Assessing Asset Data on Low-Income Households - Urban Institute

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<strong>Asset</strong>-based policy has many potential meanings. These include policies to promote the accumulation and preservation of financial wealth, tangible property, human capital, social capital, political participation and influence, cultural capital, and natural resources. While all of these meanings have value, this series of reports focuses on building financial wealth and tangible nonfinancial assets for household social and economic development. The United States and many other countries already have large asset-based policies. In many cases, these operate through the tax and employer-based systems, so that public transfers occur via tax benefits (e.g., home mortgage interest deduction; tax breaks for contributions to a variety of retirement accounts; tax-preferred education accounts and College Savings Plans; and benefits for other emerging policies, such as Medical Savings Accounts). These asset-based policies have grown rapidly in recent years and today represent a significant proportion of overall federal expenditures and tax subsidies. <strong>Asset</strong> Policy for Low-Income Households Low-income individuals and families frequently do not participate in existing asset-based mechanisms. The reasons may be threefold. First, this population is less likely to own homes, investments, or retirement accounts, where most asset-based policies are targeted. Second, with little or no federal income tax liability, the low-income have little or no tax incentives, or other incentives, for asset accumulation. Third, asset limits in means-tested transfer policies have the potential to discourage saving by the low-income population. In many respects, this population does not have access to the same structures and incentives for asset accumulation. The potential of asset building to promote long-term development of low-income households motivates this series of reports. Poor Finances: <strong>Asset</strong>s and Low-Income Households attempts to serve as a central resource that provides a comprehensive assessment and critique of the current and emerging knowledge base regarding asset building for low-income individuals and families. v
The Poor Finances Team Center for Social Development The Urban Institute at Washington University New America Foundation Signe-Mary Mckernan Caroline Ratcliffe Robert Lerman Henry Chen Adam Carasso Eugene Steuerle Elizabeth Bell Michael Sherraden Yunju Nam Sondra G. Beverly Mark R. Rank Mark Schreiner Trina R. Williams Shanks Min Zhan Jin Huang Eunhee Han vi Reid Cramer Ray Boshara
Page 1 and 2: Assessing
Page 3 and 4: Acknowledgments The report has bene
Page 5 and 6: D. Summary of Primary Data<
Page 7: income are not uniform across studi
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
Page 59 and 60:
taken into account when imputing li
Page 61 and 62:
asset holdings and liabilities, and
Page 63 and 64:
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
Page 73 and 74:
3. As of [Last Day of Reference Per
Page 75 and 76:
6) Other 4. Were any of these prope
Page 77 and 78:
3. How much principal is currently
Page 79 and 80:
IRA/Keogh 1. Do [you/you or anyone
Page 81 and 82:
model, year acquired) and how and w
Page 83 and 84:
live with you now and who took $5,0
Page 85 and 86:
2. Do you have Mortgage-backed bond
Page 87 and 88:
Thrift Accounts, 401(k) 1. Are you
Page 89 and 90:
23) Burial lot 8. Is this property
Page 91 and 92:
else? (DO NOT INCLUDE PENSION-TYPE
Page 93 and 94:
14. What is the total amount that y
Page 95:
6. What is the total amount that yo
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Assessing Asset Data on Low-Income Households - Urban Institute

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