Recent changes to a measure of U.S. household debt service

Changes in levels of aggregate household debt in the United States may contain information about the current state of the nation's economy and may affect its future direction. A commonly used measure of household indebtedness is the household debt service ratio (formerly known as the household debt service burden), published since 1980 by the Board of Governors of the Federal Reserve System. Recent changes in financial markets have prompted a comprehensive revision of this statistic. This article describes the revision and introduces a new measure, the financial obligations ratio, which adds recurring obligations -- rent, auto leases, homeowners' insurance, and property taxes -- to the traditional calculation of the debt service ratio. In total, these revisions change the level of the debt service ratio but do not substantively alter its trajectory over time. The article also presents separate estimates of the financial obligations ratio for homeowners and renters. The ratio for homeowners, which may summarize the effects of the recent refinancing boom on the financial obligations of homeowners, has risen gradually over the past decade; the ratio for renters has risen more steeply. The flat contour of the homeowner ratio in recent quarters suggests that homeowners may have rebalanced their portfolios toward lower-cost mortgage debt during the recent period of economic weakness.Households ; Debt

Are Successive Generations Getting Wealthier, and If So, Why?

This paper examines the wealth of successive birth cohorts in the United States using data from the 1989-2001 Surveys of Consumer Finances. We find that older households (those aged 55-64, 65-74 or 75-84) in 2001 had more wealth than households of similar age in 1989, but that the same was not true of younger households. We also find that changes in standard demographic characteristics (marital status, educational attainment, years in the labor force, and health status) can explain most of the divergent trends across age groups. Given the historically large capital gains that accrued during the 1990s, these results raise some intriguing questions about the nature of saving and wealth accumulation during that decade.wealth, macroeconomics, generations, birth cohorts, capital gains

Are Successive Generations Getting Wealthier, and If So, Why?Evidence from the 1990s

This paper examines the wealth of successive birth cohorts in the United States using data from the 1989-2001 Surveys of Consumer Finances. We find that older households (those aged 55-64, 65-74 or 75-84) in 2001 had more wealth than households of similar age in 1989, but that the same was not true of younger households. We also find that changes in standard demographic characteristics (marital status, educational attainment, years in the labor force, and health status) can explain most of the divergent trends across age groups. Given the historically large capital gains that accrued during the 1990s, these results raise some intriguing questions about the nature of saving and wealth accumulation during that decade

Are Successive Generations Getting Wealthier, and If So, Why?Evidence from the 1990s

This paper examines the wealth of successive birth cohorts in the United States using data from the 1989-2001 Surveys of Consumer Finances. We find that older households (those aged 55-64, 65-74 or 75-84) in 2001 had more wealth than households of similar age in 1989, but that the same was not true of younger households. We also find that changes in standard demographic characteristics (marital status, educational attainment, years in the labor force, and health status) can explain most of the divergent trends across age groups. Given the historically large capital gains that accrued during the 1990s, these results raise some intriguing questions about the nature of saving and wealth accumulation during that decade

Civic Engagement Among Orphans and Non-Orphans in Five Low- and Middle-Income Countries

Background: Communities and nations seeking to foster social responsibility in their youth are interested in understanding factors that predict and promote youth involvement in public activities. Orphans and separated children (OSC) are a vulnerable population whose numbers are increasing, particularly in resource-poor settings. Understanding whether and how OSC are engaged in civic activities is important for community and world leaders who need to provide care for OSC and ensure their involvement in sustainable development. Methods: The Positive Outcomes for Orphans study (POFO) is a multi-country, longitudinal cohort study of OSC randomly sampled from institution-based care and from family-based care, and of non-OSC sampled from the same study regions. Participants represent six sites in five low-and middle-income countries. We examined civic engagement activities and government trust among subjects \u3e =16 years old at 90-month follow-up (approximately 7.5 years after baseline). We calculated prevalences and estimated the association between key demographic variables and prevalence of regular volunteer work using multivariable Poisson regression, with sampling weights to accounting for the complex sampling design. Results: Among the 1,281 POFO participants \u3e =16 who were assessed at 90-month follow-up, 45 % participated in regular community service or volunteer work; two-thirds of those volunteers did so on a strictly voluntary basis. While government trust was fairly high, at approximately 70 % for each level of government, participation in voting was only 15 % among those who were \u3e =18 years old. We did not observe significant associations between demographic characteristics and regular volunteer work, with the exception of large variation by study site. Conclusion: As the world’s leaders grapple with the many competing demands of global health, economic security, and governmental stability, the participation of today’s youth in community and governance is essential for sustainability. This study provides a first step in understanding the degree to which OSC from different care settings across multiple low- and middle-income countries are engaged in their communities

A Comparison of the Wellbeing of Orphans and Abandoned Children Ages 6–12 in Institutional and Community-Based Care Settings in 5 Less Wealthy Nations

Background: Leaders are struggling to care for the estimated 143,000,000 orphans and millions more abandoned children worldwide. Global policy makers are advocating that institution-living orphans and abandoned children (OAC) be moved as quickly as possible to a residential family setting and that institutional care be used as a last resort. This analysis tests the hypothesis that institutional care for OAC aged 6-12 is associated with worse health and wellbeing than community residential care using conservative two-tail tests. Methodology: The Positive Outcomes for Orphans (POFO) study employed two-stage random sampling survey methodology in 6 sites across 5 countries to identify 1,357 institution-living and 1,480 community-living OAC ages 6-12, 658 of whom were double-orphans or abandoned by both biological parents. Survey analytic techniques were used to compare cognitive functioning, emotion, behavior, physical health, and growth. Linear mixed-effects models were used to estimate the proportion of variability in child outcomes attributable to the study site, care setting, and child levels and institutional versus community care settings. Conservative analyses limited the community living children to double-orphans or abandoned children. Principal Findings: Health, emotional and cognitive functioning, and physical growth were no worse for institution-living than community-living OAC, and generally better than for community-living OAC cared for by persons other than a biological parent. Differences between study sites explained 2-23% of the total variability in child outcomes, while differences between care settings within sites explained 8-21%. Differences among children within care settings explained 64-87%. After adjusting for sites, age, and gender, institution vs. community-living explained only 0.3-7% of the variability in child outcomes. Conclusion: This study does not support the hypothesis that institutional care is systematically associated with poorer wellbeing than community care for OAC aged 6-12 in those countries facing the greatest OAC burden. Much greater variability among children within care settings was observed than among care settings type. Methodologically rigorous studies must be conducted in those countries facing the new OAC epidemic in order to understand which characteristics of care promote child wellbeing. Such characteristics may transcend the structural definitions of institutions or family homes

Trauma history and depression predict incomplete adherence to antiretroviral therapies in a low income country.

As antiretroviral therapy (ART) for HIV becomes increasingly available in low and middle income countries (LMICs), understanding reasons for lack of adherence is critical to stemming the tide of infections and improving health. Understanding the effect of psychosocial experiences and mental health symptomatology on ART adherence can help maximize the benefit of expanded ART programs by indicating types of services, which could be offered in combination with HIV care. The Coping with HIV/AIDS in Tanzania (CHAT) study is a longitudinal cohort study in the Kilimanjaro Region that included randomly selected HIV-infected (HIV+) participants from two local hospital-based HIV clinics and four free-standing voluntary HIV counselling and testing sites. Baseline data were collected in 2008 and 2009; this paper used data from 36 month follow-up interviews (N = 468). Regression analyses were used to predict factors associated with incomplete self-reported adherence to ART. INCOMPLETE ART ADHERENCE WAS SIGNIFICANTLY MORE LIKELY TO BE REPORTED AMONGST PARTICIPANTS WHO EXPERIENCED A GREATER NUMBER OF CHILDHOOD TRAUMATIC EVENTS: sexual abuse prior to puberty and the death in childhood of an immediate family member not from suicide or homicide were significantly more likely in the non-adherent group and other negative childhood events trended toward being more likely. Those with incomplete adherence had higher depressive symptom severity and post-traumatic stress disorder (PTSD). In multivariable analyses, childhood trauma, depression, and financial sacrifice remained associated with incomplete adherence.\ud This is the first study to examine the effect of childhood trauma, depression and PTSD on HIV medication adherence in a low income country facing a significant burden of HIV. Allocating spending on HIV/AIDS toward integrating mental health services with HIV care is essential to the creation of systems that enhance medication adherence and maximize the potential of expanded antiretroviral access to improve health and reduce new infections

Civic Engagement Among Orphans and Non-Orphans in Five Low- and Middle-Income Countries

Background: Communities and nations seeking to foster social responsibility in their youth are interested in understanding factors that predict and promote youth involvement in public activities. Orphans and separated children (OSC) are a vulnerable population whose numbers are increasing, particularly in resource-poor settings. Understanding whether and how OSC are engaged in civic activities is important for community and world leaders who need to provide care for OSC and ensure their involvement in sustainable development. Methods: The Positive Outcomes for Orphans study (POFO) is a multi-country, longitudinal cohort study of OSC randomly sampled from institution-based care and from family-based care, and of non-OSC sampled from the same study regions. Participants represent six sites in five low-and middle-income countries. We examined civic engagement activities and government trust among subjects \u3e =16 years old at 90-month follow-up (approximately 7. 5 years after baseline). We calculated prevalences and estimated the association between key demographic variables and prevalence of regular volunteer work using multivariable Poisson regression, with sampling weights to accounting for the complex sampling design. Results: Among the 1,281 POFO participants \u3e =16 who were assessed at 90-month follow-up, 45 % participated in regular community service or volunteer work; two-thirds of those volunteers did so on a strictly voluntary basis. While government trust was fairly high, at approximately 70 % for each level of government, participation in voting was only 15 % among those who were \u3e =18 years old. We did not observe significant associations between demographic characteristics and regular volunteer work, with the exception of large variation by study site. Conclusion: As the world’s leaders grapple with the many competing demands of global health, economic security, and governmental stability, the participation of today’s youth in community and governance is essential for sustainability. This study provides a first step in understanding the degree to which OSC from different care settings across multiple low- and middle-income countries are engaged in their communities