s. $25,000 to $49, n.s. $50,000 to $99, and over Level of inheritance received (reference category: did not receive inheritance in the past) Less than $7,500 n.s $7,500 to $20,499 n.s. n.s. $20,500 to $64, n.s. $65,000 and over Expect inheritance in future n.s. SOURCE: 1998 Survey of Consumer Finances (SCF98) represents million U.S. households; Subsample with net assets of at least represents 43.3 million U.S. households; Subsample with net assets of at least represents 4.6 million U.S. households; Unweighted logisitic regression on the data pooled across the five separate implicates; Percent of cases accurately predicted: 92.6% and 94.9% respectively. C. P. Montalto, Households with High Levels of Net Assets, July 10, 2001 page 11

13 EXPLANATION OF DATA AND VARIABLES Data from the 1998 Survey of Consumer Finances (SCF) are analyzed to describe the level of net assets of American households. Definitions of variables follow the definitions provided by the Federal Reserve Board in the Code Book for the 1998 Survey of Consumer Finances. Financial Assets Transaction accounts - sum of money in checking accounts (other than money market accounts),savings accounts, money market deposit accounts, money market mutual funds, and call accounts at brokerages. CDs - certificates of deposit Savings bonds Bonds (not including bond funds or savings bonds) Stocks (directly held stocks) Mutual funds - total directly held mutual funds, excluding money market mutual funds Retirement accounts - sum of IRA, thrift accounts, and future pensions Thrift-type plans included if 401k, 403b, thrift, savings, SRA, or if participant has option to borrow/withdraw Future pensions refers to benefits accumulated in an account for the individual Life insurance (cash value of whole life insurance) Other managed assets - annuities with equity interest, trusts and managed investment accts with equity interest Other financial assets - includes loans, future proceeds, royalties, futures, non-public stock, deferred compensation, oil/gas/mineral investments, cash n.e.c. Nonfinancial Assets Vehicles - includes automobiles, motorhomes, RVs, airplanes, boats Primary residence Other real estate - includes land contracts, Section E properties, miscellaneous vacation homes, and miscellaneous property Business equity and other nonfinancial assets - for active business, value is net equity if business were sold today Debt Home-secured and other residential property debt, credit card debt, installment loans, lines of credit (excluding HELOCs), pension loans, life insurance loans, margin loans, and other miscellaneous debt. Net assets (Net worth) Sum of financial assets and nonfinancial assets less total debt. C. P. Montalto, Households with High Levels of Net Assets, July 10, 2001 page 12

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