Survey Estimates of Wealth - Mathematica Policy Research

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period. With or without adjustment, the timing of the surveys will favor the SIPP wealth estimates over the SCF and will favor the PSID estimates over both the SCF and the SIPP. 1. Net Worth Table II.3 presents estimates of net worth derived from the SIPP, the PSID, and the SCF, and the last two columns express the SIPP estimates as a percentage of, first, the PSID estimate and then the SCF estimate. The top panel includes all of the wealth measured in each of the three surveys while the middle and bottom panels present alternative estimates of non-retirement wealth. The middle panel excludes 401(k), thrift, and defined contribution pension accounts from all three surveys. These components were added to the SIPP and the PSID in 1996 and 1999, respectively. 16 The bottom panel excludes, in addition, the amounts reported for IRA and Keogh accounts. 17 Relative to the SCF, the SIPP captures only 49.5 percent of aggregate net worth, falling short by nearly $15 trillion (out of $29 trillion). As we have seen, our estimates for these two surveys represent approximately the same number of families, so the SIPP estimate of mean net worth is also 49.5 percent of the SCF estimate. The SIPP median, however, is two-thirds of the SCF median, indicating that the SIPP does comparatively better in at least the lower half of the net worth distribution than it does in the aggregate. The SIPP captures 60.0 percent of the PSID estimate of aggregate net worth but a somewhat larger fraction of PSID mean net worth, given 16 The 1996 SIPP panel captured 401(k) and thrift accounts in each annual wealth module, but other pension accounts were identified in a separate module and only once (in wave 7). These other pension assets are not included in the estimates of SIPP wealth presented in this chapter, but we provide estimates of pension wealth from this additional module in Chapter IV. 17 The PSID does not include Keogh plans with IRAs, but it combines IRAs with annuities, which the SIPP does not measure at all and which the SCF includes elsewhere. 24
the marginally greater PSID population estimate. The SIPP estimate of median net worth is 73.9 percent of the PSID median. The PSID median is $17,000 above the SIPP median and about $7,000 below the SCF median. 18 Excluding 401(k) and pension accounts reduces the aggregate dollar gap between the SIPP and the SCF because pension holdings were included in SCF but not SIPP total net worth. But the proportionate reduction in the SIPP aggregate is greater than the reduction in the SCF aggregate, so the SIPP estimate falls slightly as a percentage of the SCF estimate. The SIPP aggregate and the mean also fall as percentages of the corresponding PSID estimates. The SIPP median, which falls by $6,700, remains a third lower than the SCF median but declines a few percentage points relative to the PSID. Excluding IRA and Keogh accounts, which lowers the SIPP median by another $3,600, has little effect on the percentage gap between the SIPP and SCF estimates. But the PSID estimates fall proportionately more than the SIPP and SCF estimates, presumably because annuities are included in the same PSID wealth component as IRAs and, therefore, drop out of non-retirement wealth. 19 2. Assets and Liabilities With the detail captured in the SIPP and the SCF, it is possible to construct separate estimates of total assets and total liabilities. This separation is nearly complete; only the wealth associated with certain financial assets and with an unincorporated business must be counted in 18 The PSID public use file that was available at the time this report was prepared included imputations to all of the items in the wealth supplement. Pension accounts and the value and debt on the home were collected in different modules, however, and were not imputed. If missing, these amounts were treated as zeroes in preparing the estimates for Table II.3 and subsequent tables. The incidence of missing amounts in the PSID is very low, however, so the impact of these missing data is likely to be small. 19 Annuities are captured in the SCF but not the SIPP. 25
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 and 40: weights, which is reasonably close
Page 41: Rates of home ownership are nearly
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
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tax payment if the money is used fo
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From the marginal distribution of a
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suggests greater error in their wav
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statistics on item nonresponse. Whi
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2. Response Brackets One device for
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of the second bracket. The same is
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4. Motor Vehicles One area where th
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The deficiencies in the Census Bure
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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
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the disparity between the surveys w
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Checking/Savings Accounts. Only 77
Page 130 and 131:
V.8, the fully adjusted SIPP distri
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here are only able to reduce the SI
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assets that are concentrated among
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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
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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
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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
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TABLE II.25 CONSTANT DOLLAR GROWTH
Page 182 and 183:
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,
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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
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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
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TABLE VI.1 SIPP 1996 PANEL FILES US
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FIGURE V.1 DISTRIBUTION OF TOTAL RE
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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
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116: IRA AND KEOGH ACCOUNTS 1996 SI
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117: 401(k) AND THRIFT ACCOUNTS 199
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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
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Assets Explicitly Covered 123: ALL
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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
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130: OTHER NON-SIPP ASSETS 1996 SIP
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131: SIPP PENSION ASSETS 1996 SIPP,
Page 280 and 281:
211: MARGIN AND BROKER ACCOUNTS Ass
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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
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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
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A. CODE FOR 1998 SCF *This program
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*[note, this is the value side of t
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IF EHOWNER3 = EPPPNUM THEN DO; MPR1
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* hmowner not in hhld in this month
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MPR100 = MPR110 + MPR120; /* MPR130
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IF ER15222 = 3 AND ER15223 = . THEN
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APPENDIX C EQUATION COEFFICIENTS FO
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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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