Family finances in the U.S.: recent evidence from the Survey of Consumer Finances

Using data that have just become available from the 1995 Survey of Consumer Finances along with data from the 1989 and 1992 versions of the survey, this article provides a detailed picture of recent changes in the income, net worth, assets, and liabilities of U.S. families. It also presents information on families' saving, unrealized capital gains, debt payments, and institutional providers of credit. Of the developments the article reports, a few are particularly noteworthy. First, between the 1992 and 1995 surveys, both median family income and median family net worth rose in constant dollars. The former, however, remained below the level measured in 1989, whereas the latter returned to the 1989 level. Second, the percentage of families who owned publicly traded stock and the amount of their holdings expanded greatly over the six-year period. Finally, there was little evidence of a serious rise in debt payment problems between 1992 and 1995, even though both the share of families with debt and the median amount of their debt rose.Consumer behavior ; Saving and investment

Pensions, social security, and the distribution of wealth

This paper uses the Survey of Consumer Finances (SCF) to examine pension coverage, estimate Social Security and pension wealth for U.S. households in 1989 and 1992, and estimate the effects of pension wealth on non-pension net worth. As expected, the SCF data show that including pensions and Social Security in net worth makes the distribution more even. The analysis of the effects of pension wealth on other types of savings indicates that there is a negative effect of defined benefit plan coverage on non-pension net worth. Surprisingly, the effect of defined contribution plans, such as 401(k) plans is insignificant.Pensions ; Social security ; Wealth

Saving and financial planning: some findings from a focus group

This paper summarizes the results of a focus group on saving and financial planning. The group consisted of eight individuals with relatively high income and wealth. The savings behavior of such people is of interest partly due to their large contribution to total personal saving. The participants expressed concerns about how their circumstances will change as they age, and about uncertainties in income and health. While these concerns are consistent with theories emphasizing life-cycle and precautionary motives, the idea that saving involves self-control was also mentioned repeatedly.Saving and investment

Postpartum depression and mother-offspring conflict over maternal investment

Background and objectives: As the mother-offspring relationship is central to human reproduction, postpartum depression symptoms are difficult to explain in evolutionary terms. We proposed that postpartum depression might arise as a result of evolutionary mother-offspring conflict over maternal investment, and investigated the association between postpartum depression symptoms, infant night waking, maternal sleep disturbance and breastfeeding frequency. Methodology: We conducted a cross-sectional analysis using survey responses at 6 months postpartum from 1598 Finnish mothers. We hypothesized that infant night waking at 6 months postpartum would be associated with postpartum depression symptoms, and that this association would be mediated by maternal sleep disturbance and a higher breastfeeding frequency. Results: Infant night waking was moderately associated with postpartum depression symptoms, and this association was mediated by maternal sleep disturbance (R-2=0.09). Contrary to our prediction, we found that increased breastfeeding was associated with less postpartum depression symptoms. Conclusions and implications: We conclude that postpartum depression symptoms might partly be the result of increased maternal fatigue stemming from high offspring demands on maternal investment, but that this is not due to the metabolic strain from increased breastfeeding. Studying postpartum depression from the mother-offspring conflict perspective can potentially improve our understanding of the involved behavioral processes of both mother and offspring, and allow interventions designed to benefit the well-being of both parties. Lay Summary: We proposed that postpartum depression is due to an evolutionary conflict between mother and infant, where the infant tires the mother to delay the arrival of a sibling. We found a link between infant night waking and postpartum depression, mediated by the mother's sleep, but not by breastfeeding frequency.Peer reviewe

Some Findings from a Focus Group

This paper summarizes the results of a focus group on saving and financial planning. The group consisted of eight individuals with relatively high income and wealth. The savings behavior of such people is of interest partly due to their large contribution to total personal saving. The participants expressed concerns about how their circumstances will change as they age, and about uncertainties in income and health. While these concerns are consistent with theories emphasizing life-cycle and precautionary saving, the idea that saving involves self-control was also mentioned repeatedly