Assessing Asset Data on Low-Income Households - Urban Institute

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CONTENTS Introduction to the Series .............................................................................................................iii Why <strong>Asset</strong>s Are Important..................................................................................................... iv Income and <strong>Asset</strong>s in Public Policy....................................................................................... iv <strong>Asset</strong> Policy for Low-Income Households ............................................................................. v Executive Summary ................................................................................................................. ES-1 <strong>Data</strong> Sets Identified and Criteria for Assessment............................................................ ES-1 Primary <strong>Data</strong> Sources for Holdings of Low-Resource Households’ <strong>Asset</strong>s .................. ES-2 Survey of Income and Program Participation................................................................... ES-2 Panel Study of Income Dynamics..................................................................................... ES-2 Survey of Consumer Finances .......................................................................................... ES-3 Means for Improving <strong>Asset</strong> <strong>Data</strong>....................................................................................... ES-3 General Means for Improving <strong>Asset</strong> <strong>Data</strong> ........................................................................ ES-3 Specific Means for Improving <strong>Asset</strong> <strong>Data</strong>........................................................................ ES-4 I. Introduction ................................................................................................................................1 II. Criteria for Evaluating <strong>Asset</strong> Related <strong>Data</strong> Sources ............................................................... 1 A. Relevancy: Whether <strong>Data</strong> Measure <strong>Asset</strong>s and Liabilities .............................................. 2 B. Representativeness: Whether <strong>Data</strong> Are Representative of the Total U.S. Population and the Low-Income Population.............................................................................................. 3 C. Recurrence: Whether <strong>Data</strong> Are Released on a Regular Basis and Collection Is Scheduled to Continue into the Foreseeable Future.............................................................. 4 D. Richness of Correlates: Whether <strong>Data</strong> Include Correlates and Outcomes of Interest to the Research and Policy Community ...................................................................................... 4 E. Summary............................................................................................................................... 5 III. <strong>Data</strong> Sets Identified and Criteria for Assessment .................................................................. 5 A. Relevancy: Whether <strong>Data</strong> Measure <strong>Asset</strong>s and Liabilities .............................................. 7 B. Representativeness: Whether <strong>Data</strong> are Representative of the Total U.S. Population and the Low-Income Population............................................................................................ 13 C. Recurrence: Whether <strong>Data</strong> Are Released on a Regular Basis and Collection Is Scheduled to Continue into the Foreseeable Future............................................................ 14 D. Richness of Correlates: Whether <strong>Data</strong> Set Includes Correlates and Outcomes of Interest to the Research and Policy Community ................................................................. 15 E. Summary............................................................................................................................. 15 IV. Primary <strong>Data</strong> Sources for Holdings of Low-Income Households’ <strong>Asset</strong>s .......................... 20 A. Survey of Income and Program Participation ................................................................ 20 B. Panel Study of Income Dynamics ..................................................................................... 27 C. Survey of Consumer Finances .......................................................................................... 32 i
D. Summary of Primary <strong>Data</strong> Sets........................................................................................ 37 V. Means for Improving <strong>Asset</strong> <strong>Data</strong>............................................................................................ 40 A. General Means for Improving <strong>Asset</strong> <strong>Data</strong>....................................................................... 41 B. Specific Means for Improving <strong>Asset</strong> <strong>Data</strong>........................................................................ 44 Survey of Income and Program Participation....................................................................... 44 Panel Study of Income Dynamics......................................................................................... 45 Survey of Consumer Finances .............................................................................................. 46 VI. Conclusion ............................................................................................................................. 46 VII. References............................................................................................................................. 48 VIII. Appendices .......................................................................................................................... 50 Appendix A: Descriptions of other data sets examined....................................................... 50 Appendix Exhibit A-1: Summary of Secondary and Limited Use <strong>Data</strong> Sets .................... 55 Appendix B: <strong>Asset</strong> and Liability Questions in the Primary <strong>Data</strong> Sets............................... 58 ii
Page 1 and 2: Assessing
Page 3: Acknowledgments The report has bene
Page 7 and 8: income are not uniform across studi
Page 9 and 10: The Poor Finances Team Center for S
Page 11 and 12: Based on these four criteria, we id
Page 13 and 14: • Option 2: Encourage survey resp
Page 15 and 16: I. INTRODUCTION The lack of quality
Page 17 and 18: Ideally, data sets would provide de
Page 19 and 20: 2. Data set provid
Page 21 and 22: We evaluate these 12 data sets agai
Page 23 and 24: Exhibit 3. Asset a
Page 25 and 26: Exhibit 3. Asset a
Page 27 and 28: (U.S. BLS 2005). The two data sets
Page 29 and 30: complete. While the Asset</
Page 31 and 32: Exhibit 4. Correlates Provided by <
Page 33 and 34: Exhibit 4. Correlates Provided by <
Page 35 and 36: Exhibit 5. Summary of Primary <stro
Page 37 and 38: Security system, where this contrib
Page 39 and 40: Topical modules supplement the core
Page 41 and 42: estimates that approximately 25 per
Page 43 and 44: on the value of assets and two ques
Page 45 and 46: ange offered. In general for income
Page 47 and 48: the population. The cases in the li
Page 49 and 50: of the list sample, which oversampl
Page 51 and 52: used to make such estimates. This i
Page 53 and 54: low-income households, average SIPP
Page 55 and 56:
in the interest of enhancing the us
Page 57 and 58:
terms of immigrants, the PSID added
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taken into account when imputing li
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asset holdings and liabilities, and
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Schoeni, Robert F. 1997. “Private
Page 65 and 66:
Assistance for Needy Families (TANF
Page 67 and 68:
mandated product of Home Mortgage D
Page 69 and 70:
Appendix Exhibit A-1. Summary of Se
Page 71 and 72:
Appendix Exhibit A-1. Summary of Se
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3. As of [Last Day of Reference Per
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6) Other 4. Were any of these prope
Page 77 and 78:
3. How much principal is currently
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IRA/Keogh 1. Do [you/you or anyone
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model, year acquired) and how and w
Page 83 and 84:
live with you now and who took $5,0
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2. Do you have Mortgage-backed bond
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Thrift Accounts, 401(k) 1. Are you
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23) Burial lot 8. Is this property
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else? (DO NOT INCLUDE PENSION-TYPE
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14. What is the total amount that y
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6. What is the total amount that yo
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