Survey Estimates of Wealth - Mathematica Policy Research

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of SIPP married couple families to more closely match the SCF and the PSID. With our revision, the husband is always the family head. For unmarried partners, however, the partner identified as householder by the Census Bureau remains the family head regardless of sex. With this change we would expect the SCF and SIPP families to agree fairly closely on the characteristics of the household head. We would also expect that our restriction of the PSID sample to quasi-householder families resulted in close agreement between the characteristics of the PSID family heads and the SCF and SIPP household heads. These expectations were largely borne out. While the SIPP families have noticeably fewer heads under 30 and more between the ages of 30 and 65, the PSID families match the SCF age distribution very closely. 14 The smaller proportion of young family heads in the SIPP reflects differences in how the two surveys determine headship rather than anything in our creation of SCF-like families. The SIPP and SCF distributions by race and Hispanic origin match fairly closely, but comparable data from the PSID were not available. The SCF and PSID agree closely on the gender of the head while the SIPP has somewhat more female heads—perhaps the result of our not assigning the headship of unmarried couple families to the male in every case. The three surveys diverge markedly with respect to the frequency of families of size one, two, three, and four. The modal family size among SIPP families is one (33.5 percent) but two among the SCF and PSID families (33.0 and 34.1 percent, respectively). The PSID has the fewest families of size one and the most at sizes three and four, which may reflect our method of identifying quasi-householder families when the family circumstances were ambiguous. 14 Among all PSID families, 15.7 percent have a head under age 30, so our selection of quasi-household families did indeed move the age distribution closer to that of both the SCF and the SIPP. 22
Rates of home ownership are nearly identical across the three surveys, but there are important differences in the distribution of income. At the low end, the PSID shows only 10.0 percent of families below poverty compared to 12.5 percent for the SIPP and 14.7 percent for the SCF, but the SCF and the SIPP agree on the proportion of families below 200 percent of poverty while the PSID trails both surveys by several percentage points. At the high end we find more agreement between the SCF and the PSID than between the SIPP and either survey. While 1.6 percent of the SCF families and 1.0 percent of the PSID families have incomes above 2,000 percent of poverty, this is true of only 0.5 percent of the SIPP families. In fact, the SIPP lags behind the SCF in every poverty category above 600 percent while the PSID exceeds the SCF in every category between 200 percent and 2,000 percent. As we will demonstrate, this difference in the relative frequency of high-income families between the SIPP and the other two surveys has important implications for estimates of aggregate and mean wealth. B. OVERALL WEALTH IN LATE 1998 AND EARLY 1999 Using the family concepts described in the preceding section, we compare SIPP estimates of wealth in wave 9 of the 1996 panel with estimates from the 1998 SCF and the 1999 PSID. Because the reference periods of these three surveys are relatively close in time, with the SIPP reference period overlapping the last two months of SCF data collection and the first month of PSID data collection, we elected not to convert the estimates to constant dollars. 15 Inflation was very low between late 1998 and early 1999 and probably less than real growth in wealth over this 15 A rigorous approach would vary the adjustments within each survey, based on each sample family’s actual interview month rather than the average interview month for that survey. 23
Page 1: Contract No.: 0600-01-60121/0440-02
Page 4 and 5: CONTENTS (continued) Chapter Page I
Page 7: ACKNOWLEDGMENTS The authors would l
Page 10 and 11: Wealthy Families. Wealth is highly
Page 12 and 13: Growth in Aggregate Assets. The SIP
Page 14 and 15: SIPP estimate of aggregate or mean
Page 16 and 17: difference between SIPP and SCF est
Page 19 and 20: I. INTRODUCTION The Office of Resea
Page 21 and 22: At the same time, however, evidence
Page 23 and 24: sample included about 4,300 househo
Page 25 and 26: C. ACCOUNTING FOR DIFFERENCES IN SU
Page 27 and 28: either the 1984 SIPP or the PSID. T
Page 29 and 30: II. COMPARATIVE ESTIMATES OF WEALTH
Page 31 and 32: children) or a parent and child who
Page 33 and 34: identification of unmarried partner
Page 35 and 36: to make comparisons with earlier SI
Page 37 and 38: from the March 1997 CPS, and the pe
Page 39: weights, which is reasonably close
Page 43 and 44: the marginally greater PSID populat
Page 45 and 46: 3. The Distribution of Net Worth Ta
Page 47 and 48: families and a little over 84 perce
Page 49 and 50: which members of our expert panel r
Page 51 and 52: and 96 to 105 percent of the aggreg
Page 53 and 54: ut we imposed a floor of zero. This
Page 55 and 56: 3. Liabilities Table II.12 provides
Page 57 and 58: 2. Assets and liabilities not measu
Page 59 and 60: y only one percent, which provides
Page 61 and 62: underreporting of amounts. Conditio
Page 63 and 64: ownership rates across the three su
Page 65 and 66: more slowly than the SCF estimates
Page 67 and 68: What is immediately evident is an a
Page 69 and 70: donors to cases with missing values
Page 71 and 72: SIPP shows 81 percent growth in fin
Page 73 and 74: III. SUBPOPULATIONS Each of SSA’s
Page 75 and 76: differences by gender are smaller t
Page 77 and 78: somewhat more pronounced than in th
Page 79 and 80: Comparisons of SIPP and PSID median
Page 81 and 82: 65.0 percent of the HRS aggregate,
Page 83: exceeds the SIPP median by nearly $
Page 86 and 87: wealth, and, furthermore, the Censu
Page 88 and 89: TANF and other forms of welfare or
Page 90 and 91:
We can use the information containe
Page 92 and 93:
B. COVERAGE AND CONTENT In developi
Page 94 and 95:
We constructed an additional measur
Page 96 and 97:
Table IV.6 summarizes the effects o
Page 98 and 99:
generated under earlier jobs. The w
Page 100 and 101:
Because of the growing importance o
Page 102 and 103:
tax payment if the money is used fo
Page 104 and 105:
From the marginal distribution of a
Page 106 and 107:
suggests greater error in their wav
Page 108 and 109:
statistics on item nonresponse. Whi
Page 110 and 111:
2. Response Brackets One device for
Page 112 and 113:
of the second bracket. The same is
Page 114 and 115:
4. Motor Vehicles One area where th
Page 116 and 117:
The deficiencies in the Census Bure
Page 118 and 119:
A. REWEIGHTING THE SIPP DATABASE As
Page 120 and 121:
levels in the public use version of
Page 122 and 123:
the cash value of life insurance, a
Page 124 and 125:
To adjust for the topcoding in the
Page 126 and 127:
the disparity between the surveys w
Page 128 and 129:
Checking/Savings Accounts. Only 77
Page 130 and 131:
V.8, the fully adjusted SIPP distri
Page 132 and 133:
here are only able to reduce the SI
Page 134 and 135:
assets that are concentrated among
Page 136 and 137:
of this year, and we were able to i
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way to do so is to use a Pareto dis
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insurance as well as annuities and
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The PSID and the HRS have had consi
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imputed values and a change from th
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institutions and in IRA and Keogh a
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REFERENCES Curtin, Richard, F. Thom
Page 151:
TABLES
Page 154 and 155:
TABLE II.1 SIPP ESTIMATES OF THE NE
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TABLE II.3 ESTIMATES OF NET WORTH,
Page 158 and 159:
TABLE II.5 PERCENTILES OF NET WORTH
Page 160 and 161:
TABLE II.6 PERCENTILES OF ASSETS AN
Page 162 and 163:
TABLE II.7 DISTRIBUTION OF NET WORT
Page 164 and 165:
TABLE II.9 CLASSIFICATION OF ASSETS
Page 166 and 167:
TABLE II.11 DECOMPOSITION OF DIFFER
Page 168 and 169:
TABLE II.13 DECOMPOSITION OF DIFFER
Page 170 and 171:
TABLE II.15 AGGREGATE ESTIMATES OF
Page 172 and 173:
TABLE II.17 OWNERSHIP AND CONDITION
Page 174 and 175:
TABLE II.19 CHANGE IN SELECTED PERC
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TABLE II.21 SELECTED PERCENTILE VAL
Page 178 and 179:
TABLE II.23 SELECTED PERCENTILE VAL
Page 180 and 181:
TABLE II.25 CONSTANT DOLLAR GROWTH
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TABLE III.2 DISTRIBUTION OF ASSETS
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TABLE III.4 OPERATIONAL DEFINITIONS
Page 186 and 187:
TABLE III.6 ESTIMATES OF MEAN AND M
Page 188 and 189:
TABLE III.8 ESTIMATES OF NET WORTH,
Page 190 and 191:
TABLE III.10 OWNERSHIP AND CONDITIO
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Table IV.1 Continued Cumulative Rat
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Table IV.2 Continued Ratio of Ratio
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TABLE IV.4 SELECTED PERCENTILES AND
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TABLE IV.6 COMPARISON OF SIPP AND S
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TABLE IV.8 PERCENTAGE DISTRIBUTION
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TABLE IV.10 NET WORTH OF SIPP FAMIL
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TABLE IV.12 COMPARISON OF SIPP AND
Page 206 and 207:
TABLE IV.14 DISTRIBUTION OF FAMILIE
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TABLE IV.16 WEIGHTED CORRELATION BE
Page 210 and 211:
TABLE IV.18 MEAN VALUE OF FIRST THR
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TABLE V.2 MEANS OF INDEPENDENT VARI
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TABLE V.2 (continued) MEANS OF INDE
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TABLE V.4 LEVEL AND DISTRIBUTION OF
Page 218 and 219:
Page 220 and 221:
Page 222 and 223:
TABLE V.10 LEVEL AND DISTRIBUTION O
Page 224 and 225:
TABLE VI.1 SIPP 1996 PANEL FILES US
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FIGURE V.1 DISTRIBUTION OF TOTAL RE
Page 229 and 230:
FIGURE V.3 DISTRIBUTION OF OWN HOUS
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FIGURE V.5 DISTRIBUTION OF CHECKING
Page 233 and 234:
FIGURE V.7 DISTRIBUTION OF MOTOR VE
Page 235 and 236:
FIGURE V.9 DISTRIBUTION OF LIFE INS
Page 237 and 238:
FIGURE V.11 DISTRIBUTION OF OTHER N
Page 239 and 240:
FIGURE V.13 DISTRIBUTION OF TOTAL N
Page 241 and 242:
FIGURE V.15 DISTRIBUTION OF TOTAL A
Page 243 and 244:
FIGURE V.17 DISTRIBUTION OF TOTAL L
Page 245:
APPENDIX A SURVEY QUESTIONS BY ASSE
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Assets Explicitly Covered 1996 SIPP
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Assets Explicitly Covered 1996 SIPP
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113: STOCKS AND MUTUAL FUNDS Assets
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114: US SAVINGS BONDS Assets Explic
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115: OTHER FINANCIAL ASSETS 1996 SI
Page 258 and 259:
116: IRA AND KEOGH ACCOUNTS 1996 SI
Page 260 and 261:
117: 401(k) AND THRIFT ACCOUNTS 199
Page 262 and 263:
118: OTHER, QUASI-LIQUID PENSION AS
Page 264 and 265:
118: OTHER, QUASI-LIQUID PENSION AS
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Assets Explicitly Covered 121: HOME
Page 268 and 269:
Assets Explicitly Covered 123: ALL
Page 270 and 271:
123: ALL OTHER REAL ESTATE Key Vari
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124: MOTOR VEHICLES 1996 SIPP, Wave
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125: BUSINESS EQUITY 1996 SIPP, Wav
Page 276 and 277:
130: OTHER NON-SIPP ASSETS 1996 SIP
Page 278 and 279:
131: SIPP PENSION ASSETS 1996 SIPP,
Page 280 and 281:
211: MARGIN AND BROKER ACCOUNTS Ass
Page 282 and 283:
212: MORTGAGES ON OWN HOME 1996 SIP
Page 284 and 285:
214: PERSONAL BUSINESS DEBT Assets
Page 286 and 287:
215: VEHICLE LOANS 1996 SIPP, Wave
Page 288 and 289:
221: CREDIT CARD OR STORE DEBT Asse
Page 290 and 291:
222: LOANS FROM FINANCIAL INSTITUTI
Page 292 and 293:
223: OTHER UNSECURED LIABILITIES 19
Page 295 and 296:
A. CODE FOR 1998 SCF *This program
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*[note, this is the value side of t
Page 299 and 300:
IF EHOWNER3 = EPPPNUM THEN DO; MPR1
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* hmowner not in hhld in this month
Page 303 and 304:
MPR100 = MPR110 + MPR120; /* MPR130
Page 305 and 306:
IF ER15222 = 3 AND ER15223 = . THEN
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APPENDIX C EQUATION COEFFICIENTS FO
Page 310 and 311:
APPENDIX TABLE C.2 COEFFICIENTS OF
Page 312 and 313:
Page 314 and 315:
APPENDIX TABLE C.5 (continued) COEF
Page 316 and 317:
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