SURVEY

OF

FINANCIAL
CHAR_ACTERISTICS
OF CONSUMERS

BY

Dorothy
Gertrude

S. Projector
S. Weiss

In Collaboration

With

Erling T. Thoresen
Natalie C. Strader
Judith K. Schoenberg

FEDERAL

RESERVE

Development
and maintenance
of statistical
information
regarding
banking
and monetary
developments
are important
parts of the r&arch
program of the Federal Reserve System.
These technical
activities
supply the factual
basis for consideration
of questions
that arise in connection
with policy
determination.
The emphasis of such work is many-sided. Partly,
it reauires
olanninn
methods
of obtaining
needed additional
information
‘about -how our money economy
functions;
and
partly, it entails the review and testing of established
statistical
series to determine
their curreat usefulness
in the light of
changed banking
and monetary conditions.
Technical studies prepared in conjunction
with these activities
are essential
by-products
of research
directed toward under-

Library

of Congress

TECHNICAL

PAPERS

standing
broader phases of economic developments.
Where a
particular
study is likely to be of considerable
interest
to
statistical
workers outside the Federal Reserve System and to
students of banking and money generally, the Board of Governors may authorize
its publication
as a special technical
paper. The views in any published paper are entirely those of
the author and there is no official endorsement
of any of the
opinions
or conclusions
expressed. In preoaring
the study for
publication
the author
takes into account
suggestions
and
criticisms
offered
by other
members
of the staffs of the
Board and of the individual
Reserve Banks but assumes final
responsibility
for the analysis and conclusions
reached.

Catalogue

Number

6661695

Price: $1.00 a copy; in quantities
of 10 or more
sent to one address, 85 cents each. Copies may be
obtaIned
from Publications
Services,
Division
of
Administrative
Services, Board of Governors
of the
Federal Reserve System, Washington,
D.C., 20551,
and remittance
should be made payable to the
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of the Federal
Reserve System in a form collectible
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U.S. currency. (Stamps and coupons not accepted)
PUBLISHED

IN AUGUST

.

1966

Preface
For many years sample surveys of consumer wealth and saving have provided valuable information about the distribution of
wealth in our economy and about the factors influencing consumer saving behavior.
At the same time the shortcomings of survey data have been widely recognized. Suggestions for improving consumer financial
data obtained through surveys have centered
around two problems: (1) the appropriate
sample design to measure economic magnitudes as highly concentrated as wealth and
financial assets and (2) methods of collecting data designed to maximize accuracy
of response.
In the mid-1950’s a committee on saving
statistics established by the Board of Governors of the Federal Reserve System at the
request of the Joint Committee on the Economic Report made many recommendations
for improving cross-section saving data. In
early 1960 the Board’s staff began a program to implement two important recommendations of the committee. First, the
Board contracted with the Bureau of the
Census to design a sample that would include a large number of relatively wealthy

consumer units and at the same time be
representative of all units in the United
States. And secondly, a number of pilot surveys were made to determine whether or not
wealthy consumers would cooperate in such
an undertaking, assuming that an appropriate sample design could be developed.
The first pilot survey, carried out in the
spring of 1960, used questionnaire forms
developed jointly by the Boards staff and
the staff of the Survey Research Center of
the University of Michigan. Enumeration
was carried out by the Center’s staff. That
survey suggested various improvements in
questionnaire design and field procedures
that were incorporated in a second pilot survey conducted in the fall of 1960 by the
Census Bureau.
The results of the pilot surveys were sufficiently encouraging that the Board authorized the Survey of Financial Characteristics
of Consumers. The Survey was conducted
in the spring of 1963 by using Census interviewers and the special sample design
developed by the Census Bureau. The Survey covered in great detail the assets and
debts of consumers as of December 31,

1962, and the income that they had received during 1962.
Respondents were interviewed again in
the spring of 1964 to obtain data on their
saving during 1963. The wealth data presented in this report incorporate corrections
that respondents made when they were reinterviewed for the saving survey. The saving data from the Survey of Changes in
Family Finances will be presented in a separate report.
The first stage of data processing was
undertaken by the Census Bureau. The Consumer Credit and Finances Section of the
Board’s Division of Research and Statistics
in collaboration with the Division of Data
Processing completed the processing and
tabulation of the data.
The basic results of the Survey are pre-

sented in tables of detailed data on asset
holdings by various groupings of consumer
units. As a result of the special sample design, it is possible to present data not heretofore available on the composition of wealth
of consumer units in upper-income and
upper-wealth classes and on holdings of certain types of financial assets.
The Board wishes to express its appreciation to respondents
throughout
the
country who supplied the detailed information asked for in the Survey questionnaires,
both in 1963 and in 1964. The Board also
wishes to acknowledge the contribution of
the Census Bureau. It is hoped that the detailed data on consumer financial characteristics available in this report will
contribute to greater understanding
of
consumer behavior.

Acknowledgments
This report is a group product. Erling T.
Thoresen. Natalie C. Strader, and Judith K.
Schoenberg
each made contributions
at
every stage of the processing and analysis.
Mr. Thoresen supervised estimation of the
regressions and of the standard errors presented in the report and prepared the material on comparison of aggregates from the
Surv,ey with institutional
aggregates. With
Mrs. Strader, he was responsible for the
transformation
of the basic data tape into a
tape with the variables necessary for the
analysis. Mrs. Strader supervised the preparation of the basic tables, Tables A 1-A 43,
and made many valuable suggestions on the
organization and presentation of the report.
Miss Schoenberg, who is primarily responsible for the processing of the saving data,
supervised the revision of the wealth tape to
incorporate corrections from the saving survey. She also prepared two sections of the
Technical Note--“Definitions”
and “Collec-

tion and Processing
of Data.” Penelope
Johnson and Kathryn Ridgway prepared the
extensive tabular material.
Several staff members of the Division of
Data Processing made contributions
to the
processing.
In particular,
Daviette Stansbury wrote an extremely versatile tabulating
program and several comprehensive
computer edit programs. Louis Zeller vvas also
responsible for several programs necessary
to produce the final tabulating tape.
At the Census Bureau the Statistical
AMethods Division was responsible for the
design and selection of the sample and the
Population Division for the data collection
and processing.
The authors wish to express special appreciation to Professor Dorothy S. Brady of
the University of Pennsylvania for guidance
in the asset preference analysis and for helpful suggestions in many other aspects of
the work.

Dorothy S. Projector
Gertrude S. Weiss

Contents

3

9

10

15
15

Own home
Automobile
Liquid assets
Business and profession
Investment assets
Miscellaneous
assets
Debt

19

C:I~r;si::r:~r

Preferences

XI
24

Composition
Composition

of wealth
of portfolio

29

Differences

11

12
13
14

4

3

i~Iiii~.:2!k)n I!;. I\‘kl.i!th ,~nti Dt)l,t .Irn~in~<
i;:(,ome ,lnd .-\qe Grollps

for

I Ioldin?

Groups
in Distribution
Composition
of Lt’ealth
,\mona

and

Different

29
30
31
32
32
33
33
36
37

Age-of-head
groups
Head under 35 years of age
Head aged 35-54
Head aged 55-64
Head aged 65 and over
Employment
status of head
Self-employed and employed by others
Retired
Units grouped by poverty income status

43

Technical

63

Questionnaire

79

Tables

and

93

Basic

Tables

Note
Form
Notes

for Section

4

.issets

Tables and Charts
7
13

1.
7
_.

7

17
‘I

1.

23
25

5.
6.

26
30

7.
8.

32

9.

33

LO

35

11.

36

12.

39

13.

40

I 14.

2.

Tvlultiple linear rcgrcssion of total \vealth ( in lo~aritl~ins 1 on
income. age. enlploy nlent status. ,~nd inheritance status
Percentage distribution of v\eaI’th ;\nlon~ a;e groups. Dccember 31. 1962
Personal debt in relation to liquid assets. Dwenlbcr
3 I. I962
Shrs of \+ealth in ~pecitird form b) sire of \\c;rlth. December
31, 1962
Ranking of elasticities of wealth components
Share of portfolio in specitied form by size of portfolio, December 31, 1962
Rankins of elasticities of portfolio components
Measures of distribution of ueulth for age and employment
status groups, December 3 1. 1962
Differences
in composition
of wealth among age groups,
December 3 I, 1962
Differences in composition
of portfolio among age groups,
December 3 1, 1962
Share of portfolio in specified form. two employment
status
groups, December 3 1, 1962
Percentage of units owning specified form of portfolio, two
employment status groups, December 3 1, 1962
Share of wealth in specified form, poverty income status
groups, December 3 1, 1962
Assets in relation to income deficiency for units with income
below poverty level 1, December 3 1, 1962

Charts
6

1.

10

2.

Distribution of consumer units by amount of wealth, December 31, 1962
Income diffusion of wealth and debt-and
of the components
of wealth and debt

I

1

Introduction
included about 50 units with wealth of
5 100.000 or more if uniform sampling
rates had been used, and very few of these

This report presents data on the size and
composition of wealth of the civilian noninstitutional
population
of the United
States on December 3 1, 1962.’ The analyses deal with the determinants of size of
wealth, the components of wealth and debt
and their diffusion throughout the population, the changes in composition of wealth
as wealth increases, and the variation in
patterns of ownership among consumer
units of differing characteristics.
The Survey differed markedly from other
consumer surveys as to sample design in
that segments of the population expected
to have sizable amounts of wealth were
sampled at much higher rates than the
remaining population. The importance of
such differential sampling rates is illustrated
as follows: the total of 2,557 consumer
units covered in the Survey would have

would have had as much as $500,000.
Actually, interviews were completed
with
532 units with wealth of $100,000
or

more, and 245 of these had 9500,000 or
more in wealth. As a result, the Survey
supplies data not hitherto available about
the size and composition of wealth of the
upper income and wealth groups.
The Survey data, appropriately weighted,
provide wealth estimates for the civilian
noninstitutional population of the United
States and for groups within the population. In Basic Tables A 1 through A 43,
data are presented for consumer units classified by income, level of wealth, age, and employment status of head. The number of
consumer units interviewed in each group
is shown in Table A 35. For some groups
the number of cases is small, but the data
are shown so that they will be available for
additional analyses. The distribution of the
Survey population, which is shown in Table
A 36, provides the weights for combining
groups.
The consumer units of this Survey are

1 A brief report. published in the Federal Reserve Bullrrin
for March 1964, pp. 285-93. presented some highlights from
the Survey based on preliminary data that had not been subjected to statistical review. The review has now been completed, and corrections that WXI? supplied by respondents interviewed a@n in the spring of 1964 for the Survey of
Changes in Family Finances have been incorporated in the
data. The tables in this report supersede those published in
March 1964.
The preliminary data were also used in Dorothy S. Projector, “Consumer Asset Preferences.” The American Economic
Review,
May
1965. pp. 227-51. Section 4 of this report Prcsents revised and expanded data on this subject.

1

L

the total of families ;md unrelated
individuals JS defined by the Census Bureau.
Each group of two or more pmons related
bq’ blood. marriage,
or adoption. and rcsiding together, as well as each individual
not living uith relatives, is counted as a
consumer unit.
As in all sample surLeys, the data are

subject to errors arising from the fact that
they were obtained from a sample rather
than from the total population, From the
refusal of some who ivere drawn in the
sample to take part in the Survey, and From
errors of response. Comparisons of aggregates that are based on survey means with
aggregates from institutional sources have
often been cited-as evidence of response
bias in survey estimates. Such comparisons
must, of course, be interpreted carefully.
Even a finding that survey and institutional
aggregates agree does not imply absence of
error.
Comparison of aggregates based on this
Survey with those from institutional sources
as presented in the Federal Reserve flow of
funds accounts indicates that the underreporting of liquid assets and instalment
debt that has characterized other financial
surveys is also a problem in this Survey.
For the various types of marketable securities comparison of the aggregates is less
conclusive with respect to response bias. It
is possible that the combination of sample
design, detailed questions on stock and
other securities, and the valuation method
resulted in estimates of greater reliability
and with less bias than in past surveys. For
a discussion of the sample design and
evaluation of the data, readers are referred
to the Technical Note on pages 45-62.
The definition of wealth used in this
Survey is the broadest that seemed possible
within the limits of the knowledge people

hJ\i‘ or LIre \\illin; to ~~btL\lfl .lbc~ut :llCir
ilolding~ xnd of the t?ur&n tlxit Lt)~~IJbc
~IJOXI on respondents.
The ~~\c‘t\ .IIIJ
Jcbts coiered in the’ Sur\ey \\erc’ ;rc~upcd
into siu ni;ljor colllponcnts of \\calth. \\ I11cl1
;1rr: distinguished
III the .lnal><is: IN~IHC‘\.
automobiles.
bu\inesw
or profc’~~iow.
2nd aaririgs
liquid 255ets f checking
.lCcounts and U.S. \L~~ings bonds ). in\c\tlllcnt
assets (mainly marketable
\ccuritics.
investment real estate. and mortgages ). LInd
a miscellaneous group consisting Inrgclv of
assets held in personal trusts. .\\\c‘th \\crc
valued, For the most part. ;lt market ~~lluc.

The extent to kvhich this rule \I;IS not
feasible for some assets and the problems
encountered, as well as the definition of
assets and debts, are discussed in the
Technical Note.
An effort to obtain information about
equity in life insurance, annuities, and
retirement funds resulted in such unsatisfactory data that they were omitted from
the wealth totals. Many participants could
not make even approximate estimates.
Moreover, review of the data that Lvere
supplied, and especially comparison of
values reported in the first and follow-up
Surveys, showed that estimates given were
less reliable for these assets than for other
forms of wealth. The limited information
available is presented in Table A 3 1.
A listing of other items that students of
wealth might wish to have included suggests how great the burden of supplying
value estimates would have been, especially
for respondents in ‘the upper wealth groups.
Some of these items are: household equipment, furniture, clothing, boats, sports
equipment, jewelry, collections of art,
coins, stamps, and the like.
The definition of wealth used in the
Survey is an equity concept, in that debts

secured by assets included in the wealth
estimate were deducted from the values of
the assets. Three-quarters
of the debt thus
deducted represented mortgages on owned
homes. Debts secured by automobiles, marand investment
real
ketable
securities,
also were deducted
where
they
estate
occurred, but the aggregate amounts were
much smaller than for home mortgages.
The values for businesses and professions
are equities, but debts of businesses are not
included in the concept of debt of consumers used in this report. The remaining
types of Lvealth-liquid
assets and miscellaneous assets-did
not serve as security
for debt.
The value of assets covered
in this
Survey, minus the debts secured by these
provide an
assets, when added together
estimate of total ivealth for each consumer
unit. Among units, 10 in 100 had either no
equity in any of the assets covered in the
Survey or negative equities,’ and 16 in 100
had equities ranging from $1 to 5999. The
chart on page 6 summarizes the distribution of consumer units by the amount of

their wealth. For example. usin: the Lc‘rtical scale at the left. 26 per cent hL~cl\\~:tlth
of less than $1,000: using the \c:~lc at the’
right. 7-I per cent had $1.000 or more in
wealth. The median or midpoint in the:
uealth-distribution
was $6.72 1.
Many consumers o\ved debts other than
those secured by the assets that make up
the wealth total for the Sur\c>,. For a
measure of each consumer unit’s net \\orth.
these unsecured debts were deduckd
from
the wealth estimate.
Examples of unsecured debts coLtred t-11
the Survey are instalment debt for goods
other than automobiles,
home repair and
modernization
loans, debt on Iit’c insurance.
revolving
credit accounts,
and personal
noninstalment
debt. Debt of this sort,
though small in comparison
\\ith home
mortgage debt and with total ~4th.
was
reported fairly often. Instnlmcnt debt for
purchases
other
than
automobiles.
for
example, was owed by -I in JO units.
Because of the unsecured debts of a fe\\
units with littIe or no wealth. the distribution of consumer units by their net \\orth
shows more in a negative position than
does the distribution by the amount of their
wealth (see Tables A 1 and A 2 ). Otherwise, conclusions drawn from distributions
by net worth and by wealth arc ~cnerall}
the same.

2

Determinants of
Size of Wealth
age is more complicated, and the inclusion
or exclusion of consumer durable goods
makes a considerable difference in the relation. Nevertheless,
empirical
work has
found the highest rates of saving-that
is,
p’roportions of income saved-among
consumer units in the middle of the age range
and a tendency toward lower rates as consumer units become older and draw down
their reserves.
The size of wealth reflects not only the
total amount of past accumulation
but also
the form in which saving was invested. For
consumer units who over their lifetime had
placed their entire savings in liquid assets,
for example, wealth on December 3 1, 1962,
was simply the sum of their past accumulation. For consumer units who had placed a
substantial portion of their current saving in,
say, corporate stock, wealth on December
3 1, 1962, might have varied considerably
from the sum of past saving because corporate stock was valued at market prices
prevailing on December 3 1. 1962.
Because of the relation between wealth
and past saving- both size and composition-factors
such as income history, age
of the head, and composition of past saving

As may be seen from Chart 1 on page 6,
variation among consumer units in the size
of their wealth is large. For most consumer
units the amount of wealth owned at any
point in time is the result of the size and
composition
of past saving. Only 1 in 20
units in the Survey reported that an inheritance accounted for a substantial portion of
its present wealth. Thus the factors affecting the size of saving are relevant in a study
of differences in size of wealth.
Available
studies show that the most
important
factors explaining
the size of
current saving are income and age.’ While
there are different formulations of the relation between size of saving and size of
income and much controversy
as to the
interpretation
of the relation, all empirical
work has found that consumer units with
larger-than-average
current
incomes also
have larger-than-average
amounts of current saving, and vice versa. That is to say,
current
saving and current
income are
positively correlated.
The relation between current saving and

5

6

CHART

( ()\-I

1 Distribution

of Consumer

Units by Amount

111 it

of Wealth,

I-I\

\\(

December

I \I

(

II \I<

\(

I I RI\I

1(‘s;

I,1962

a0

AMOUNT

OF WEALTII

111 THOUSAnoS

of the consumer unit would be important
in explaining
differences
in the size of
wealth. The Survey provides information
on age of head and on current income. The
latter variable might be viewed as a proxy
for past income on the assumption that one
might expect those with larger-than-average
current incomes to have had larger-thanaverage past incomes.
That there is a strong positive relation
between size of wealth and size of current
income may be seen in Table A 8. Average
wealth is estimated to be about $7,600 for
consumer
units with incomes less than
$3,000 and is larger for each successive
income level, reaching well over $1 ,OOO,OOO
for those with incomes of $100,000
and
over. The relation between wealth and age
is also positive for units with head less
than 65 years of age. The wealth of young

Of OOLLARS

units-head
under 35-for
example, was
about $6,300 on the average, while that for
units in the 55 to 64 age group was more
than five times that amount.
For units
headed by persons 65 and over, the average
wealth of about $3 1,000 was smaller than
the average for the 55 to 64 age group, but
was still substantially larger than the average of $21,000 for all units.
Table A 8 also shows the relation between wealth and income within broad age
and within
employment
status
groups
groups. A strong positive relation between
wealth and income may be seen in each
age group and in each employment group.
The use of employment
status in an explanation
of size of wealth may seem
somewhat tautological
because most selfemployed units have business wealth. The
basic argument
is that the concept
of

wealth used in the Survey has probadly
resulted
in differences
between
self-employed units and other units that would not
exist if a more comprehensive
measure had
been possible. For example, many ralaried
persons have rights in retirement
plans,
which have not been included
in total
wealth.
A multiple
regression
was used to
examine the relation between wealth and a
group of variables consisting of income,
age, employment
status, and inheritance
status. The R’ statistic from the multiple
regression is widely used as a summary
measure of the success of the group of
factors in accounting for differences in the
dependent
variable-in
this case, wealth.
The function used to describe the relation between wealth and income is of the
form
Ic=alJh
Examination
of graphs of group meansmean wealth plotted against mean income
for each of the age and the employment
groups shown in Table A 8-suggested
that
this function would describe the relation
reasonably well. To express the relation between age and wealth, dummy variables,
which have the value one if the respondent
has a particular attribute and zero otherwise, were introduced into the multiple restatus variable
gression. The employment
required both a dummy variable to express
the fact that at most income levels the
wealth of the self-employed was greater than
that of the salaried group and an interaction
term to express the fact that the relation between wealth and income differed among
employment status groups. Interaction terms
for the age groups did not seem to be necessary. This was confirmed by the fact that,
when they were introduced into the multiple

regression, they were found to have quite
large standard errors.
The results of the multiple regression
are shown in Table 1.’ The combination of
TABLE

1

,~IJLT(PLE

LINEAR
REGRESSION
OF TOTAL
WEALTH
(IN LOGARITHMS)
ON INCOME,
i',GE,
EMPLOYMENT
STATUS, .AND INHERITANCE
STATUS

RegreSSiOn
coefiicient

Independent

variable
Constant

term

I”come
yl= logarithm
Age of head
jr= I if 35
y,= I if 45
y,= I if 55
ye= I If 65

Standard
error
ot- coeffiaent

-J.S9
of income

- 44; 0 otherwise
- 54; 0 otherwise
- 64; 0 otherwise
and over; 0 otherwise

Employment status of head1
y(= 1 if self-employed; 0 othervase
yr= I of other; 0 otherwise
Inheritance status
ys=I if mheritor;

0 otherwise

Interaction between ~“come and
employment status 1
yp=logarrthm of income
If self-employed;
0 othcrwse
ylo= logarithm of income
if other; 0 otherwise

1.74

.07

.J5
.4a
.74
1.07

.06
.06
.07
.08

4.44
2.49

.54
.JiJ

.50

.06

-.97

.I4

-.75

.I1

Rz= .Js

“.a. Not available.
1 The employment status group whose coefficients arc omltted
consists of umts wth head employed by others.
The group deslg“ated ar “other” CO”S~SUof umts with head retired, units uith head
under 65 reporting no work experience dung
1962. and umts whose
occupatmn war not ascertamed.

income, age, employment,
and inheritance
status account for 38 per cent of the variability in the size of wealth (the logarithms
of wealth), as shown by the R* statistic in
the table. All of the coefficients are many
i The regression
is weighted and the standard
errors have
been computed
in accordance
with the model described
by
L. R. Klein, Economewicr
(Evanston.
III.: Row. Peterson and
Co., 1956). p. 308. The estimarion
procedure
does not take
into account the sample design so that the sampling
errors
of the regression coefficients should be viewed as rough approximations of the true standard errors.
Cases with negative wealth and negative income have been
omitted from the regression.
Cases with zero wealth were consadered to have $1 of wealth-that
is. the logarithms
of wealth
for these cases entered the regression
as zero. To avoid proltferation
of dummy
variables.
self-employed
farmers
have
bee” Included with noofarm self-employed
and farm laborers
with the nonfarm
salaried
group.
Hence. the employment
groups of the regression differ from those shown in Table A 8.
because the groups shown in that table are confined to nonfarm
units.

3

Diffusion of Wealth and Debt
Among
Income and Age Groups

A major difference
among the several
forms of consumer
\\ealth-own
homes,
automobiles,
businesses.
and the various
kinds of liquid and investment assets-is
the extent to which ownership is general
throughout
the population.
Some, such as
liquid assets. homes. and automobiles,
are
owned by well over half of all consumer
units, whereas others, such as publicly
traded stock, investment
real estate, and
equities in businesses and professions, are
owned by fewer than one-fifth. An asset
such as a checking account. which is owned
by 59 per cent of consumer units, is usually
also widely held in each income and age
group; for example, ownership ranges from
34 per cent in the lowest income class to
99 per cent in the top income class. Conversely, for an asset such as stock, which is
owned by 16 per cent of all units, ownership varies more widely by income groups,
from 7 per cent at the louer end of the
income range to 97 per cent at the top
(Tables A 8 and A 10).
The charts on page IO and 11 present
measures of the diffusion of wealth, debt,
and their components that combine the fre-

quency with the value of each asset or
debt. The measure is the share of the aggregate value of each asset or debt held by
each segment of the income distribution.”
The diffusion of total wealth and total debt
is shown on page 10 and of the components of wealth and debt on page 11. In
these charts, the lines least bent to the
right-for
example, home ownership equity
-represent
those assets that are most widely
diffused among income groups. The lines
most bent to the right-for
example, marketable securities other than stock-represent the assets with ownership least widely
diffused among income groups. In general,
those assets that are most widely held in
the population also tend to show the widest
diffusion by this measure.
These charts permit comparisons among
various kinds of assets and debts as to
their diffusion,
but not comparisons
of
“For these charts consumer units have been arrayed by inthan by holdings of each asset type, as m the usual
form of the Lorenz curve. Such curves have been described as
“hybrid Lorenz curves” by Hainsworth.
See G. B. Hainsworth.
“The Lorenz Curve 3s a General Tool of Economic Analysis.”
The Ecmonric
Record. Melbourne,
Australia:
Melbourne
University Press. September
1964, pp. 426-41.
Also see M. 0. Lorcnz. “Methods
of Measuring
the Concentration
of Wealth,”
Quarterly Ptrblicorion of rhe Atm~rican
Srorirricol Association,
June 1905.

come.rather

9

their
total
their
total
total

\iLc. For ~\~nlplc. t~~tal \\calth and
Jcbt :lri‘. in t7ro;tJ tc’rnl\. ~iilliI.1r ;I\ to
ditfu\ion o\i‘r the inii~lii~ r,~n;c‘. but
\\Calth i\ at Ic’d4t tiw t11iit3 ;14 I,I~~c ;15
debt. Similarly, publicly tradd
stock
and
other rnarhctablc vxuritia
JI’C
tntlcll
.Ilihz ;I\ to their income Jilfu\ion. but tcltal
quit)
in btock. \ ‘4
larger than quit4
I much
in other marhctablt: wcurities. III thi\ W.Ition each type of asset and debt that ~nahre\
up the estimate of Lvealth is di\cus\ed
in
terms of both its relative importance as ;I
share of total \ttxilth and its ditfusion
throughout
income and age groups in the
population.

C H ART 2 Income Diffusion

-

60

-

60

-

10

-

20

/
/

/

PER

For the population
as a whole, equity in
owned homes accounts for a larger share of
total wealth than any other asset covered
by the Survey. Of total ivealth. 27 per cent
was owners’ equity in their homes (see page
2 1). Equity in owned homes was reported
by 57 per cent of at1 consumer units, These
equities represent the owners’ estimates of
the market value of their homes at the end
of 1962, minus the amounts of mortgage
debt then owed. Included in these reports
were values’ and mortgages
for vacation
homes as well as for principal residences.
Mortgage
debt was reported
by 33 per
cent of at1 consumer units (Table A 14).
Or to put it another way, 57 per cent of all
consumer
units had equities
in owned
homes and 42 per cent of these owned
homes free of mortgage debt.
Home ownership
was widely diffused
throughout
the population,
measured both
by the proportion
having some investment
and by the diffusion of this investment
among income groups. For example, the

of Wealth and Debt - and of

CENT

OF

CONSUMER

UNITS

ARRIVE0

BV

INCOME

30 per cent of the population of consumer
units with the lowest incomes held 17 per
cent of the total home ownership equity
compared with 12 per cent of total wealth.
This diffusion is explained in part by the
relatively high home ownership rates in the
lower income brackets.
The diffusion of mortgage debt among
income groups also explains why the lower
income groups hold a larger share of aggregate home ownership
equity than of
most other forms of wealth. Such mortgage
debt is comparatively
infrequent
in the
lower income groups, with 40 per cent of
the units with incomes below $3,000 owning homes but 10 per cent owing mortgage
debt. As a result, the 30 per cent of the
units with the lowest incomes owed 5 per
cent of total mortgage debt.
Differences in the age composition of income groups contribute to the diffusion of
home ownership equity throughout the income scale. The relatively high ownership
rates and especially the low incidence of

the Components

of Wealth and Debt

mortgage debt at the lower end of the income distribution
are the result of the
concentration
of older
consumer
units

there. Older units are very likely to own.
homes and especially to own them free of
debt, even in the low-income brackets.

Of the total population covered in the Survey, 73 per cent owned one or more automobiles and 27 per cent reported
automobile
debt.
In spite
of widespread
ownership,
the value of equity in automobiles-that
is, market value less automobile debt-amounted
to very little compared with the other forms of wealth. Of

the total wealth reported, 3 per cent was
equity in automobiles. Only in the groups
with small amounts of wealth would the
estimate of total wealth have been much
affected if automobiles had been omitted.
Wealth in the form of equity in automobiles is more widely diffused along the
income distribution than are many forms of

TABLE 2
PERCENT.AGE DISTRIBUTION OF WEALTH AMONG AGE GROUPS, DECEMBER 3 1, I 961
Business,
Age of head of
consumer unit

All umts.

.. .

Under 35.. . . .
.
35-Gt.................
45-54.................
55-64.................
65 and over. . . . . .

Note.-Data

Total
wealth

100

1

Own
home

Auto~ mobile

I
Liquid
3ssets

100

loo

100

100

1;
27
26
‘3

15
23
29
‘I
IO

4
20
28
30
18

15
20
28
35

7
:?
2s
28

profession
’ (farm and /
nonfarm)

i
,
I

Investment
assets

LllscelIaneous
~ assets

I
100

100

3

40
28

f

S

31
39

;;_
1

from Table A 16. Details may not add to totals because of rounding.

wealth, but less so than home ownership
equities. The wide diffusion results from
high frequency of automobile ownership in
all income groups and from the fact that
amounts invested show less increase along
the income scale than do most other forms
of wealth. The difference in diffusion between home ownership
and automobile
equities is seen most particularly
in the
lower part of the income scale and is explained by the large proportion
of units
with older heads in the lower income groups.
Consumer units with heads 65 years of age
and over are much less likely than other age
groups to own automobiles, and ownership
rates are especially low among older units in
the lowest income brackets.
LIQUID
Holdings of liquid assets are almost as
widely diffused throughout
the population
as are home ownership equities; the 30
per cent of the population with the lowest
incomes held 16 per cent of the liquid
assets and 17 per cent of the home ownership equity. The proportion
of consumer
units having liquid assets was larger than
the proportion owning homes. Liquid asset

Automobiles
are characteristically
the
investment of young people. More than 8
out of 10 of the units with heads under 35
years of age owned them; and among
young units with little wealth, automobiles
accounted for a substantial share of what
they had. With ownership rates among the
young so much higher than among the old,
the share of aggregate automobile equity in
the hands of the young was greater than for
other
assets,
except
the miscellaneous
group. For example, the 22 per cent of the
consumer units whose heads were under 35
held 15 per cent of the aggregate automobile
equity whereas they held only 7 per cent
of the total wealth covered by the Survey
(see Tables 2 and A 36).
.GSETS
holdings, however, were frequently small;
30 per cent had some liquid assets but less
than $500, 12 per cent had at least $500
but less than $1,000, 10 per cent had at
least $1,000 but less than $2,000, and 25
per cent had $2,000 or more (Table A 4).
Thus, despite widespread ownership, liquid
assets accounted for only 13 per cent of the
total wealth covered in the Survey-less

than the share in equities in owned homes,
in investment assets, or in business.
Liquid assets of one kind or another are
so generally held that only in the lowest
income group is there an appreciable proportion reporting none of the kinds of
liquid assets covered. At income levels
above $7,500 nearly all consumer units
reported holdings of liquid assets. However, a decreasing proportion of wealth is
held in liquid form as income increases.
For example, in the lowest income group,
$1 of every $5 of wealth was in liquid form;
toward the middle of the income range, $1
of every $7; and at the upper end of the income range, $1 of every $30.
Liquid asset holdings are especially concentrated in the older age groups. Those 65
and older, comprising 19 per cent of all
consumer units, owned 35 per cent of total
liquid assets, compared with 28 per cent of
total wealth. This concentration
reflects
B~S1SE.S.S .\SD
Equities in family owned and operated businesses, professional practices, and farms
accounted for 18 per cent of the total wealth
covered by the Survey. Of all consumer
units, 17 per cent had some such asset.
Respondents were asked to value their
businesses on two bases-book
and market. For the estimate of wealth the book
value was generally used, with market
value substituted when book value was not
reported. For partnerships and incorporated businesses the share owned by the
unit was ascertained and applied to the estimate of total business equity to derive the
unit’s share. A key question for partnerships
and closely held corporations was whether a
member of the consumer unit was active in
the management of the business. The data

differences in size of holdings and not in
frequency of ownership, which varied little
among age groups.
About two-thirds of all liquid asset holdings were in savings accounts, with the remainder - divided about equally between
checking accounts and U.S. savings bonds.
Checking accounts were reported by 59
per cent of all consumer units, savings accounts by 59 per cent, and U.S. savings
bonds by 28 per cent (Table A 10).
Funds in checking accounts were more
concentrated in the upper income brackets
than were deposits in savings accounts or
wealth in the form of U.S. savings bonds.
Most units at the upper end of the income
scale had checking accounts, whereas
ownership of U.S. savings bonds or of savings accounts was less frequent. At lower
income levels, on the other hand, checking
and savings accounts were owned with almost equal frequency.
PROFESSION
on equity in business or profession include
only businesses (farm and nonfarm) or
professions in which a member of the consumer unit was actively engaged. If no
members of the unit were active in the management of the business, equities in closely
held corporations and in partnerships were
counted as investment assets.
Equity in business covered a variety of
circumstances. Examples are: the equipment owned by a truck driver, painter, or
carpenter who is in business for himself;
the value of land, buildings, and equipment
owned by a farmer; the office equipment
owned by a physician, dentist, or lawyer
who maintains his own office; the value of
a manufacturing corporation operated by a
respondent and owned by him and his wife;

the share of an investment firm owned by a
respondent who is a partner and w.orks in
the business. This variety of businesses explains the wide diffusion of total equity in
business among income groups. While less
widely diffused than automobile
equity,
home ownership equity, or liquid assets,
business equity is not so concentrated
in
the upper income classes as are such investment assets as publicly traded stocks and
other marketable securities. The proportion
of consumer
units having businesses increased over the range of incomes, but was
not so frequent in the upper income groups
as was ownership of investment assets.

To have equity in their own businesses is
more characteristic
of those in the middle
age groups than it is of those younger or
older. Among consumer units with heads
aged 35-54, 19 per cent had business investment,
and among those 55-64,
the
figure was 22 per cent; these compare with
10 per cent for the group under 3.5 and 13
per cent for those 65 and over. Holdings of
wealth in the form of businesses were especially concentrated
in the 35-54
age
group. This group, comprising 21 per cent
of all consumer units, held 28 per cent of
business equity, compared with 22 per cent
of wealth.

The several forms of wealth grouped together as investment assets have in common the attributes of being less liquid than
checking and savings accounts and U.S.
savings bonds, which have been classified
as liquid assets, and yet of being more
readily available for investment shifts than
are assets tied to ways of living or working.
Whether to own homes and automobiles,
being tied to consumption
habits,
and
whether to engage in one’s own business or
profession, are presumably
subject to different motivations
than are decisions to
hold such assets as securities, real estate,
mortgages, and the like.
The forms of wealth grouped as investment assets are: publicly
traded stock,
marketable
securities
other than stock,
mortgage
assets, investment
real estate,
business investments not managed by the
unit, and company
savings plans. These
assets were valued at market whenever
feasible, and the process is described in the
Technical
Note. Debts secured by these
assets have been deducted in deriving the

wealth components. Investment assets were
held by 31 per cent of all consumer units,
and they accounted for 33 per cent of the
total of wealth covered by the Survey.
Investment
assets differ
from
other
major forms of wealth in that holdings are
not widely diffused throughout the population. The lower half of the income distribution held 16 per cent of the investment
assets compared with 29 per cent of liquid
assets and of home equities. Investment
assets were similar to businesses as to concentration of holdings in the upper income
groups. The top tenth of the income distribution owned 56 per cent of the business
equity and the same share of the investment assets.
The share of wealth devoted to investment assets increased across the income
range from $17 in $100 in the lowest income group to $69 in $100 at the top. The
combination
of business and investment
assets accounted for $85 of every $100 of
wealth in the top income group. Breadth
of ownership also varied widely. Only 15

per cent of all units in the lowest income
group owned an investment asset. whereas
virtually all units in the top group owned at
least one investment asset.
Holdings of investment assets were concentrated also among older units. The 37
per cent with heads aged 55 and over
owned 70 per cent of the total of investment assets compared with 56 per cent of
total wealth.
The several kinds of investment
assets
differed considerably
as to their diffusion
throughout
the population.
Holdings
of
marketable
securities
other
than stock
were most concentrated in the upper income
brackets. The top tenth of the income distribution of consumer units held more than 80
per cent of the total investment
in such
securities, compared with 45 per cent of total
wealth. Ownership of these marketable securities was concentrated
also among older
units.
Although
publicly
traded stocks were

more generally owned than were other marketable securities, they ranked next after
other marketable securities with respect to
concentration
of holdings. The top income
tenth of consumer units owned 62 per cent
of the equity in publicly traded stocks.
On the other hand, investment
real
estate, mortgages, and businesses not managed by the unit, although
infrequently
held, were not so concentrated
at the top
of the income scale as were security holdings. The variety of items included explains
why this is so. Investment
real estate,
which is real estate owned by the unit
other than owned homes and real estate
connected
with a business or profession,
can be a small holding of land or a home
no longer occupied and now rented, as well
as a sizable real estate investment; mortgages can be security for interfamily loans,
the mortgage on a family home that has
been sold, or larger investments made primarily for income yield.

JIISCELL.WEOCS
The forms of wealth classified in the miscellaneous group were relatively unimportant in the total-‘5
per cent of the aggregate of wealth covered by the Survey. Although occurring
infrequently,
beneficial
interests in trusts were so large that they
accounted for most of the wealth reported

.USETS
in the miscellaneous
category
(Table A
9). Interests in trusts were especially concentrated
in the youngest group of consumer units. Loans to individuals outside
the consumer unit that were not secured by
mortgages were somewhat more frequent,
but small in average size.

DEBT
Most (88 per cent) of the debt owed by
consumer units was secured by assets that
were counted in the wealth estimate for
this Survey-homes,
automobiles,
securities, and investment
real estate (Table
A 14). Sixty-six per cent of the total debt
consisted of balances on home mortgages.
Loans secured by investment
real estate

accounted for 11 per cent of the total debt,
and automobile debt for 8 per cent. Debt
secured by stocks and bonds accounted
for 3 per cent of the total. For the estimates of wealth, these debts were deducted
from the value of each asset that served as
security. Hence, estimates of investment
before deduction of debt may be obtained

from the Basic Tables by adding debts to
equities.
Debt not secured by the assets covered
in the Survey accounted for 12 per cent of
the debt reported. The largest share of this
unsecured debt was personal noninstalment
debt, which includes a variety of kinds of
debt, for example. informal debt arrangements as between relatives and friends. and
the occasional
unsecured debt of a consumer unit with substantial
assets. Next
largest in total amount was instalment debt
for purchases other than automobiles, such
as household goods, clothing, and services
bought on the instalment plan. Debt on
life insurance made up the remainder; like
instalment
debt on household
durable
goods, it has been treated as unsecured
debt because the related assets were not
counted in the wealth estimate for the Survey. All of these unsecured debts were deducted
in arriving
at estimates
of net
worth, but were not deducted in deriving
the wealth estimates.
To owe debt of some kind was a general
practice; two-thirds of all consumer units
reported
debts of one kind or another.
Debts of less than $1,000 were reported by
22 per cent: of at least $1,000 but less than
$10,000, by 32 per cent; and of $10,000
or more, by 13 per cent (Table A 6).
Although debt and wealth were generally similar as to diffusion, debt was somewhat less concentrated
in the lower portion
of the income distribution than was wealth.
The 30 per cent of the units at the lower end
of the distribution owned 12 per cent of the
wealth and owed 5 per cent of the debt.
The spars@ of debt among lower income units reflects the concentration
of
older units at the lower end of the income
distribution. Debt, especially mortgage debt
and personal debt, owed by older units is

much smaller than that owed by younger
groups. as may be seen in Table A 1-I.
Debt was more concentrated
than lvealth
in the 40 per cent of the units immediately
above the midpoint in the income distribution. Those ranked between the fifth and
ninth deciles of income owned 34 per cent
of the wealth and owed 54 per cent of
the debt. In yhe top tenth of the income
distribution, on the other hand, the share of
wealth owned was much larger than the
share of debt owed. This concentration
of
debt in the upper middle income classes is
illustrated by the debt situation for units in
the $7,500-$9,999
income group. In this
income bracket, 84 per cent had debt of
some kind; 43 per cent owed at least
$1,000 but less than $10,000; and 27 per
cent owed $10,000 or more.
Wealth and debt differed also as to their
diffusion over age groups, with debt more
concentrated
in the younger groups and
wealth more concentrated
in the older
groups. The 22 per cent of consumer units
with heads under 35 years of age owned 7
per cent of the wealth and owed 24 per
cent of the debt, whereas the 19 per cent
with heads 65 or older owned 28 per cent
of the wealth and owed 6 per cent of the
debt (see Tables A 16 and A 17).
The several kinds of debt differed as to
diffusion over income groups, with instalment debt most widely diffused. ‘Almost
two-thirds of the instalment debt was on
automobiles.
Personal noninstalment
debt
was also fairly well distributed over the income range. The income diffusion of debts
secured by owned homes and by investment assets was in part related to the diffusion of ownership of these assets. Homes
were owned generally throughout
the income distribution,
but mortgaged
homes
were most numerous
in the groups just

above the midpoint of the distribution,
resuiting in the concentration
of home mortDaoe
r‘
2 debt there. Debt secured by investment
assets, being limited to those having these
assets. was more concentrated
in the upper
income brackets than kvere other kinds of
debts.
Because drawing on liquid assets is often
considered an alternative to incurring debt,
there is interest in the relationship of the
amounts of personal debt and of liquid
assets. The distribution
of units by the
amounts of their personal debt and their
holdings of liquid assets shows that some
consumer units in meeting their consumption requirements
have apparently
chosen
TABLE

PERSONAL
LIQUID

DEBT IN RELATION TO
DECEMBER
31, 1962 1

&SETS,

(Percentage

distribution of consumer
with personal debt)

I
1962
income

All units with per-

sonal debt.

3

.I

All
units

I

100 I

Personal debt
--About
Smaller
the
same

units

is-

I
I Larger
/

24

13

63

1’:

80
69

1:
16

E
44

0 - 52,999. . . . . .
53,000 - 4,999. . . .

100

9

loo

21

S5,OOO
1,499.. . .
%7,500 - 9,999..
%lO,OOOandover..

100
100
100

;;:
40

1 Comparison based on the following classification
of both personal debt and liquid assets: zero; fl - 199;
s200 - 499; 5500 - 999; SI.000 - 1,999; S2,oOo - 4,999;
55,000 - 9,999; and S10,000 and over.

to go into debt rather than use up liquid
assets ( TabIe A 15). For example? of
those who owed SSOO-$999 in personal
debt, 20 per cent had liquid assets of
$1,000 or more. Summing up, however, as
in Table 3, shows that the majority with
personai debt owed amounts that exceeded
their liquid assets. Debtors in low income
groups were very likely to have personal
debts exceeding
their liquid assets, but
even at higher income levels debts in excess of liquid assets were numerous.
Another consideration
in evaluating the
burden of personal debt is the ratio of instalment debt to income. For the Survey
population
as a whole, total personal instalment debt reported was 7 per cent of
the year’s income. This relation, of course,
is affected both by the proportion of debtors
in the population and by the size of their
debts. For debtors only, fairly high ratios
of instalment debt to income were frequent.
In the group of consumer units with instalment debt, nearly half (45 per cent) had
instalment debts that amounted to less than
10 per cent of their incomes; almost as
many (39 per cent), however, had instalment debts that amounted to more than 10
per cent but less than 30 per cent of their
incomes, and the remainder had even higher ratios. In short, a ratio of instalment
debt to income of 10 per cent or more was
more common among debtors than a ratio of
less than 10 per cent. High ratios of instalment debt to income were especially frequent among the younger consumer units
(Table A26).

Consumer Preferences for
Holding Different Assets
quantifying
these relations.’ For example,
an elasticity greater than one at any wealth
level indicates that the share invested in that
particular asset type is increasing at that
particular
wealth level. Conversely,
an
elasticity less than one indicates that the
share is decreasing.
Elasticities
also facilitate
comparisons
across asset types with respect to preference. For example, if the shares of wealth
devoted to several types of assets increase
with wealth-that
is, if they all have elasticities greater than one-the
asset with the
largest elasticity will be the one of highest preference. Moreover, one of the functions that is used to estimate elasticities
measures separately the effect of changes
in ownership rates with wealth level, an
important factor in explaining the changing
composition of wealth.
In consumption
analysis, elasticities are
generally computed in relation to income.

This section analyzes the effect of size of
wealth on its composition.’ The analysis is
directed towards delineating the forms in
Lvhich wealth is held as the total amount increases.
One way of expressing relations between
total wealth and its components
is in
terms of shares, that is, the proportion
of
total wealth invested in the various components at different wealth levels. An increasing share devoted to a particular asset
type as wealth increases is interpreted
as
indicating
a preference
for holding that
asset; and conversely a decreasing share, a
lack of preference.
Elasticities
of the various components
with respect to wealth are a useful way of
: A preliminnry
version
of this
material.
based on incompletely edited data. was presented
the December
1964 meetings of rhe American
Economic
Association.
See “Consumer
Asret Preferences.”
The American Economic Review. May 1965,
pp. 227.5 I.
Mr.
Lawrence
E. Thompson
in discussing
the paper noted
that “.
it should
be recognued
that these specific elasticity
aumates
hn\e httle explanatory
or predictive
power where inrerest i> centered on mvestment
Rows”
(p. 281).
In particular
he notes that the finding
of high elasticities
for stock
is attnbutnble
in some unkn&n
de&ee
to capital
gains. This
obher\ alon
seems
entirely
proper.
Mr.
Thompson
also
notes.
houeber.
that “It may be argued that this is not Important
for
.I preference
interpretation
of elasticW
estimates.
since the dec151on to continue
to hold an appreciating
asset is prima facie
evidence of a contmuing.
strong
preference
for that asset”
(p.
251).
It is in this sense that the preference
concept as used in
this section
should
be interpreted-that
is, as preferences
for
holdmg various
asset types.

at

\ For example. John Spraos describes
“An Engie-Type
Curve
Cash,”
The ~lonchesrer Schol
of Ecmrn,~t,c a,rd Social
May 1957. pp. 183-89. and J. S. Cramer
describes
Rerrew
“Ownership
Elasticities
of Durable
Consumer
Goods.”
of Ecormrrlic Studies. February
1958, pp. 87.96. Some theoret!cal aspects of expressing
preferences
in terms of ctocks Instead
of flows are dtscusred
by Cramer
m “A Dynamic
Approach
to
the Theory
of
Consumer
Demand.”
Review
01 Economic
Srr~dies. February
1957, pp. 7346.
for

Smdres.

19

Low elasticities are interpreted
as indicating low preferences, and the goods involved
are referred to as necessities; high elasticities delineate the preferred
choices, consumed in greater amounts as income increases and. referred to as luxury goods.
For determining
consumer preferences
for
holding different forms of wealth, the analogous relationship
is with total wealth
rather than with income. While the distinction between necessities and luxuries does
not seem as appropriate
in the investment
as in the consumption
field, differences in
elasticities are useful in detecting high or
low order of preference for holding different types of investments.
The share-of-wealth
data are summarized in this section for four age groups of
CO~IPOSITIOU
The share of wealth devoted to automobiles
and liquid assets decreases with level of
wealth; the share devoted to businesses
and investment assets increases with wealth
level; and the share devoted
to homes
first rises, and then declines, with level of
wealth (see Table 4). The declining share
of wealth invested
in automobiles
and
liquid assets implies elasticities of less than
one at all wealth levels, or low levels of
preference,
while the increasing share invested in businesses and investment assets
implies elasticities greater than one at all
wealth levels, or high levels of preference.
That elasticities greater than one for businesses and investment assets necessarily lead
to larger shares of total wealth as wealth
increases is evident from the definition of
elasticity. For the elasticity of an assetsay, business-to
exceed one at any wealth
level, the proportion of a dollar of additional
wealth invested in the asset-that
is, the

consumers. It was shown in Section 2 that
amount of wealth and age are positively
related. Moreover, as will be discussed in
Section 5, composition of wealth differs by
age group. Accordingly, for the analysis of
composition of wealth in relation to size of
wealth, a control on age is necessary in
order to avoid introduction
of structural
changes caused by differences in the age
composition of wealth groups.
In the first part of the section the analysis is concerned
with the six major components
of wealth:
own homes, automobiles, businesses, liquid assets, investment assets, and miscellaneous
assets. In
the second part, the analysis is confined
to assets in the portfolio of liquid and investment assets, as described in that part.
OF

\\‘E.\LTH

marginal propensity to hold that asset type
-must
exceed the proportion
invested in
the asset before the dollar of wealth is
added. This will necessarily
increase the
share of total wealth invested in the asset
at the higher wealth level. A similar explanation holds for elasticities of less than one
and declining shares such as those shown
for automobiles and liquid assets.
Three different functions were used to
describe
the relation
between consumer
holdings of a particular
asset and total
wealth and to estimate elasticities.” The
first function was of the form
.
y, =aliWbli
where Yi represents a particular asset type
and i can therefore range from 1 to 6, and
w is total wealth. This function is usually de0The estimated parameters of the three functions and cstimated elasticities
based on the functions
are shown in the
Tables and Notes for Section 4, p. 79. The Tables and Notes
also contain
a comparison
of the functions
with respect to
goodness-of-fit
and a brief discussion of methods of estimation.

21

TABLE 4
SHARE OF WEALTH IN SPECIFIEDFORM BY SIZE OF WEALTH, DECEMBER31, 1962
(Percentage

Characteristic

of consumer

wealth:
$1 - 999..
$l,OOO-4.999
$5,coO-9,999
SlO,OOO - 24,999
S25.ooO - 49,999.
%5O,OOa - 99,999.
%1lw,ooo - 199,999..
$200,000
- 499,999.
%5OO,ooO and over..

Head

under

..,. ...............
...............
...............
...............

Size of wealth:
$I - 999..
.
$l,coO-4,999
. . .
$5,Om-9,999
. . . .
$10,000 - 24,999.
.
%25,ooO - 49,999..
550,000 - 99,999.
.
5100.m
- 199,999.
.
$200,000
- 499,999.
.
$5OO,OCO and over.

.

.

. . .

.
.......
.......
.......
.......
over.

Size of wealth:
Sl - 999..
Sl,oOO - 4,999..
.
$5,000-9,999
. . . . . .
$lO,OOO - 24,999.
$25,@Xl49,999.
s5o,m
- 99,999.
SlcqxMl - 199,999..
S200,0@3 - 499,999.
and over..

...............
...............
. ...............
...............
...............

.

..
..
.

$500.000
l Less
than
Note.-Based

IO
48

48
16
8

18

:
9
9

:;

loo
loo

::
17
9
4

:
I
I

loo

26

7

‘h of I per
on means

cent.
in Table

A 8.

Details

2
6

:t:

:

::
36
48
56
50

12

9

13

I
::
II

:
II
8

t
l

z
20
2

:

;:
34
5

32

4

23

I1

::

IO

t%

::
22
I3
4

IO0

25

100
100
loo
lo0
100
loo
loo
IM)
loo

21
47

:

100

22

2:
31
18

6

3
::

2

f:

1:
18

t:
14

t
:
;

2

::
42
32

13

38

2

1;
5

8
.
.

2

2:

2

20

::

:

1;
8

:;
I4

:

::

::
34

f
l

::
21

z
63

.z

1

12

16

47

1

!

I%

;
8

3
::

;
11

t:

1;

f:

add

24

I:

tzz
100
100
100

not

l

4

:;
59

32

5
::
16
10
10
I

;

2
3

100
100
100
loo
loo
loo
IO0

may

::

33

::
17

100
100

....................
....................

13

t’6
18
16
14

:

1E

100

.

65 and

loo

1:

...............

Head

3

tE
100

.................
................
...............

. .

aggregate)

E

Head35-54.....................

.

21

100
loo

Size of wealth:
$1-999
.......................
$l,OOO-4,999..
................
$5,coO-9,999..
................
$10,000 - 24.999
S25,ooO - 49.999
$5O,Ocm - 99.999.
$loO,cxw
- 199,999 ..............
$200,0@3 - 499,999 ..............
5500.ooO and over

Head55-64

loo

E
E

...........
...........
...........
...............

35.

of dollar

Total
wealth

unit

All units.

Sizeof

distribution

to totals

because

of rounding.

::
::
19
9
6

::
39
z
71

t
4
1

:
;
2
;
2
1

scribed as the constant elasticity function
because elasticities do not vary with wealth
level. The estimated parameters are summarized in Table 20 on page 8 1. The estimated
parameters
b, are the elasticities of the various assets with respect to total wealth and
are denoted by E,(J~,I~) in Table 25. For
example, for consumer units with heads 65
years of age and over, holdings of liquid
assets increase 0.79 per cent for every 1 per
cent increase in wealth.
The second function used is of the form
iLa!ilLb,,
-i
jyz= __--

2 a,,l$ji
i=,

This function has been described as the “. . .
constant elasticity function adjusted for additivity . . .” I” It has the property, not possessed by the constant elasticity function,
that the sum of the various asset types add
to total wealth at any wealth level. The
elasticity is given by
E&/,Lc) =bi,+l-x--b!,

F’y,
1-1 UJ

Thus the elasticities
level,

since

are a function

the term

b

-the

of wealth
share

of

wealth invested in a particular asset typewill vary with wealth level. The estimated
parameters are shown in Table 21 and the
elasticities in Tables 25 and 26.
The third function takes cognizance of
the fact that ownership of some kinds of
wealth-automobiles
and own homes, for
example-is
widespread in the population,
whereas other forms of wealth-such
as
businesses and investment assets-are
less
widely held and are owned more often by
10C. E. V. Leser, “Forms of Engel Functions.” Econometrica,
October 1963, p, 695. Leser’s equation
(3) is equivalent
to the
function just described. See also Netherlands
Central Bureau of
Statistics.
SIatisrical
Sfudies,
No.
10, July 1960, and H. S.
Houthakker,
“Additive
Preferences,”
Economefrica.
April 1960,
pp. 244-57.

those in the higher wealth groups. Hence,
differences in the group means, which are
the basis of the elasticity estimates, may reflect differences
in the proportion
of the
group owning an asset as well as in the
amounts o_wned by those who hold the asset.
As a consequence, differences in elasticities
may be the result of changes in proportions
of consumer units owning, or changes in
amounts owned, or both.
The third function may be expressed as
Ill,=‘&lli,(lU
where Y,, is the mean holding of the ith
asset type in the jth wealth group, IX, is
the proportion of consumer units owning the
;th asset type in the jth wealth group, and
vi,(~) is the mean holding of the ;th asset
type for those units in the jth group who
own the ;th asset. This function has the
property that the over-all elasticity I&(Y,K)
can be separated into two additive compoE~,(P,Iu),which is the part of the overnentsall elasticity arising from changes in the
proportion of units owning the asset type,
and E&(H),~(H)), which is the wealth elasticity for consumer units holding a particular asset type.
The relation used to describe the proportion of units in various wealth groups holding a particular
asset was of the form
p=a31+k(l-em’“)

When w is very small, that is, at low wealth
levels, the expression
(1-e-cm)
is close to
zero and the value of p is near arl. As w
increases, the expression (I -e-c=) approaches
one and the value of papproaches
as1fk,
the saturation
level of ownership.
The
_&,(p,~) component
of the elasticity was
obtained
by differentiating
the equation
p=arl+k(l

-edcw)

with respect to w and multiplying
by 4. The resulting

elasticity

the result

is given by:

TABLE
RANKING

and is a function of V. The parameters of
the equations yieldin, 0 the E:,(,v,“.) component are summarized in Table 22.
The parameters of the equations yielding
the E::(!/(lf).r~(li))
component of elasticity
for the third function are summarized
in
Table 23. The estimating equation was of
the form
!/(H) =rc.,:W(lf)bJ”
and implies that the wealth elasticity for
consumer units holding a particular
asset
type can be described as a constant.
Before considering
the elasticities from
these three functions it is of interest to make
some assessment of their fit of the data. The
criterion
used was the sum of weighted
squared
deviations
for the three forms
(Table 24). The functions that yield elasticities that vary with wealth level yield
smaller sums of squared residuals in virtually all cases. The constant elasticity function seems to come off a poor third in most
instances.
Elasticities at the point of mean wealth
for each of the age groups are shown in
Table 25. Rankings of elasticities from the
first two functiqns, shown in Table 5, are the
same for all age groups except the youngest.
(By the nature of their derivation the elasticities from the second function will always
have the same ranking as their counterparts
from the first function.)
Investment assets
and businesses in that order are the preferred asset types for consumer units in the
three older age groups with elasticities well
above one. Liquid assets and automobiles
rank fourth and fifth, respectively, with elasticities well below one for all age groups.
The elasticity for homes is greater than one
for the two younger age groups, indicating

5

OF ELASTICITIES
COMPONENTS

OF

WEALTH

Lanking based onWealth component

Head under 35
Own home ....................
Automobile. ..................
Business, profession ............
Liquid assets ..................
Investment assets ...............

2
5

3
ma.

:
3

;
2

Head 35 - 54
Own home ....................
Automobile. ..................
Business, profession. ...........
Liquid assets ..................
Investment assets. .............
Head 55 - 64
Own home. ...................
Automobile. ..................
Business, profession ............
Liquid assets ..................
Investment assets ..............

:
2
4

1

45
:

2

Head 65 and over
Own home ...................
Automobile. .................
Business, profession ...........
Liquid assets .................
Investment assets .............

3
:
4

1

5
4
:
1

n.a. Not available.
Note.-The
rankings based on E,(y,w) are the same as
those based on E,(y,w). The rankings based on E&,w)
are at point of mean wealth. The elasticities are shown
in Table 25.

that the share of wealth devoted to homes
is still increasing at the point of mean wealth
for the younger units. For the two older
groups the housing share is declining at
mean wealth.
The third estimating function indicates a
somewhat less uniform pattern of preferences. Investment assets and businesses are
the preferred asset types for all age groups

with elasticities well above one; business,
however, ranks first for all groups except
the oldest. A substantial part of the elasticities for investment assets and business is
contributed
by the &(P,w) componentthat is, at the point of mean wealth, the proportion of consumer units owning business
and investment assets is rising substantially,
relative to the increase in wealth. Elasticities
for the other asset types-that
is, homes,
automobiles,
and liquid assets-are
less
than one with a single exception-homes
in
the youngest age group. Moreover, because
ownership of these asset types is relatively
widespread in all wealth groups, the portion
of the elasticity contributed by the E&W)
component
is small in comparison
with
that contributed
by the &(y(~),w(H)) component.

CO~IPOSITION
Elasticities have also been estimated for a
concept of wealth limited to portfolio of
liquid and investment assets. While the ownership of a home and an automobile
and
investment in one’s own business or profession are part of an individual’s wealth,
it is doubtful that decisions regarding these
investments are governed by the same factors that govern the choice among such
assets as savings accounts, stock, and other
marketable securities, as mentioned earlier.
A decision to shift wealth from one’s own
business to another form of wealth, for example, may require changes in living patterns or occupation.
A decision to shift
among portfolio items can presumably be
made more freely in response to changes in
interest rates and prices.
The share of total portfolio devoted to
components of liquid and investment assets
is shown in Table 6. For the portfolio analy-

Elasticities
computed
from the second
and third functions vary with wealth level.
As is shown in Table 26, the elasticities indicate the pattern that was noted earlier in
the shares data (Table 4)-that
is, elasticities for investment assets and businesses are
above one at most wealth levels, and elasticities for liquid assets and automobiles are
below one at most wealth levels.” The importance of the
&,(P,IL’)
component of
the elasticity for business and investment
assets is evident at virtually all wealth levels.
Conversely,
for homes, automobiles,
and
liquid assets, the contribution
is in general
rather small, and it becomes close to zero
at relatively low wealth levels.
11As may be seen in Table A 35, the sample for the youngest
age group becomes extremely thin above the $lO,OOO-$24,999
wealth level. Results have been presented for completeness,
but
the small sample size should be borne in mind.

OF PORTFOLIO
sis, liquid and investment assets have been
grouped into nine major components as follows: checking accounts; savings accounts
in banks, in savings and loan associations,
and in credit unions; U.S. savings bonds;
stock (publicly traded stock and shares in
mutual funds and other investment companies); other marketable securities (bills, certificates, notes, bonds, and debentures issued
by the U.S. Government, by State and local
governments, by foreign and domestic corporations,
and by foreign governments);
mortgage assets; investment real estate; businesses with no member of the consumer unit
in a managerial role; and company savings
plans. In addition, some information is provided separately for bank savings accounts
and shares in savings and loan associations
and for common stock and shares in mutual
funds.
Some of the components
are more ho-

TABLE 6
SHARE OF PORTFOLIO IN SPECIFIED FORM BY SIZE OF POWFOLIO,
(Percentage

Liquid

of

All

I”
banks

All

1
Head

under

35

Size of portfoho:
$I - 499..
1,999 . . .
%2,OOK4,9YY
,......
15,ooo - 9,999..
24,YY9..
525,Oaa - 49,YY9..
$5O,OOa - 99,999..
$lOO,ooo-499,99Y...
$500.000
and over..

$Soo-

$10,ooo
-

Head 35 - S4.. _,

55 - 64..

.

_. .

Size of portfolio:
$I - 499..
1,999.
S2,Gao - 4,YYY..
9,999..
$10,000 - 24,999..
s25,ooo
- 49,999..
$50,000 - 99,999..
4YY.999..
5500,ooO and over..

over..

.

Size of portfolio:
%I - 49’).
l,Y’)Y.
$2 Oa - 4 999..
9’YYY..
%lb,OOO - i4,9YY..
s25,OOa - 49,999,.
99,999..
$lOO,ooo - 499,999..

650055’ooo
-

$50,mo
s500,ooo
andover..
* Less

than

I3

IO

100
IO0

Y5

45
22

I9

5
I3

g

I3

34
42
42

43
24

:
6

::

:,
*

:
l

;
.

100

31

5

21

100
100
100

98
83

47
24
I3

I9

:

::
45
39
30
18
I9
7
2

26

4

17

98

46
21
19
I

33

%
100
100
100
100

:‘2
26
I2
4

100

E
loo
IO0
IO0
100
100

$100,cal65 and

27

.

$500$S,GaJ
-

Head

Y

2:

sso.ooo
$loo,coo
SSOO.000

l/i of I per

:

::

:

:;

E

2:
43
25
IO
7

;
2

::
25
I8
6
5

100

25

4

I8

100
100
IO0
I00
100

IO0
94

49
32

::

;z

43
48
60
43

!Z
tz

cent.

i

Note.-Based

:

savings
bonds

33

:

;
*

II

8

4

22

8

on means

in Table

A IO.

30

Mutual
funds,
etc.

M0rtgag.E
assets

other
than
rtock

2

2

*

.

;

:
1
t

5
t
l

;

29

23

I
5
II
I2

1;
4
2

I6
I
l

5

2;

2

:

z.

l
l

*

;
l

6

5

7

20
I3
7

:
2

:

l

1:
I3

1:
I8

:
3

;
I

:

1’6
3

:
I3

42

4

22

:

;
IO

33

l

44
.

46

2

l

l

Y

3

:
5
3

;:
33
20

I
l

2
I(

I’:

;

;
3

I 3;

;fi
20
4

7

4

5

16

6

I

l

2

.
;
7

:
2
2
I

I

l

;
I

It
:

*

I:
l

1;
5

:
2
.

7

4

8

.

:

l

l

::
63

IO

8

4

39

2

I3

8

l

.

I

l

l

l

.

.

:

;

.

I

:
27
2s

:
2

:
I

:
I

:
I

2
I7

:
.

:!:

I;
II
I:
4
2
I

1:
2
.

Details

may

not

add

to totals

:;

because

of rounding.

t

l

t
:
5
9
I

IO

l

1:
3

2

I
!

:;
30
31
72

:

1:

7

I

I;:
IO
3
I

;;

II

II

l

Sa”l”&!S
plans

managed
by
unit

;
3

l

z
3
I

::
25
34
I5
I8
7

4

Company

Real
e,tate

.

;:

1:
19

::
27
5
3

:
3

i

l

::
I;:
34
IO
7

Common

t:
9
3
5

;
*

“01

sec.

6

I
*

BUSl”GS

Mkt.

I

::
I8
Y

assets

stock

All
All

::
25
18
Y
.

::
I6
I6

traded

U.S.

savings
and
lOa”
assns.

41

E
100
IO0
IO0

Size of portfolio:
$1 - 4YY..
$500 - 1,999..
s2,oca
- 4,9Y9..
s5.000 - 9,999..
SlO,ooO - 24,999.
$25,000 - 49,999..
99,999..
499,999..
and over..

Head

Publicly

100

tE

31, 1962

Investment

acc”unts

I”

Checking
accounts

DECEMBER

aggregate)

I

Total
ortfolio

unit

of dollar

assets

Savings
Characteristic
consumer

distribution

.
.
l

;

.

d

.

l
l
l

t:
2

.

mogeneous than others with respect to such
characteristics as ability to produce a steady
flow of current income, marketability,
and
risk of fluctuation in dollar value of capital.
While checking accounts at banks undoubtedly make up a relatively
homogeneous
grouping, the other components are combinations of more diverse elements. Even the
U.S. savings bonds component,
which at
first might appear to be a homogeneous
grouping, contains some bonds that pay interest currently as well as some of the discount variety, which pay interest only at time
of redemption.
Among portfolio
choices, most of the
components of investment assets rank high
in consumer preferences, while the various
liquid assets rank low. The share of portfolio invested in U.S. savings bonds and
held in checking accounts declines with portfolio level, implying elasticities of less than
one at all levels. The share invested in stock.
on the other hand, increases with portfolio
level, implying elasticities greater than one
at all levels. Other major components of investment assets-real
estate, businesses not
managed by the unit, and mortgage assetsabsorb an increasing
share of portfolio
across most of the portfolio range.
Two functions were used to describe the
relation between portfolio components and
total portfolio-the
constant elasticity function and the constant elasticity function adjusted for additivity. Parameters of the two
functions are shown in Table 27 and Table
28, respectively. Table 30 contains a comparison of the sum of squared deviations for
the two functions, and again the fit of the
constant elasticity function
seems poorer
than that of the second function.
The over-all elasticities at the point of
mean portfolio, presented in Table 3 1, quantify the trends shown by the shares table

TABLE

7

RANKING OF ELASTICITIES OF PORTFOLIO
COMPONENTS

Portfolio component

Ranking

baled on

E ,(:,s)

Head under 35
Checklng accounts..
Savings accounts:
Inbanks............................
I” savings and loan associations.,
U.S. savings bonds.
_.
Publicly traded stock:
Common..
Mutual funds and other investment
cornpanEs. .-.
.
Marketable securities other than stock,
Mortgage assets..
Investment
real estate..
Business not managed by unit..
Company savings plans.

II

d
2

1:
3
Head 35 - 54

Checking accounts.
Savings accounts:
Inbanks...........................
In savings and loan associations..
US. savings bonds.
Publicly traded stock:
Comma”...........................
Mutual funds and other investment

II

compan,es

Marketable securities other than stock.
Mortgage assets..
Investment real estate..
Busmess not managed by unit.. ,
Company savings plans.
Head 55 - 64

.......................
Sa;~~~“go”“ts:
...............................
In savings and loan associations..
U.S. savings bonds.. . . . ,
.
Publicly traded stock:
Common..
..
Mutual funds and other investment
compan,es. .
. ..
Marketable securities other than stock. .
Chqcking accounts.,

II
9

Mortgage assets ...........................
Investment real estate ......................
Business not managed by unit ...............
Company savings plans ....................

Head 65 and over

Cheiking accounts..
.
Savinps accounts:
Inbanks...............................
In savings and loan associations..
.
U.S. savings bonds.. .
..
..
Publicly traded stock:
Common...............................
Mutual funds and other investment
compan*es..........................
Marketable securities other than stock.
.
Mortgage
assets ...........................
Investme.nt real estate ......................
Business not managed by unit ...............
Company savings plans ....................

Now--Based

II
9
7
8

5
:
3

2

10

on data in Table 31.

(Table 6). Virtually all liquid asset components in all age groups have elasticities less

PREFERENCES

FOR

DIFFERENT

iSSETS

27

than one and most of the components
of
investment
assets have elasticities greater
than 0ne.l’

portfolio levels. For stock, elasticities are
greater than one at every portfolio level;
and for investment real estate, at every portfolio level except the very top. Investment
assets in the form of businesses not managed
by the unit and mortgages also show elasticities greater than one up to relatively high
portfolio levels.
As with the wealth elasticities, breadth of
ownership of a portfolio item was of considerabIe importance in determining the overall elasticity. At the point of mean portfolio,
for example, the elasticity attributable to the
proportion of consumer units owning a portfolio item was small for liquid assets in all
age groups. With few exceptions the elasticities for the liquid asset components did not
exceed 0.16. (See Table 3 1. The parameters
of the estimating equations from which the
elasticities were derived are shown in Table
29. ) For all components of investment assets
other than company savings plans, elasticities ranged from a minimum of 0.16 to 1.05.

Common stock is the preferred asset for
consumer units in the two older age groups,
and for units in the two younger age groups
it ranks second (see Table 7). Investment
real estate also ranks high with all age
groups-first
with the two younger groups
and third with the two older groups.
The over-all elasticities at various portfolio levels shown hi Table 32 (estimated
from the constant elasticity function
adjusted for additivity) also bear out the trends
seen in Table 6. For the major components
of liquid assets-checking
accounts, savings
accounts, and U.S. savings bonds-lasticities are less than one at all but the lowest
u It is of interest that the constant
elasticity
function
indicates that one of the subcomponents
of liquid assets-shares
in savings and loan associations-has
elasticities
greater than
one in the two younger age groups. Comparable
elasticities
have not been prepared for the second function
because the
estimation
procedures
depend on the grouping
of assets and
would have required estimation
of a different set of elasticities.

---

5

Differences Among Groups
in Distribution and
Composition of Wealth
This section presents information
about
differences among groups as to the distribution and composition of wealth. Consumer
units are grouped in three ways: first, by age
of head; second, by employment
status of
head, distinguishing the self-employed, those

employed by others, and those who are retired; and, third, by the relation between the
1962 incomes of consumer units and poverty income levels as defined by the Social
Security Administration
of the Department
of Health, Education, and Welfare.

AGE-OF-HEAD

As discussed in Section 2, the size of wealth
is related to the age of the head of the consumer unit, with a general tendency for
wealth to increase with age, at least up to
the oldest group. Within each age group,
however, the size of wealth varies. Among
consumer units with heads aged 35 to 54,
for example, 20 per cent had wealth of less
than $1,000 while 6 per cent had $50,000
or more (Table A 2).
Granted that the general level of wealth
differs among age groups and that in each
age group consumer units vary markedly in
the size of their wealth, the question arises
whether age groups differ as to the shape
of the distribution of units by size of wealth.
Or, to state it differently,
do some age

GROUPS

groups have greater reIative concentration
of units with either little wealth or large
amounts so that the distribution of wealth is
more unequal in some age groups than in
others?
Two measures of the shape of the wealth
distribution are presented in Table 8, namely, the quartile deviation and Gini’s coefficient of concentration.
They show that in
the youngest and in the oldest age groups
there is more variation as to size of wealth
and greater inequality
in its distribution
than in other age groups. The distribution
of units in each age group by the size of their
wealth explains why this is so. The youngest
group had the largest proportion
with no
wealth or with very small amounts. While
29

CONSUMER

al

TABLE

All consumer units..
Ag;;iee$
35-44
45-54
55 - 64
65 and

.. ..... .... .. .........

:
. ..............................

................................
................................
................................
over. ...........................

Employment status of head:
Self-employed ...........................
lZZ$$yed by others. ....................
................................

I

CIURACTERISTICS

8

MEASURES OF DISTRIBUTION OF WEALTH FOR AGE AND
DECEMBER 31, 1962

-Group characteristic

FIN.UCIAL

EMPLOYMENT STATUS GROUPS,

Lower
quartile

Median

Upper
quartile

(QJ

(42)

(Qa)

s 973

$ 6,721

$17,971

2.53

.76

199
1,542
2,230
4,245
2,309

1,032
6,931
10,847
13,129
10,049

4,868
15,149
21,305
28,666
24,993

4.52
1.96
1.76
1.86
2.22

-83
.71
.70
.70
.76

9,611
184
2,572

21,958
4,895
8,197

53,016
13,917
21,785

1.98
2.68
2.34

.73
.72
.73

the oldest group also had a substantial proportion of units at the low end of the wealth
distribution, large holders were also relatively numerous.
The Gini coefficient measures the degree
of inequality in a distribution. It is a mathematical expression of the relation between
the Lorenz curve of actual distribution and
the line of equal distribution.‘” The closer
the coefficient is to 1.0, the greater the inequality of the distribution. According to
this measure, the distribution of wealth is
highly unequal. The Gini coefficient for
wealth for this Survey population of consumer units is 0.76 compared with a coefficient of 0.43 for income for the same population.14 The wealth coefficient for the
IsThe Gini coefficient is equal to twice the area between the
curves of actual and equal distribution; see M. G. Kendall and
Alan Stuart, The Advanced Theory of Sfafisfics, (New York:
Hafner Publishing Co., 1958), Vol. I, pp. 47-49.
IdThis measure was used by Morgan with income data. The
coefficients obtained were of the same general magnitude as
the one from this Survey, that is, between 0.38 and 0.40 for
the 5 years between 1953 and 1959. James Morgan, “The
Anatomy of the Income Distribution,”
Review of Economics
and Smtisrics, August 1962, pp. 271-72 and 281-82.

Gini’s
Quartile
coefficient of
deviation 1 concentration

youngest group, 0.83, and for the oldest,
0.76, show greater inequality than the coefficients of 0.71 for the 35-44 age group
and 0.70 for the 45-54 and 55-64 groups.
HEAD UNDER 35 YEARS OF AGE

The youngest group has, on the whole, the
least wealth so that the kinds of wealth that
make up large holdings are relatively unimportant to it. Investment assets and businesses in which members were active are
less frequently reported in this group, and
together these assets account for a smaller
share of its total wealth than for the older
groups. This young group also ranks low in
the proportion owning homes and high in
the proportion of owned homes mortgaged,
making home equities smaller than for other
groups. The automobile, on the other hand,
although a small share of the wealth accounted for in the Survey, is a larger share
for the young than for other groups. The
youngest group also ranked high as to the

DIFFERENCES

A\IONG

GROUPS,

proportion owning automobiles, and among
young units with little wealth, equities in
automobiles were a substantial share of what
they had. Trust funds, although infrequent,
were important to the youngest group, especially to the small proportion with large
amounts of wealth. As a result, almost onethird of the. total wealth held by units with
heads under 35 was in the form of trusts
(Tables A 8 and A 9).
To have personal debt was characteristic
of the youngest group; 8 out of 10 owed
personal debt, and for 7 out of 10 some of
this was instalment debt. Even among
groups of young units with above-average
income and wealth, personal debt was frequently reported.
Some of these characteristics of the young
as to the composition of wealth are clearly
age differences, persisting even when comparisons are made with older units with
equally small amounts of wealth. Young
units rank first in automobile ownership and
in the share of wealth in automobile equities.
They also rank low in the proportions
owning homes and owning them free of
mortgage, and consequently in the share of
their wealth that is in the form of home
equities. Moreover, personal debt is more
prevalent among young units than among
older groups with similar wealth (Table
A 14).
Portfolios of the youngest group, being of
small size, are made up more of liquid assets
than are the portfolios of older groups. Since
comparison with older units whose portfolios are similarly small shows little difference, the liquidity of portfolios of the young
is attributable more to the small amount of
their assets than to age. Even though the
sums invested are so small, however, the
youngest group does show some tendency
towards greater diversity of holdings. The

31
youngest group more often has checking
accounts and U.S. savings bonds than older
units with comparably small portfolios.‘”
They are also somewhat more likely to have
savings accounts and publicly traded stock
than older units with equally small portfolios, although the amounts are scant in all
age groups when portfolios are small.
HEAD AGED 35-54
In the age group 35-54 there is considerably
more wealth than in the youngest group.
Home ownership is more frequent, and even
though a large proportion of the homes are
mortgaged, equities in owned homes account
for almost one-third of the wealth of the
group. Business is also important to this age
group; it accounts for nearly one-quarter of
the group’s total wealth.
Compared with older units, the 35-54 age
group has less wealth, and considerably less
liquid and investment assets. As a result, a
smaller share of the wealth of the 35-54 age
group than of the 55-64 age group was in
liquid and investment assets, 35 per cent
compared with 5 1 per cent. Homes and businesses, on the other hand, accounted for a
relatively large share of wealth in the 35-54
age group (Table 9).
The importance of businesses to this age
group is further emphasized by comparison
with older units having similar amounts of
wealth. At most wealth levels the 35-54 age
group had a larger share of its wealth in
businesses than did older units. It ranked
low, on the other hand, as to the share in
liquid and investment assets.
1:Some of the difference in frequency of ownership of checking accounts is probably
attributable
to the manner in which
checking accounts were reported by entrepreneurial
units. This
problem
is discpssed
below in connection
with employment
status differences.
The main result is that mixed personalbusiness accounts were counted as business assets rather than
as checking accounts. Because the youngest age group has relatively fewer entrepreneurial
units than the 35-64 group. some
of the difference in proportion
owning may reflect the differences in composition
of the group with respect to employment
status.

CONSLVIER FIN;\SCI.AL CH;IR.ACTERISTICS

32

TABLE 9
DIFFERENCES IN COMPOSITION

OF WEALTH

AMONG AGE GROUPS,

(Wealth form as percentageof total wealth; consumer

I

Business, profession
(farm and nonfarm)

Own home

Head
35-54

U-64

DECEMBER

Liquid assets

65and

Head
3S-54

55-64

OWf

All units.. .

..

.. .
I
Sl - 999. . . . . . . . . . ..........
Sl,OOO-4,999. . . . . . ..........
s5,OOO
- 9,999.. . . . . ..........
$10,000- 24,999.. ..........
$25,000- 49,999.. . ..........
s50,000- 99,999.. ..........
$100,000
- 199,999............
$200.000
- 499,999..
...........
$500,000and over. . ..........

32

25

22

4

4

6

23

20

31, 1962

units grouped by age of head)

12

Investment

6Sand

Head
35-54

arsets

55-64

O”H

I

II

13

16

65and
O”W

I

24

38

47

l Less than % of I per cent.
Note.-Data
from Table 4.

Despite smaller holdings of liquid and investment assets than older age groups, the
35-54 group was inclined towards greater
diversity in its holdings. Members of this
age group were a little more likely to have
checking and savings accounts than were
other groups. And, if the comparison is limited to units with portfolios of similar size,
the inclination of this age group toward
greater diversity also is evident. Over the
range of portfolio-size groups, the 35-54 age
group ranked above the older groups as to
the proportion holding most kinds of liquid
and of investment assets, notably checking accounts, savings accounts, common
stock, mortgage assets, investment real estate, and company-sponsored savings plans
(see Table A 10).
HEAD AGED 55-64
Over the age span, wealth tends to increase
up to the 55-64 group, which has more
wealth than any other age group. The composition of the wealth of this group is, in
general, what would be expected when
wealth is large. Ownership of businesses and

of investment assets is more frequent than
in other age groups. Home ownership is also
more frequent and the incidence of mortgage
debt-though
more frequent than among
those 65 and over-is
less than among
younger units. The total wealth of the group
is divided about equally between home equities and businesses, on the one hand, and
liquid and investment assets, on the other.
For the younger groups the former outweighed the latter; for the older group the
opposite was true.
Given a portfolio of similar size, the 5564 age group occupies a middle ground in
the progression of behavior, from younger
to older groups, regarding the proportion
holding various investments. Diversity of
holdings of the different types of liquid and
investment assets was less than in the 35-54
age group, but greater than among older
units with the same total amounts of such
assets.
HEAD AGED 65 AND OVER
Concentration of its wealth in liquid and
investment assets is characteristic of the old-

DIFFERENCES

AMONG

GROUPS

33
TABLE 10

DIFFERENCES IN COMPOSITION OF PORTFOLIO AMONG AGE GROUPS, DECEMBER 31, 1962
(Portfolio form as percentage of total portfolio; consumer units grouped by age of head)
I

Publicly traded stock

Savings accounts

Investment

real

Business not
managed by unit

cstatc

--

Size of portfolio
35-54

55-64

65and
wer

cad
IS-54

55-64

H‘cad
IS-54

65and
over

55-64

65and
over

cad
15-54

55-64

65and
over

I_
All

units..

. . .. .

.. .

.........
$1 - 499 ,.........
$500 - 1,999.. . . . .........
s2,ooo
- 4,999.. . . . . .........
$5,000 - 9,999.. . . . .........
$10,000 - 24,999.. . . . .........
SZS,OOO-49,999 . . . . . .........
550,000 - 99.999.. . . . .........
5100,ooo
- 499,999.. ..........
and over. .........
$SOO,OW

I

21

17

18

29

42

43

I

*

*

22
:
::
::

16

13

9’
8
29
22

3
8
19”

20

:Ft

‘:

;

9
.

6
.

8
.

l

7

2
i

:

2
8
II

11

:

20
4

1:
5

t:
2

1

ii

l

A

I
’ Less than

Note.-Data

of 1 per cent.
from Table 6.

$4

est group. Six dollars in every 10 of the
wealth of this group is in liquid and investment assets. The preference for these assets
among older units is shown in other ways
as well: approximately 2 units in 10 of those
with heads 6.5 and over had 90 per cent or
more of their wealth in liquid and investment assets compared with 1 unit in 10 of
the younger consumer units (see Table A
22). The large share in these assets is
achieved chiefly at the expense of investment in businesses or professions. Both the
share of wealth accounted for by businesses
and the proportion of units with a business
were smaller than among the younger
groups, except those under 35.
Home equities were substantial in the oldest group, largely because so many homes
were owned free of debt. Among these units,
6 in 10 were home owners, and only 1 in
EMPLOYMENT

10 owed mortgage debt. For the oldest
group as a whole, however, liquid and investment assets were so important that home
equities accounted for a smaller share of
their wealth than for the younger groups.
The major characteristics of the oldest
group with respect to composition of wealth
are clearly attributable to age differences,
independent of the size of their holdings. At
most wealth levels, older units are less likely
to have their own businesses or to owe mortgage debt. Their wealth is also more concentrated in liquid and investment assets
compared with younger groups with wealth
of the same size. And, compared with
younger age groups with portfolios of similar size, consumer units with heads 65 and
over have more of their portfolios in savings
accounts (Table 10).

STATUS

SELF-EMPLOYED AND EMPLOYED
BY OTHERS
The self-employed as a group were in better
circumstances than the units whose heads
were employed by others. Their incomes

OF HEAD’”

were higher-with
mean inc.ome for the
self-employed group at $10,841 and for the
10Groups too small for separate analysis and too diverse to

be combined
units headed
65 years of
those whose

have been omitted
by farm operators,
age with no work
occupation was not

from this analysis. These are
farm laborers, persons under
experience during 1962, and
reported.

34

CONSLWER

group with heads employed by others,
$6,990. The self-employed were also much
wealthier; the midpoint in their wealth distribution, $21,958, compared with $4,895
foi the units with heads employed by others,
They. were also somewhat older.
The employment classification is based on
replies to questions about the head’s employment rather than on the presence of business
investment. Accordingly, units classified as
in the employed-by-others group could, although they rarely did, have their own businesses arising from business activities of
other members of the unit or from secondary activities of the head. And those in the
self-employed group could, and occasionally
did, report that they had no equity of any
value connected with their self-employment.
The Survey showed that the greater
wealth of the self-employed is not accounted
for by their businesses alone. Their equities
in owned homes were about twice and their
holdings of liquid and investment assets
about four times as much, on the average,
as for the group employed by others. It is
apparent, therefore, that the self-employed
as a group are in very different financial
circumstances from the group employed
by others.
With so much disparity in the amount of
their wealth, differences in the shape of the
wealth distributions might be expected. The
degree of inequality, however, as measured
by the Gini coefficient is about the same for
the two groups, with the coefficient for the
self-employed only slightly higher (Table
8). A different conclusion as to dispersion is
drawn from comparing the quartile deviation, which is smaller for the self-employed
than for employees, but this measure does
not take account of the entire range of the
distribution. When Lorenz curves are drawn
for the two distributions, the curve for the

FIN.iNCIAL

CH_iR.ACTERISTICS

self-employed is nearer to the line of equality below approximately the 7th decile, but
at the upper end of the distribution the selfemployed show greater inequality than the
employees as to the distribution of wealth.
In view of the great differences between
them as to the size of their holdings, the
significant conclusion is that the two groups
differ relatively little as to the way wealth
is distributed within the groups.
To determine whether differences exist in
the kinds of investments held that can be
attributed to occupation, the composition of
portfolios of similar size was examined. Because the employment groups differed in
their age composition-the
self-employed
being older on the average-and
because
there were differences in portfolio preferences among age groups, the comparison
was confined to units headed by persons 35
to 64. A comparison of units similar as to
amount of wealth was not made because the
self-employed would obviously have smaller
shares in homes, liquid assets, and the like,
because their businesses are a substantial
share of their total wealth. For example, at
most wealth levels, business is at least onethird of the wealth of the self-employed.
Given the same total amount of liquid
and investment assets, the self-employed
generally have more of it invested in real
estate and businesses not managed by the
unit head than do the units with heads employed by others. Possibly both types of investment are related to active participation
in their own businesses, either currently or
in the past. For example, an interest may be
retained in a business in which a unit member was formerly active, or property owned
by a member. of the unit may be rented to a
business conducted by a member. Those employed by others, and especially those with
substantial portfolios, tend to have larger

DIFFEREYCES

\.\lOSC

GROL PS

35

TABLE
SHARE

OF PORTFOLIO

IN SPECIFIED

FORM,

Two

11

EMPLOYMENT

STATUS

GROUPS,

DECEMBER

31,

1962

(Consumer units with head aged 35 - 64)

Liquid asse.ts
‘ortfolio
‘mean in
dollars)

Head self-employed. . . .

and c&r.

..

Head employed by others.
Size of portfolio:
Sl-499..............
S500 - 1.999.. . . .
$Z,coO-4,999 . . . . . . . . .
S5,OOO- 9,999.. . . .
SlO,WO - 24,999 . . . . .
S25,OOO- 49,999.. . . .
550,000 - 99,999.. . . . .
s100,000 - 499,999 . . . . .
S500,OOOand over.. .

1

23,831

100

23

5

170
882
3,431 t
7,302
14,643
32,825
69,052
186,875
,233,72a

loo

2

2

7,273
171
%
7’201
15’03:
33:74(
72,22t
170,7M
,925,126

Investment assets

1g

15

:9’

32

5

3

25

11

-1 .
::

2l
l
1

;
1

;
17
::

;
10
1:

l

:t
35
10

2;
17
7

t
1

18

4

3

;

.1

:

:z

;

64

25
23
14
8

:
lo”
2

l

l

1g

:

14
13

42
27
32

t’6

1*

:

tE

;i

2:

:r:

::

:

1:

58

14

:

%

9

2

z

100

32

4

23

g
2:

43
24
12
f

::
49
45

100
100
100
100
100
100
100
1g

:‘:

:

::
15

10
3

:

:

1

8

*

6

:
2

l Less than 1%of 1 per cent.
Note.-Details
may not add to totals because of rounding.

shares invested in publicly traded stock than
do the self-employed (Table 11).
Even though there is no systematic difference between the two groups as to the
share of portfolios of similar size held in
liquid assets, holders of the various types of
liquid assets are relatively more numerous
in the group employed by others. Owners of
checking accounts, of savings accounts, and
of U.S. savings bonds are more frequent in
the group employed by others than among
the self-employed with portfolios of similar
size (Table 12).
The smaller incidence of checking accounts among the self-employed may reflect
the reporting method rather than a true difference between the groups in the extent to

which they use checking accounts. In measuring wealth, it is especially difficult to distinguish between business and personal holdings for the self-employed. Respondents
were asked to report as checking accounts
only those used wholly for personal purposes, and to report business accounts and
those used for both business and personal
transactions as part of investment in business. As a result, the self-employed are
shown to be less likely to have checking
accounts, especially when compared with
employees having portfolios of similar size.
This classification problem cannot be readily
solved, however, because results from the
opposite procedure would have been equally
difficult to interpret.

C0SSUIIIF.R

36

TABLE
PERCENTAGE

FIS.iNCI.\L

CHARACTERISTICS

12

OF UNITS OWNING SPECIFIED FORM OF PORTFOLIO, Two

DECEMBER 31, 1962

EMPLOYMENT STATUS GROUPS,

(Consumer units with head aged 35 - 64)

I
fOtEd
>ortfolio

Group characteristic

Head self-employed..

.. .

.

.

95

Liquid assets

Al’

92

Checking
accounts

y;;
accounts

70

Size of portfolio:
$1 - 499.. . . .
SSOQ
- 1.999.. . . . .
S2,000-4,999
. . .. . . .
ss,ooo-9,999
..... ..
SlO,OOO- 24,999..
..
$25,000 - 49,999.. . . .
s50,ooo - 99,999..
..
$100,000 - 499,999.. .
S500,ooO and over.. .

69

Investment assets

I
U.S.
savings
bonds

29

Mortgage
assets

51

26

5

a

Real
estate

27

Busi“.ZSS
not
managed
by unit
10

ComPanY
;;;;
plans
2
l

1:
2:
4
::
32

*
l
l

16
2
::

Head employed by others ............
“ia, “_‘&rtfolio:
.........................
$500 - 1,999 ......................
po&y9;.
...................
Slb,OOO-i4,9ii::::::::::::::::::
S25.000 - 49.999 ..................
s50,OOO- 99.999 ..................
s100,000 - 499,999 ................
S500.000 and over .................

RETIRED

The retired group consisted of units with
heads aged 65 and over who did not work
during 1962. About 7 out of 10 of the unit
heads of 65 and over were retired. Accordingly, the retired, being a subgroup of those
65 and over, have many of the characteristics of that group, as described above. The
retired are older than the nonretired in this
age group and have much less income. Average age was 74 for the retired and 70 for the
nonretired. Average income was about
$2,800 and $7,300 for the two groups.”
The wealth of the retired is best described
in terms of their age-that is, as an extension of the characteristics noted for the en“These means have been derived from Table A 33 showing
data for the age group 65 and over and for the retired. Data
for the nonretired aged 65 and over are not shown separately.

tire group aged 65 and over. Most of the
ways in which the wealth holdings of units
65 and over differ from those of younger
units are accentuated in the retired group.
Median wealth for the retired was $8,197;
this is less than the median for the entire
group 65 and over. As with all groups, the
size of wealth varied a great deal, with 22
per cent of the retired having less than
$1,000 in wealth and 7 per cent having
$50,000 or more. The inequality of the distribution of wealth among the retired, as
measured by the Gini coefficient, was virtually the same, however, as for other occupational groups (Table 8).
Although their holdings of most forms of
wealth averaged less than those of the entire group aged 65 and over, the sharpest
reduction was equity of the retired in busi-

DIFFERENCES AMOSG

37

GROUPS

nesses. The small share that units with
retired heads had in their own businesses
was to some extent compensated by investments in businesses in which no member of
the unit was active. Doubtless these were
retained interests in businesses from which
the head of the unit had retired.
Liquid and investment assets made up a
much larger share of the wealth of those who
were retired than of units aged 65 and over
whose heads were working. A shift into
liquid and investment assets on the part of
the retired would be expected on the basis
UNITS GROUPED

of the tendencies noted for all older units,
but the shift is especially marked for the
retired in this older group.
Home equities accounted for only a moderate share of the wealth of the retired because the group as a whole had so much in
liquid and investment assets. For retired
units with small amounts of wealth, however, home equities made up a large share
of what they had, two-thirds when wealth
was at least $1,000 but less than $5,000 and
three-quarters when wealth was at least
$5,000 but less than $10,000.

BY POVERTY

In order to meet requests for data on the size
and composition of wealth of the population
classified as poor by the Social Security Administration (SSA), the consumer units of the
Survey have been classified by poverty income criteria supplied by that agency.” This
method of classification differs from the income classification used in the Survey in
that it takes account of the size of the consumer unit as well as its money income.
The SSA has provided a choice of definitions of poverty income levels. The two definitions have been used to classify the consumer units of the Survey, and results are
presented in Tables A 37-A 43, using the
phrases “economy level” and “low-cost
level” for the two definitions as is done by
the SSA.‘” The first, which is designated
L9Mollie Orshansky, “Counting the Poor: Another Look at
a
the Poverty Profile,” and “Who’s Who among the Poor:
Social Security Bulletin. DeDemographic
View of Poverty,”
partment
of Health.
Education,
and Welfare.
January
1965,
and July 1965.
m Because the Survey sample was designed for efficiency in
of wealth, the
producing
data, on the size and composition
number of cases with high incomes is larger and the numbers
in the poverty groups smaller than would be provided
by a
sample of the same size that employed uniform sampling rates.
Hence the data on the wealth of units with incomes below
poverty levels are based on small numbers. These are shown
in Table A 43. In spite of differences in sample size and design, this Survey yields the same general conclusions
as to the
number
and characteristics
of units having
incomes
below
poverty levels as do the much larger Census samples used by
the SSA as a source of income data.

INCOME

STATUS

Level 1 in the tables, corresponds roughly
to a money income of $3,000 for a family
of four, and the second (Level 2) to about
$4,000 for a family of four. Income criteria
are, of course, lower for smaller families
and higher for larger ones.2o The brief discussion in this section makes use of the
grouping of units by the first, or lower, level
because it is the one generally used in discussions of the problem of poverty.21
Consumer units with little or no assets
were frequent in the group classified under
the SSA definition as poor on the basis of
their incomes, but there were some in the
upper portion of the wealth distribution. No
wealth of the kinds covered in the Survey
was reported by 28 per cent and 2 percent
had more debts than assets; another 21 per
cent had some wealth but less than $1,000.
Wealth of at least $10,000 but less than
$25,000, was reported by 12 per cenr of
those poor in income, and wealth of $25,000
or more by 6 per cent. Among those with
incomes at or above the poverty criteria lev3 Moliie Orshansky,
“Counting
the Poor: Another
Look at
the Poverty Profile.” Social Security Bulletin. Department
of
Health, Education,
and Welfare, January 1965, p. ‘28.
2 For example, Economic
Report of the President, January
1966, p. 111, and January 1965, pp. 162-66.

38

COSSUMER

els, wealth was greater, but there were as
many as 19 per cent with no wealth or with
less than $1,000. Wealth of $25,000 or
more was reported by 20 per cent of those
with incomes above the poverty level.
Unsecured debts were not exceptionally
frequent in the group classified as poor on
the basis of their incomes, but the debtors
had such small amounts of assets to offset
these debts that consideration of net worth
shows a substantial number in an over-all
negative financial position, or with no net
worth. For example, 37 per cent of the units
had either negative or zero net worth-that
is, they were in debt or had no financial reserves after taking account of their debts.
This compares with 11 per cent of the units
with higher incomes.
Among those defined by the SSA as poor,
families as a group had larger amounts of
wealth than l-person units-$6,167
on the
average compared with $5,846. Among
families, however, wealth was small for
those with more than 2 persons. Mean
wealth for families with 3 or 4 persons was
$3,586; for families of 5 or more persons,
it was $2,595 (see Table A 41).
Age also makes a difference among those
classified as poor on the basis of their incomes. Families with heads aged 65 and
over had more wealth, on the average, than
those with younger heads. As a result, almost half of the total wealth reported by
units with incomes below the povery criteria
was in the hands of the oldest third of the
group, namely l-person units aged 65 and
over and families with heads 65 and over.
About 4 in 10 units in the group with incomes below the poverty level were home
owners, a lower rate of home ownership
than among those with higher incomes.
Among the older people, however, the proportion owning homes in the group classified

FINANCLAL

CH.~R.4CT-ERISTICS

as poor was close to the proportion among
those with incomes at or above the poverty
level: Frequencies of ownership of liquid
assets and of investment assets, on the other
hand, were low compared with the higher
income group. Differences result between
the two groups in composition of wealth.
Thus, home equities were a larger share of
wealth for the poor than for units with incomes at or above the poverty level (Table
13). This was especially true for older people among the poor, both l-person units and
families. Among those classified as poor, as
well as among those with higher incomes,
older units also tended to have more of their
wealth in liquid and investment assets than
did younger ones.
Even though most of those classified as
poor on the basis of these income criteria
have little or no reserves of wealth, there are
some with holdings large enough to raise the
question as to how the count of those defined
as poor would be modified if the criteria
took account of wealth as well as current
income. That is, how many of the units classified as poor on the basis of their incomes
might be expected to have levels of consumption equal to or above poverty income
standards if they used their assets to supplement their incomes? The answer to this
question will depend on the types of assets
considered and on the judgment as to the
span of time over which these assets are
assumed to be used.
A definition ,of wealth suitable for the
general purposes of the Survey is not necessarily suitable for assessing resources that
can be used to supplement income. Liquid
and investment assets, consisting chiefly of
bank accounts and marketable securities,
are readily available. Investments in owned
homes, automobiles, or businesses and pro:
fessions, on the other hand, cannot be liqui-

DIFFERESCES

.1MONG GROUPS

39

TABLE 13
SHAREOF WEALTHIN SPECIFIEDFORM, POVERTYINCOMESTATUSGROUPS, DECEMBER31, 1962
(Percentage
distributionof dollaraggregate)
Portfolioof liquidand investmentaseete
1 Busi- 1 ~~

I

I

I
Investment

l-less,

Total
Own
Nuealth home

Characteristic
of
conwmetunit

Auto- prpfesmobile $:A,
IlOIl-

All

Liquid
assets

farm)

Unitswithincome

below

Level

11.

Unrelatedindividuals............
Underage 65...............
age 65 and over.............
Familiesof 2 or

more.

...........

Size of family:
2 persons...................

:x:~,;;

....................................

Age of head:
Under35...................
35-44 ....................
45-64 .....................
65 and over.................
All otherunits...................
Unrelatedindividuals............
Underage6S...............
Age 65 andover.............
Familieeof2ormore.. ..........

All

37
45

2

I

18
8

48
44

1s
23

2s
21

::

21

18
l

:

:;

22
21

32

3

2s

38

10

28

14
8
15
2
19
29
.
.

Mirccllaneous
aSSetS

Mkt.
sec.
other
than
stock

Other

2
1

9
14

l
l

1;

2
1
3
l

3

6

2

!

d
11

:

.
:
.

;

2?
2
*

2

14

6

2

15

19

::

:

I5

51

13

38

29

8

1:

1X

;

1:

20

:;

5

z

;

l

:z
37

13
:
1

‘!

ii

1:

:;

::

26
19

3
1

19
5

41
55

13
14

34
41

18
24

:;

21

:

f:

12
18

::

:‘o

:

:tl

‘Z

27

3

20

4.5

12

33

17

2

14

4

t’:

z
1

:t
12

2
:

::

11
7

:

::

:;

:

*

Sizeof family:
:,?,,, .........................................

23

5 ormore.. ................
Age of head:
Under35...................
35-44 .....................
45-64 .....................
65 andover................

Pwy
stock

assets

38
2:
20

10
:
1

::
22
15

32
z
63

12
:;
15

l

f

8

l

1:
3
1

* Lessthan M of 1 percent.
1Level1 is the economylevelas definedby the SocialSecurityAdministration.see also footnote18, p. 37.
Note.-Based on meansin TableA 41. Detailsmay not add to totals because of rounding.

i

dated without drastic changes in ways of
living and working. To take account of the
use value of owned homes as a supplement
to incomes, houses have been counted as
yielding returns equal to 4 per cent per year
on the equity. This is not the same as money
income, but rather a way of recognizing
that this equity would yield a return if invested elsewhere. The implied return is received not in cash, but in the use value of
the dwelling.

Even though almost 2 out of 5 in the
group classified as poor on the basis of their
current incomes owned homes, relatively
few had enough thus invested so that 4 per
cent returns on their equities, when added
to their incomes,, would be sufficient to remove them from the count of the poor. Oneperson and family units were much alike in
this respect; in other words, for 7 per cent
of the former and 6 per cent of the latter,
allowance for home equities was large

COSVSI’1lEK FIU\SCI.\L

40

enough to compensate for the deficiency between their incomes and the poverty income
level (see Table 14).
TABLE

14

ASSETS IN RELATION TO INCOME DEFICIENCY FOR
UNITS WITH INCOME BELOW POVERTY LEVEL 1,
DECEMBER 31,
1962 1
(Percentage
distribution
of consumerunitswithincomebelow Level I)

Unitswith income below Level

I

Deficiency compensated:
Byallowanceforhomeequity~
By allowa?cc for home plus
zswtt,“d
mvestment
Sufficient4 for:
5 years or more. . . .
3 years but less than 5. .
2 years but less than 3. .
1 year but less than 2.. .
Deficiency not compensated:
Some liquid and investment
assets 3.
.
...., .
No liauid and investment
assets3..

.

...

.... .

.

100

100

100

6

7

6

13

19

9

2
:

t
5

t
2

13

14

12

61

49

70

1 Level 1 is the economy level as defined by the Social Security
Administration.
See also footnote 18, p. 37.
2 Allowance estimated at 4 per cent of equity.
3 After deduction of personal noninstalmcnt debt and instalment
debt incurred for purposes other than purchases of durable goods and
home repair and modernization.
4 Liquid and investment assets sufficient to meet gap between
pcwetty income Level 1 and 1962 money income plus alIowance for
a 4 per cent return on home equity.
Note.-Details
may not add to totals because of rounding.

Although
liquid and investment
assets
are more readily available as income supplements than are some other forms of wealth,
their use may be restricted by unsecured
debt. Debts that represent outstanding obligations other than those incurred for purchase of automobiles,
durable goods, and
home repair and modernization
have, therefore, been deducted from the total of liquid
and investment
assets in estimating
the
availability of these assets as supplements
to current income.
The period over which liquid and investment assets are considered as being used up
is critical to the assessment of the contribution these assets can make to bridging the

CH.~R.~C’l-ERIS.I‘ICS

gap between incomes and the SSA poverty
income level. One possibility is to assume
that liquid and investment assets (net of unsecured debt) are to be used up over a period
of 5 years or more. The amount thus becoming available, supplemented by the use
value of owned homes, would make up the
difference between income and the poverty
criteria for 9 per cent of the families and 19
per cent of the l-person units classified by
the SSA as poor on the basis of their current
incomes (Table 14). When one considers
also the units with sufficient return on their
housing equities to bridge this gap, the conclusion is that 1 in 7 of the families classified as poor on the basis of their current
incomes and 1 in 4 of the l-person units
would not be so classified on the basis of
using their wealth to supplement their incomes. This concept of bridging the gap is
not intended to imply generous levels; rather
these are sums that raise levels of living up
to poverty income criteria as defined by the
SSA.
Using liquid and investment assets over
shorter periods might also be considered. It
is apparent from Table 14, however, that
the proportions
added by decreasing the
time span are small.** Regardless of the time
span chosen, 8 out of 10 of the families and
6 out of 10 of the l-person units classified as
poor on the basis of their incomes had no
equities in owned homes or no liquid and
investment assets (after paying off unsecured
debts), or had an insufficient amount of these
assets to bring their potential consumption
up to the poverty income level.
a Another possibilitywould be to convert wealth into income
on the basis of annuity yields, but this does not seem appropriate for the wide age range covered by this survey. The
income stream from a given sum would be small for young
units and large for older units, reflecting differences in life
expectancy.
Moreover, the annuity approach does not correspond with the way wealth is actually used. Outright purchases of annuities are unusual, especially by those with low
incomes or small amounts of wealth.

As a practicable program for raising consumption levels of units with incomes below
poverty criteria, use of accumulated savings
has limits, Young people might be expected
to rely on their assets to tide them over temporary periods of low income, but young
families with, incomes below poverty levels
have little wealth. Units with head aged 65
years and over comprise about half of those
who, according to the analysis presented in
Table 14, have implied returns on their

home equities and sufficient liquid and investment assets to bridge the gap between
their incomes and the poverty income standard for at least 5 years. And if these older
units used their assets, they would have difficulties in replacing them. Assuming that
wealth accumulated over a lifetime is used
to supplement retirement incomes, a program for such use of these assets would need
to take into account individual uncertainties
as to life expectancy and emergencies.

t

44

CONSUMER

CONTENTS

45

FOR

CHARACTERISTICS

NOTE

Definitions
Net worth
Wealth
Components of wealth
Total debt
Components of debt
Assets covered by Survey and excluded from wealth concept
Income
Consumer units
Employment status

45
45
45
47
47
48
49
49
49
50

Sample Design

51

Collection

and Processing

of Data

Questionnaire forms and field operation
Editing and processing
Weighting diagram

51
53
56
57

TECHNICAL

FINANCIAL

Evaluation

of Survey Estimates

Sampling variability
Response and nonresponse error
Comparison of institutional and Survey aggregates for the
household sector

57
58
61

Tables
52
57
59
60
61

15
16
17
18
19

Number of respondents and nonrespondents by income stratum
Standard errors
Size of wealth before adjustment for nonresponse
Composition of wealth before adjustment for nonresponse
Comparison of institutional and Survey aggregates for the
household sector, December 31, 1962

TECHNICAL

45

SOTE

DEFINITIONS
NET

WORTH

For purposes of this Survey net worth consists of
the asset components described below less all debts
covered by the Survey.
WEALTH

For purposes of ‘this Survey wealth consists of the
asset components described below, less the debts
secured by these assets. The few units who reported negative wealth are included in the data
for all units, but are not shown separately in the
tables.
COMPONENTS

OF

WEALTH

The asset itself is defined here, and the debt secured by the asset, which is deducted to determine the equity value included in wealth, is defined under components of debt.
Own home
Represents the respondent’s estimate of the market
value of his principal residence as well as any
vacation homes owned, less debt secured by such
properties. If a principal residence was used partly
for business purposes, only the nonbusiness (personal) share of the value and of debt outstanding
are included here; the business portion is included
under business and profession. Owner-occupied
farm residences are not included here; they are
counted as part of the value of the farm and are
included under business and profession.
Automobile
Represents the respondent’s estimate of the market
value of his car in the majority of cases. In the
remaining cases, where the respondent’s estimate
was lacking or inadequate, values from the Red
Book of the National Market Reports, Inc., were
used. Debts secured by automobiles were deducted.
When an automobile was used for both business
and personal purposes, the market value and the
debt included here are only for that portion of the
automobile representing
its personal use as reported by the respondent. The portion representing business use, as well as the value of automobiles used wholly for business, is included in the
equity in the business.
Business,

profession

(farm and nonfarm)

Consists of the equity in farm and nonfarm

sole

proprietorships, partnerships, and closely held corporations in which the respondent considered himself to be active in management.
Closely held corporations are those whose shares are owned entirely by one individual, a family, or a small number of individuals usually associated by ties of
business relationships or friendship. The shares of
such corporations
are not considered
publicly
traded because there is no public market for the
stocks, and any sales are usually direct and privately negotiated. Equity in business by self-employed professionals is also included.
Respondents were asked to value their businesses
on two bases-book
and market. Book values
rather than market values were incorporated in the
wealth estimates because so many respondents were
unable to provide any meaningful estimate of the
price for which their business might be sold. Most
respondents, on the other hand, were able to provide book values because they keep records, if for
no other purpose than income taxes.
The book value figure included the full amount’
of any checking accounts used for both business
and personal purposes, the business share of assets
such as automobiles and residences that are used
for both business and personal purposes, and the
business share of associated debts. For farms, the
entire value of the residence was included in the
value of the farm.
Liquid

assets

Consists of checking accounts, savings accounts,
and U. S. savings bonds at maturity or face value.
CHECKING ACCOUNTS include regular and special checking accounts that are for personal use
only. Checking accounts used solely for business
purposes as well as accounts that are for both
personal and business use are included as part of
the equity in business.
SAVINGS ACCOUNTS are classified by type of
institution-savings
accounts in banks, shares in
savings and loan and in building and loan associations, shares in credit unions, and accounts in
any institution whose type was not ascertained.
Savings accounts include time deposits, certificates
of deposit, Christmas club accounts, and vacation
accounts.
Savings accounts in banks were classified as
being in mutual savings banks or in commercial

CONSUMER FINANCIAL

46

banks on the basis of the name of the bank provided by the respondent. lMutual savings banks
were identified from the 1963-1964 Directory and
Guide
States

to the Mutual

Savings

Banks

of the United

(published by the National Association of
Mutual Savings Banks). The remaining
bank
accounts, including those in banks that could not
be identified, were classified as in commercial
banks. Savings and loan associations were identified in the Directory
of American
Savings and
Loan Associations
(published annually by the T.
K. Sanderson Organization, Baltimore, Maryland).
U.S. SAVINGS BONDS are nonmarketable
bonds
issued by the U.S. Government. Series E, F, and
J bonds are purchased for a fixed amount, which
is always less than the maturity value of the
bond. When the bond is cashed, the owner receives
the amount he paid for the bond plus interest,
which varies with the length of time the bond has
been held. The holders of income bonds (Series
G, H, and K) receive interest payments semiannually. Income bonds are redeemable at their
face value, or slightly less, after being held for a
short period of time. In this Survey, Series E, F,
and J bonds were reported at maturity rather than
at current redemption value because it was felt
that a request for current redemption values would
place an unreasonable burden on respondents, especially those with large holdings. Income bonds
were reported at face value.

CHARACTERISTICS

information
supplied by the respondents,
issues
were identified in one of the following manuals or
newspapers (publishers are given in parentheses) :
(1) Security Owner’s Stock Guide, January 1963
(Standard
& Poor’s Corporation,
345 Hudson
Street, New York 14, N.Y.); (2) Bank arzd Quotation Record, January
1963 (William B. Dana
Company, 25 Park Place, New York 8, N.Y.);
(3) The National Monthly Stock Summary, October 1, 1962-April
1, 1963 (The National Quotation Bureau, Inc., 46 Front Street, New York 4,
N.Y.); (4) Investment
Companies
1963, Mutual
Funds and Other Types (Arthur Wiesenberger &
Company, 61 Broadway, New York 6, N.Y.) ; (5)
Moody’s Industrial Manual, Moody’s Bank & Finance Manual,
Moody’s Public Utility Manual,
and Moody’s
Transportation
Manual
(Moody’s

Investors Service Inc., 99 Church Street, New
York 7, N.Y.);
(6) The Wall Street Journal
(Dow Jones & Company, Inc., 30 Broad Street,
New York 4, N.Y.); and (7) The New York
Times (The New York Times Company, Times
Square, New York 36, N.Y.).

Generally
the closing sale price was used;
in other cases, the bid price. Respondents were
asked to supply December
31, 1962, market
values for stocks that they believed were not
listed in most newspapers. These values were used
if the stock could not be located in one of the
newspapers or manuals used in the valuation
process. A few stocks that could not be identified
Investment assets
and for which respondents did not give values
were valued at zero. In a number of instances inIs a term adopted by the Survey in order to group
volving preferred stock, the information supplied
together certain assets that had some common
by the respondent was insufficient for positive
characteristics as a form of wealth. They consist
identification
because there was more than one
of publicly traded stock, marketable
securities
preferred
issue
outstanding. The value used was
other than stock, mortgage assets, real estate, busigenerally that for the preferred issue with the
ness investments not managed by a member of
largest number of shares outstanding,
on the
the unit, and company savings plans. Debts seassumption that this issue was the most widely
cured by these assets have been deducted in
held.
deriving the wealth components.
To derive equity for types of stock-common
PUBLICLY
TRADED STOCK COnSiStS Of COIlltllOIl
stock,
preferred stock, and stock for which type
and preferred stock in corporations
other than
was
not
ascertained-the
total debt secured by
closely held corporations, shares in mutual funds
stock
(debit
balances
at
security dealers and
and other investment companies, and share in inloans secured by stock) was apportioned among
vestment clubs, plus credit balances at security
these types on the basis of size of holdings. In all
dealers, less debit balances and less loans secured
cases equity in investment clubs equals market
by these stocks.
value of share holdings of investment clubs. Equity
Types of stock were valued at market prices
in mutual funds is equal to the market value of the
prevailing on December 3 1, 1962. On the basis of
.

TECHSICAL

47

SOTE

respondent’s holdings of mutual funds except in
the few cases where the process of netting total
debt secured by stock against common stock, preferred stock, and stock of type not ascertained resulted in a negative equity in one or more OE the
components. In these cases the debt was apportioned among mutual funds and common stock,
preferred stock, and stock of type not ascertained.
Credit htr/atms at security dealers are the net
amounts the brokerage concern owes the CUStomer. Consumer units are classified as having
either a credit balance or a debit balance on the
basis of the netting of all balances for all members of the unit.
MARKETABLE SECURITIES OTHER THAN STOCK
consist of bills, certificates, notes, bonds, and
debentures issued by the U.S. Government,
by
State and local governments,
by foreign and
and by foreign governdomestic corporations,
ments, less debt secured by such securities. These
securities were reported at par rather than market value because it was felt that respondents
were unlikely to know current market values,
especially for the many issues that are infrequently traded, and because it would be difficult
to obtain the information
needed for valuing
these securities.
MORTGAGE
ASSETS are amounts outstanding
on
December 3 1, 1962, on loans owed to the consumer unit that were secured by mortgages.
INVESTMENTREAL
ESTATE consists ofrealestate
owned by the unit, other than owned homes and
real estate connected with a business or profession. Included are houses owned for investment
purposes, properties put to commercial use, structures used for industrial purposes, and undeveloped land held for investment or building purposes. Market values on December 3 1, 1962, as
reported by respondents, less outstanding debt secured by this real estate were used.
BUSINESS

INVESTMENTS

NOT

MANAGED

BY UNIT

consist of equity in farm and nonfarm partnerships and closely held corporations in which no
member of the unit was active in management.
These business investments were valued at market,
as reported by the respondents.
consistofthe
amounts
that members of the unit could have withdrawn
from company savings plans, profit-sharing plans,
and other deferred income plans (but not retireCOMPANY

SAVINGS PLANS

ment plans), had they left their jobs on December 31, 1962.
iMiscellaneous

assets

Consists of beneficial interests in assets held in
trust, nonmortgage loans to individuals, and other
assets, which consist of oil royalties, patents, and
commodity contracts. Trusts in which a member
of the unit had rights only to income were not
included.
TOTAL

DEBT

For purposes of this Survey, total debt consists of
debts secured by own home and by investment
assets, personal debt, and debt on life insurance
as described below. Included are all debts owed
by members of the unit on December 31, 1962,
except debts owed in the name of a business.
COMPONENTS

OF DEBT

Debt secured by own home
Consists of mortgage debt on principal residences
and vacation homes outstanding on December 31,
1962. This debt was deducted from market value
of own home to derive the equity included in the
measure of wealth.
Debt secured

by investment

assets

Consists of debts secured by stock, other marketable, securities, and investment real estate. The
amounts of these debts outstanding on December
31, 1962, were deducted from the appropriate
components of wealth.
DEBT SECURED BY STOCK consists of debit balances at security dealers and loans secured by
stock.
Debit balances at security dealers are the net
amounts customers owe to the broker. Consumer
units are classified as having either a credit balance or a debit balance on the basis of the netting
of all balances for all members of the unit.
Loans secured by stock are loans with stocks used
as collateral, regardless of type of lender and
purpose of the loan.
DEBT

SECURED

BY

MARKETABLE

SECURITIES

consists of loans with marketable securities other than stock used as collateral,
regardless of type of lender and purpose of loan.
OTHER

DEBT

THAN

STOCK

SECURED

BY

INVESTMENT

REAL

ESTATE

COSSUSIER

48

is debt outstanding on December 31, 1962, that
was secured by mortgages on investment
real
estate holdings.
Personal debt
Consists of instalment
ment debts outstanding

and unsecured noninstalon December 31, 1962.
INSTALMENT
DEBT consists
of amounts owed
for the purchase of automobiles and for other purposes on which regular instalment payments are
made. The debt may be owed to a bank, to some
other financial institution (such as a sales finance
company or a credit union), to a retailer (such
as a department store), or to an individual.
Automobile instalment debt is secured by the
automobile
and has been deducted from the
market value to derive the equity included in the
measure of total wealth.
Other instalment debt is the part of instalment
debt that is not secured by the assets included in
the wealth concept of this Survey. It includes debt
incurred for the purchase of household durable
goods, for home repair and modernization
(unless
the expenditure is financed by a mortgage loan on
own home), and for other personal expenses.
Budget accounts, 60- or 90-day accounts, even
though the payments involved are uneven or
irregular, and revolving credit plans are included,
but 30-day charge accounts are not counted.
NONINSTALMENT
DEBT
includes
unsecured
debts to doctors, hospitals, banks, other financial
institutions, and private individuals in which there
is agreement to repay in one lump sum or at
irregular intervals over the term of the loan.
Debt on life insurance
Consists
purposes
unseclrred
insurance
estimate.

policies

of debt secured by life insurance. For
of this Survey, such debts are counted as
because the cash surrender value of life
policies is not included in the wealth

ASSETS COVERED
EXCLUDED
FROM
Investment

BY SURVEY
AND
WEALTH
CONCEPT

iti life insurance

Consists of cash surrender value of life insurance
policies less debt outstanding on insurance policies. Accumulated dividends were not covered.
In the financial section of the Survey questionnaire, the respondent was asked directly for the

FINANCIAL

CHARACTERISTICS

cash surrender value of his life insurance policies.
(See question 1l.b.(2) on page 3 of the Family
Balance Sheet and Income Statement, Questionnaire Form, page 67.) If the respondent \\as unable to provide this information, he \tas asked the
type of policy, face value of the policy, name of
issuing company, premium, and age of insured at
purchase. This information was recorded on a supplemental form not shown in this report. These
data were used in estimating cash surrender value
on an individual policy basis, but it became obvious that the descriptions furnished by the respondent were often insufficient and were generally inconsistent with the life insurance data supplied
when respondents were interviewed again for the
Survey of Changes in Family Finances in order to
obtain data on saving. Accordingly, investment in
life insurance was not included in the wealth estimates. The data obtained are shown in Table A 31.
The figures in Table A 31 on percentage of
consumer units reporting equity in life insurance
and on the mean amount of life insurance equity
were based on the values estimated by the process
described below, in addition to the cash surrender
values supplied by the respondents.
For those
recorded as “not reporting,” values could not be
estimated. The estimated values were not revised
to take account of corrections introduced by the
respondent in the reinterview.
The following material summarizes the valuation procedure that was developed. The information necessary for determining
cash surrender
value is type of policy (ordinary life, limited payment life, endowment, etc.), face value of policy,
age of insured at time policy was purchased, and
number of years policy has been in force (present
age as given in the demographic information in
the Survey minus age of insured at purchase).
For National Service Life Insurance policies (also
described as U.S. Government,
GI, or veterans’
insurance)
the date of conversion was accepted
as the pufihase date for determining age at purchase and number of years in force. The basic
references are: ( 1) Actuarial Tables, American
Experience Mortality Table, 3 per cent; (2) Actuarial Tables, Commissioners’ 1941 Standard Ordinary Mortality Table, 21% per cent (published by
the Society of Actuaries in 1946); and (3) Flitcraft Compend (published by Flitcraft, Inc., 7.5

Fulton

Street, New York 38, New York).

The

TECHNICAL

NOTE

49

first reference should be used for all policies issued
before 1948, the second for policies issued in
1948 or later. Many problem cases were resolved
by studying the various plans offered by the
issuing company; for this purpose the third reference was useful.
The appropriate reference and information on
type of policy, age at date of issue, and number of
years in force were used to find the cash surrender value per $1,000 of face amount. This was
multiplied by the face value of the policy (in
thousands) to obtain the estimate of cash surrender value. The valuation procedure for paid-up
insurance was simpler: once a policy is paid up,
the cash value depends only on the attained age of
the insured and could be found in a table in the
second reference.
One problem concerns policies with term riders.
If the reported face value includes the value of
the term insurance, the above procedures result
in an overstatement of cash surrender value. Such
problem cases can be handled by a comparison
of the reported premium with the premium shown
in the actuarial tables for the particular type of
basic insurance concerned. If the reported premium per $1,000 is substantially smaller than the
premium in the tables, such cases should receive
a professional review to determine whether or not
a rider is involved.
Equities in annuities

and in retirement

plans

Consists of amounts that had been paid for annuities as of December 3 1, 1962, and amounts
that members of the unit could have withdrawn
from retirement plans had they left their jobs on
December 3 1, 1962. Because one-fourth of those
who had investments in retirement plans did not
report their equities, and examination
suggested
that the reports were of poor quality, the data
were omitted from the wealth estimates. They are
presented in Table A 3 1. Failure to report values
was less serious for annuities than for retirement
plans, but aggregate equity values were small compared with those in life insurance and in retirement plans.
INCOME
The total money income received in 1962 by all
members of the consumer unit before any payroll
or income tax deductions is the income concept
used in this Survey. The following components

are included: wages, salaries, commissions;
net
income from unincorporated
businesses or professions (farm and nonfarm)-both
sole proprietorships and partnerships:
dividends: interest; net
income from rents: pensions and social security
payments; and any other periodic payments received by members of the unit. The few units who
reported negative incomes during 1962 are included in the data for all units, but are not shown
separately in the tables.
CONSUMER

UNITS

For purposes of this Survey consumer
units
consist of families and unrelated individuals as
defined by the Bureau of the Census. The Census
definition of the term “family” is a group of two
or more persons related by blood, marriage, or
adoption and residing together. The term “unrelated individuals,”
as defined by the Census
Bureau, refers to persons (other than inmates of
institutions) who are not living with any relatives.
An “unrelated
individual” may constitute a lperson household by himself, or he may be part
of a household including one or more other
families or unrelated individuals, or he may reside
in group quarters such as a rooming house.
EMPLOYMENT

STATUS

Groupings by employment status are modifications
of Census Bureau occupation and class-of-worker
classifications. The self-employed group consists
of units whose heads were active in the management of a nonfarm family business, including
closely held corporations and partnerships as well
as sole proprietorships,
and units whose heads
were professional persons reporting themselves as
self-employed. Whether they had an investment of
any value in their business was not a consideration
in this classification.
The employed-by-others
group consists of units
in which the main occupation of the head was as
an employee of someone else; farm laborers are
not included. Thus this group includes units with
members other than the head active in the management of family businesses and units in which
active management of a business was a secondary
occupation of the head.
The retired group consists of units whose head
was 65 years or older in 1962 and who did not
work during that year.

CONSUMER FINASCIAL

JO

Farm operators. farm laborers, units with head
under 65 reporting no work experience during
1962, and units who did not report occupation are

SAMPLE
The sample for the Survey of Financial Characteristics of Consumers was designed to be representative of all consumer units and at the same
time to yield a sizable number of consumer units
in the upper income and wealth groups. To obtain
a large number of units with substantial amounts
of wealth requires either a very large sample size
or a heavy oversampling of units expected to have
above-average amounts of wealth. The latter procedure was chosen for this sample.
The oversampling of wealthier consumer units
was intended both to improve the reliability of
estimates of financial assets, which are concentrated among a relatively small proportion of the
population, and to provide a sufficient number of
consumer units to permit analysis of investment
behavior.
The Survey was based on results of field interviews obtained from a sample of consumer units
(families of two or more plus unrelated individuals) in the United States. The sample was
designed to yield approximately 400 cases in each
of 9 strata, the strata being based on 1960 income.
In order to.obtain the desired 400 cases, the original sample selection in strata 1 through 7 was in
excess of 400 units in each stratum. The excess
was necessary because some dwelling units which
had a probability of selection were vacant during
the survey period or were otherwise “out-ofscope. ” As may be seen in Table 15 on page 52,
the actual number of cases “in scope” on December 3 1, 1962, varied from stratum to stratum and
totaled 3,551 for all 9 strata.
The sample was selected from three basic
frames:
(a) Housing units enumerated in the 1960 Census of Housing. Military installations and institutions such as nursing homes, penitentiaries,
and
hospitals were not included in the sampling frame;
thus, persons residing in such places are not represented in the sample.
(b) Housing units built since the 1960 Census.
=This
Division

discussion
was prepared
by the
of the Bureau of the Census.

Statistical

Methods

CHARACTERISTICS

included in the data for all units. but are not shown
as separate groups in the tables of data classified
by employment status.

DESIGN ‘.’
(c) Persons who filed an income tax return
with an adjusted gross income (AGI) of $50.000
or more with the Internal Revenue Service for
Tax Year 1960.
The consumer units designated for interview,
that is, the units on which the results of the Survey
are based, were associated with the sample selected
from the frames as follows:
(I) For the sample drawn from frame (a) or
(b), the consumer unit residing in the selected
housing unit on the interview date was interviewed. The interview data collected were for the
consumer unit as it was composed on December
31, 1962, regardless of its residence on that date.
(2) For the sample drawn from frame (c), the
consumer unit which on December 3 1, 1962, included the selected person \vas interviewed.
The process of sampling involved the use of
the 1960 Census questionnaires
and individual
income tax returns for Tax Year 1960 filed with
the Internal Revenue Service. The survey process
was carefully controlled to insure that the data
furnished
the Census interviewers
by the respondents in this Survey and in the 1960 Decennial Census were not disclosed to the Internal
Revenue Service. Conversely, data on the income
tax returns were not disclosed to anyone other
than Census central office personnel involved in
the selection of the sample. The interviewers were
not told the sources of the names and addresses
given them to interview. Tabulations made from
the sample cases were prepared so as not to disclose the identity of individuals selected either
from the income tax returns or from the Census.
The nine income strata are:
1.
2.
3.
4.
5.
6.
7.
8.
9.

Under $3,000
$3,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000-$14,999
$15,000-$24,999
$25,000-$49,999
$50,000-$99,999
$100,000 and over

TECHNICAL

SOTE

51

The sample for the first seven was drawn from
the groups described under (a) and (b) above.
For sampling purposes, a housing unit occupied
in 1960 was assigned the income of the consumer
unit residing there in 1960. A housing unit vacant
in 1960 was, assigned to an income stratum based
on the income of a neighboring
household. A
housing unit constructed
since the 1960 Census
Mas assigned an,income stratum based on its value.
The sample to represent the last two income strata
was drawn from group (c).
The sample cases for strata 1 through 7 were
selected within a restricted set of sample areas
(counties or groups of counties) throughout the
country. For cases selected for strata 8 and 9
the sample was taken throughout the United States
-although
persons residing in the set of sample
areas were given a greater probability of selection
than those not residing in these areas. The procedure of concentrating
sample cases in a restricted set of areas where possible was adopted
in order to reduce the cost of the field interview.
The sample for strata 1 through 7 was selected
in the following way: As the first step, a systematic
sample of housing units and persons from_ the
1960 Census 25 per cent sample was selected at
a rate, varying for each of the incoine strata, established so as to yield somewhat more than the
desired 400 sample cases in each stratum; the
sample unit? were next subsampled in conjunction
with units
own to be vacant in 1960 and units
which wers reported as built since the 1960
Census. The sample of units constructed since the
1960 Census was selected from a sample of the
building permits issued by permit-issuing jurisdictions during the period January
1960 through
December 1962. Jurisdictions that did not require
building permits were represented by a sample of
newly constructed units in these areas drawn from
a list prepared by the Census Bureau with the

COLLECTION
QUESTIONNAIRE
FORMS
OPERATION

AND

AND

assistance of local sources. This final stage of
sampling was done in such a way as to yield the
required 400 sample cases in each stratum.
The sample for strata 8 and 9 was selected from
the Internal Revenue Service Statistics of Income
sample and resulted in the selection of a set of
individuals.?* The interviewing process, however,
included all members of the consumer unit to
which the sample individuals belonged as of December 3 1, 1962. Thus, the probability of a consumer unit appearing in the sample was proportional to the number of members who filed an
individual income tax return with an AGI of
$50,000 or more for Tax Year 1960. The probability of selection for each consumer unit in the
sample was used to adjust the weights for the
preparation of the estimates from the sample cases.
The Census records do not ordinarily show detail beyond the category “$25,000 and over.”
Therefore, a housing unit sampled from the Census files with income reported as $25,000 or more
(income stratum 7) may have included an individual who had reported an AGI of $50,000 or more
on his tax return for Tax Year 1960. Such a person would also have a probability of selection in
income stratum S or 9. This possible duplication
in the sampling frame was removed by determining the 1960 income reported to the Internal
Revenue Service for consumer units living in the
housing units selected from the Census file for
income stratum 7. Those consumer units, a member of which reported $50,000 or more of AGI to
the Internal Revenue Service, were removed from
the sample selected from stratum 7 since such
units would have their proper chance of being selected from the Internal Revenue sample.

zi For a description
of the Internal
Revenue
Statistics
of
Income sample, see Statistics of Income, Individual Income Tax
Returns for 1960, U.S. Treasury
Department,
pp. 19-21.

PROCESSING

FIELD

The Survey of Financial Characteristics was conducted for the Board of Governors by the Census
Bureau in the spring and summer of 1963. After
considerable experimentation with methods for obtaining the balance sheet data, two methods were

OF DATA

adopted for the 1963 survey: self-enumeration
for
the upper income 40 per cent of the sample and
personal interviews for the remainder. A separate
form was developed for each.
The interviewers were employees of the Census
Bureau who were given 3 days of special training
in using the questionnaire forms for collection of

CONSUMER

52

the financial data and the demographic information. In the first contact with the sample consumer
unit, the interviewer obtained the demographic
information for the unit as it existed on December
31, 1962. This included the following for each
member of the unit: age, sex, marital status, education (for head and wife only), number of
months worked for pay in 1962, whether part-time
or full-time work, and the occupation and industry of the job held the longest by the individual
during the year. For each member of the unit
other than the head, it also included the individual’s relationship to the head.
The procedure varied after this point, depending on the type of interview that had been designated and the type that was in fact conducted to
obtain the financial data. Self-enumeration
had
been designated for the consumer units in the
upper income classes. Experience in the pilot surveys indicated that this method was preferred by
respondents with complicated financial affairs and
often resulted in the use of records, thereby improving the quality of the data. However, if the
respondent expressed a definite preference for a
personal interview, the interviewer was instructed
to change forms and proceed.
If the financial data were to be supplied by selfenumeration, the next series of questions related
to the respondent’s reasons for saving, the objectives he tried to achieve in his investment program,
the type of asset he thought would best meet the
requirements,
and the type of assets that would
represent the best compromise in meeting the objectives. Questions were then asked regarding inheritances and trusts, including trusts established
by members of the unit and those established by
someone outside the unit which named a member
of the consumer unit as the beneficiary. At this

FINANCIAL

CHARACTERISTICS

point the interviewer left the Family Balance Sheet
and Income Statement questionnaire
to be completed by the respondent and arranged either to
pick up the completed questionnaire
or to have
it mailed.z5 If the form was picked up, the interviewer was instructed to review it and to ask questions about responses that had not been properly
completed earlier.
If the financial data were to be supplied by a
personal interview, the interviewer asked the questions regarding reasons for saving, inheritances,
and trusts, and then asked the specific questions
relating to the respondent’s assets and liabilities.
These questions were completely spelled out in
the questionnaire
form for a personal interview,
along with introductory
and explanatory
paragraphs designed to make the questions understandable and to lead the respondents from one topic
to the next. In concluding, the interviewer asked
the attitudinal questions regarding investment objectives and the type of asset that met these objectives.
The Survey yielded 2,557 respondents who gave
data sufficiently complete to tabulate. The proportion of those drawn in the sample who responded
was 72 per cent, with smaller proportions in the
upper income strata. When the number of responses in each stratum is weighted by the relative importance of the stratum in the total population-a
procedure necessary in order to compare
results with other consumer surveys-the
over-all
response rate was 85 per cent.
The 994 nonrespondents
can be classified in
three ways as shown in Table 15: ( 1) those whom
the interviewers were unable to trace; (2) those
whom the interviewers were unable to contact be“The

questionnaire

form is reprinted on pp. 65-71.

TABLE 15
NUMBER

OF RESPONDENTS AND NONRESPONDENTS
I

Total in scope ...........................

Respondents ...........................
Nonrespondenfs
........................
Unable to trace ......................
Noncontact. ........................
Refusalof financial data. .............

STRATUM

IncomeStratwnl

I

3,551
2,557

327
284

376
335

401
341

994
54
120
820

43
8

41
i
24

60
:
54

1 For definition of income strata, see page 50.

BY INCOME

::

%
69
i
58

421
333
88
:
79

%

46’
302

380
191

:::

III5

“2’

189
6

“9”

k’:

1:‘:

1::

Iii

TECHNCAL

SOTE

53

cause they were unavailable during the survey
period or were temporarily absent, etc.; and (3)
those who refused to give any financial information whatever or who gave so little that it could
not be used.
EDITING

AND

PROCESSING

The completed questionnaires were returned to the
Census Bureau for some initial editing and for
transfer of the basic data to magnetic tape.
The basic data tape was subjected to 2 series
of computer edits: the first included checks for
completeness and for valid codes in only a technical sense, while the second was designed to check
for consistency. The general nature of the consistency checks was as follows: (1) if the data
showed ownership of a particular
asset, there
should also be income from this asset; (2) if the
data showed income from a particular type of
asset, ownership of such an income-yielding
asset
should also be reported; (3) if a member of the
unit were reported as having worked, wage and
salary income should be reported unless this member were reported as active in a business, in which
case there should be a report of income from a sole
proprietorship, partnership, or farm; (4) if a member of the unit reported that he did not work, he
should not have received any wage and salary income or business income; (5) data should not be
reported for a type of member whose presence
was not indicated in the demographic information;
(6) a variety of checks for consistency within the
demographic information. These checks revealed
numerous inconsistencies
in the data. Many of
these were due to errors that had been introduced
during the coding and processing, and these errors
were corrected. In numerous other instances the
data as reported in the questionnaire were indeed
inconsistent but were left as reported.
Of the 2,557 respondents in the Survey, 1,859
answered all the questions necessary for the wealth
and income concepts used-that
is, they reported
whether or not they owned each asset or owed
each debt item, whether or not they received income, and the dollar amounts where appropriate.
Of- the 698 respondents who did not answer all
the questions, 426 did report whether or not they
had each asset, debt, or income item, but one or
more dollar amounts were not reported. The procedures followed in estimating the missing items
are discussed later.

In the remaining
272 cases there were one or
more questions that were not answered by the respondent or were not completed by the interviewer. Although the problem was not confined to
the self-enumeration
questionnaires,
it was especially prevalent in these forms because some of
them were mailed back to the Census Bureau
office, and because in many instances where the
interviewers picked up the completed forms they
failed to review them. Approximately 80 per cent
of the questionnaires reviewed because some questions were not answered were self-enumeration
questionnaires.
The review of the unanswered questions in the
self-enumeration
questionnaire
revealed two patterns: (1) the respondent filled in dollar amounts
on those asset, debt, and income items for which
he had amounts to report, but left all the other
questions blank-that
is, he failed to make use of
the NONE boxes provided in the questionnaire;
(2) the respondent answered all but one or two
questions, which were left blank, while he had
generally supplied a dollar amount or checked
the NONE box. In the first pattern of incompleteness, the blanks were generally assumed to
be NONE and were treated as such in further
processing. In the second pattern, if the blank
was an income entry for an asset for which the
respondent had reported ownership, the blank was
assumed to be present because the respondent
knew he had a dollar amount but did not know
the exact amount. These blanks were coded as
“amount not ascertained,” and during a later stage
in the processing they were assigned a dollar
amount. The majority of unanswered questions
were income items.
In the self-enumeration
questionnaire,
certain
blanks appeared frequently, apparently because
of specific features of the questionnaire
design.
These blanks were in the following questions: (1)
U.S. savings bonds (Sec. 1, Part A, No. 2) ; (2)
U.S. Government
bonds (other than savings
bonds) by maturity date (Sec. 1, Part A, No. 6) ;
(3) vacation homes and other residences owned
(Sec. I, Part F, No. 18b) ; and (4) the personal
debt section, where blanks also appeared to be an
outgrowth of the questionnaire design because they
occurred frequently in the second, third, and fourth
parts of the instalment and noninstalment sections
after NONE had been checked for the first part.
The blanks in the U.S. Government bonds (other

54

than savings bonds) by maturity date, in vacation
homes and other residences, and in the personal
debt section have in common the fact that the
questionnaire design makes the series of questions
relating to these items appear to be a subgroup
of the preceding question. Thus it seemed understandable that the respondent left them blank when
he did not own the particular asset in question or
owe the specific type of debt. Accordingly, these
blanks were processed as NONE if the respondent
made no additions when given the opportunity in
the reinterview.
The blanks in the U.S. savings bonds question
are of a slightly different nature. This is the one
question that seemingly was just overlooked and
accordingly where holdings may have been underestimated by processing the blanks as NONE.
Some of the gaps were filled by the addition of
data in the reinterview. Assuming that all of the
remaining blanks should have been dollar amounts,
which is highly unlikely, the percentage owning
is understated by less than 2 per cent.
The review of the personal interview questionnaires showed less pattern among the unanswered
questions. However, there were several questions
that the interviewers seemingly failed to ask in
many instances. With a few exceptions the code
“not ascertained whether” was used for a blank in
a personal interview form when it was uncertain
that the interviewer had asked the question. One
exception was dividends from publicly traded
stock where, in a number of cases, the questionnaire design apparently led to failure to ask the
question. In this case, the “not answered” code
was changed to an “amount not ascertained” for
respondents with publicly traded stock holdings,
and to NONE for those not reporting ownership.
Another exception was debt on life insurance,
where again the questionnaire design led to failure
to ask the question. In view of the general inadequacy of the life insurance data, it was felt that
estimates of debts would not be satisfactory, so
all such cases were considered NONE.
Some of the missing information on wealth was
supplied when respondents in this Survey were
interviewed again in the spring and summer of
1964 for the Survey of Changes in Family
Finances. The questionnaire for the 1964 survey
provided for returning to the respondent a large

CONSLWER

FINANCIAL

CHARACTERISTICS

portion of the wealth data that he had supplied
in the Survey of Financial Characteristics of Consumers, thus giving him the opportunity to correct
this information.
Of the changes made as a result of the reinterview, the following were generally incorporated in
the record: the addition or deletion of a checking
account, savings account, issue of stock, or holding of other marketable securities; the correction
of a rounded number to an exact figure for an
account balance or a debt item; a change in the
number of shares of a particular issue of publicly
traded stock; the addition of information regarding
the family’s share of the book value of an active
business interest; the addition of a specific debt
figure or the deletion of a debt that had been
double counted; the reclassification of assets and_
debts among major categories. Many changes from
“not answered” to NONE were also accepted.
However, a change in the estimate of the December 31, 1962, market value of a business, principal residence, or other real estate was not accepted.
After the review described above and the incorporation of corrections from the reinterview, there
remained 556 cases for which some information
was missing on wealth and/or
income. These
cases were reviewed and were accepted as respondents
because in most cases the missing
amounts were judged to constitute a negligible
portion of the consumer unit’s wealth and income.
In a few cases, in which the missing information
could have constituted
a substantial
share of
wealth or income, information
for a year later
obtained in the reinterview questionnaire was used.
Of the 556 cases with missing information, 297
were missing income items only, and nearly onehalf of these were limited to savings account interest. Of the remaining 259 cases, about 1 in 5
involved businesses for which book value figures
were not reported; in most of these cases market
values were reported and were used in the wealth
estimates. About 1 case in 8 involved missing
balances in checking accounts; and another 1 in
8, missing balances in savings accounts. Together,
these three components of wealth accounted for
about one-fifth of the total number of cases with
missing information.
There were approximately 900 items of missing

TECHNICAL

55

NOTE

information
in these 556 units. For approximately
5 per cent of these, it was not known whether or
not respondents
had the item. The remainder
reported having the item but did not report the
amount.
\Vhere it uns not known \+hether the respondent
had the item. the first step was to determine
\+hether a dollar amount
should be assigned
or
whether the respondent
should be counted as not
having the particular asset, debt, or income. TO do
this, the respondents
were arrayed by age within
stratum,
and information
for the last preceding
respondent
having the same set of characteristics
was used. In some cases the respondent
selected
was the immediately
preceding
respondent
while
in others it was necessary to review a number of
preceding
respondents
before one was found having the appropriate
set of characteristics.
For exwhether”
ample. in handling
a “not ascertained
item for net credit and/or debit balance at security
dealers. it was necessary
to find a respondent
reporting ownership
of publicly traded stock. When
such a respondent
was found, if he had a dollar
amount
for the specific entry in question
(net
credit or debit balance in the example),
the “not
ascertained
whether”
code was converted
to an
“amount not ascertained”
and then an amount was
assigned in accordance
with the procedure
that is
described below. If the respondent
having the same
characteristics
for the related entries had NONE
for the specific entry in question,
the “not ascertained whether” code was handled as a NONE in
the further processing.
The procedures
for estimating
missing dollar
amounts were designed to make maximum
use of
the information
reported by the respondent.
Many
items-checking
accounts,
for example-were
reported for head, wife, and other family members
separately.
In some cases, the missing information
was the checking account of the wife or the other
family member,
and the head’s account was reported. In such cases the value estimated was based
on the universe of checking accounts of wives or
other family members as appropriate.
The procedures
for estimating the missing dollar
amounts differed for the various wealth, debt. and
income items as described below.
1. Income
items,
dends from publicly

with the exception
of divitraded stock, interest on sav-

ings accounts.
and interest on U.S. Government
securities. were assigned as follows:
(a) the 1963
income figure if it was supplied in the 196-l reinterview sur\ey and if there had been no change in
the related \\ork experience
or asset holdings: or
(b) the mean within age and stratum or a computed rate of return on the dollar value of the
related asset--\\ hichever was appropriate-for
the
universe of respondents
reporting
dollar amounts.
The assignments
for dividends on publicly traded
stock were derived.
where feasible, by applying
yield figures to the individual stock issues held on
December
3 I, 1962. Where only “global” data on
holdings
were available,
a computed
rate was
applied to the respondent‘s
holdings: the computed
rate was derived from the universe of Survey cases
reporting
publicly
traded
stock
holdings
and
publicly traded stock dividend income.
Interest
on savings accounts
was assigned
by
applying rates obtained from institutional
sources
to the December
31. 1962, balances in the individual accounts.
Interest
on U.S. Government
securities
was
computed
by using the midpoint
of the range of
rates appropriate
for the type of securities held by
the respondent.
2. For mortgage
debt on principal
residence,
vacation
homes, and investment
real estate, the
following
procedure
was
used
for
assigning
amounts.
(a) If December
3 1, 1963, mortgage
debt was reported
in the reinterview
and there
were no purchases
or sales during 1963, an estimate of the December
3 1, 1962, mortgage
debt
was made by applying a factor to the report for
1963. This factor was the ratio of the December
31, 1962, debt to December
31, 1963, debt for
the last preceding respondent
on the tape arrayed
by age within stratum who had the same characteristics-that
is, he reported
mortgage
debt for
both dates and no purchases
or sales during the
year. (b) If the amount of December
31, 1963,
mortgage
debt was not reported,
the estimate of
December
3 1, 1962, mortgage debt was made by
applying to the reported market value of the real
estate securing the debt, a ratio of debt to market
value for respondents
within the age and stratum
cell reporting
both December
3 1, 1962 debt and
market value.
3. Value

of automobiles

was assigned

using the

56

mean within age and stratum
owners.

CONSI-MER

for the universe

of

4. Book value of business or profession was assigned as (a) the December 3 1, 1962, market
value or (b) the December 31. 1963, book value.
5. Market value of businesses not managed by
unit in almost all instances was assigned as “zero”
on the grounds that no meaningful figure could be
assigned.
6. Balances in liquid asset components and personal debt components were assigned as (a) the
December 31, 1963, balance if given, or (b) the
mean within age and stratum for the universe of
holders.
7. Value of publicly traded stock was assigned:
(a) by capitalizing the dividend income reported
for 1962, using the computed ratio of mean holdings of publicly traded stock on December 31,
1962, to mean dividend income for 1962 (both
means within age and stratum for the universe of
stockholders reporting publicly traded stock dividend income) ; or (b) the mean amount of publicly
traded stock within age and stratum for the universe of those reporting holdings of such stock.
8. Credit or debit balances at security dealers
were assigned by calculating the December 31,
1962, credit (or debit) balance mean as a percentage of the December 3 1, 1962. publicly traded
stock mean (both means for universe with known
amounts of credit (or debit) balances and publicly
traded stock), and applying this percentage to the
December 3 1, 1962, publicly traded stock holdings
for the respondent missing the amount of credit
(or debit) balance.
9. Mortgage assets were assigned (a) by capitalizing 1962 interest income, if reported, using a
computed rate derived from the Survey cases reporting both the asset and the income from the
asset; or (b) the mean within age and stratum for
the universe of holders.
A few special cases that did not lend themselves
to this general pattern were assigned using a modification of the same ground rules. If the age
stratum cell was too small, either age or income
stratum data were used as seemed most appropriate for the item in question. In some instances
where the number of cases was still too small, it
became necessary to use the data for all cases. In
a few instances the over-all mean for holders

FINASCIAL

CHARACTERISTICS

seemed to be the most appropriate figure and was
the first choice. For a few respondents lacking
information on the value of principal residence.
mean value for homes in respondent’s block or
neighborhood as supplied by the Census was used.
WEIGHTING

DIAGRAM

Iri

Because of the sample design, it was necessary to
use weights in preparing estimates of proportions
and means. As noted earlier, the sample was designed to yield about 400 respondents in each of
9 income strata. This meant that the probability
of selection and its reciprocal, the weight, varied
from stratum to stratum. Consumer units with
higher incomes had a greater probability of selection than other units because there are many fewer
consumer units in the upper income groups. Each
of the 400 units selected in stratum 6, for example,
represented 3,952 consumer units; that is, each
unit had a weight of 3,952. while each of the 400
units selected in stratum I represented 43.155
consumer units.
If all consumer units in the sample had provided
sufficient information to tabulate, the appropriate
weights for preparing the estimates would have
been the reciprocals of the probabilities of selection. Because some consumer units did not participate in the Survey or provided so little information that they could not be counted as respondents,
a necessary final step in the data processing was
to adjust the weights: to do this, the weight of the
994 consumer units classified as nonrespondents
in Table I5 was distributed among the respondents.
Respondents and nonrespondents
were sorted by
age of head within stratum within region. The
total weight for nonrespondents
within each such
cell was distributed to the respondents in that cell.
For example, in stratum 6 there were 298 respondents and I1 1 nonrespondents.
The weight
for each respondent was increased by about 30
per cent, the exact adjustment depending on the
particular age and region cell. When age of the
nonrespondent
was not known, the weight was
distributed to respondents within a stratum-region
group in accordance with the distribution of units
with known ages.
3:

The
method
of adjustment
for complete
nonresponse
was
developed by the Board’s
staff and was reviewed
by the Census
Bureau.
The adjustment
of the weights
was carried
out by the
Board’s
staff.

TECHSICAL

hOTE

57

EVALUATION
SAMPLING

VARIABILITY

OF SURVEY

2y

Since the estimates
in this Survey are based on a
sample, they may differ somewhat from the figures
that would have been obtained if a complete census
had been taken using the same schedules,
instructions, and interviewers.
As in any survey work, the
results are subject to errors of response and of reporting as well as being subject to sampling variability.
The standard
error is primarily
a measure
of
sampling variability-that
is, of the variations that
occur by chance because a sample rather than th’e
whole of the population
is surveyed. As calculated
for this report, the standard
error also partially
measures
the effect of response and enumeration
errors. The standard
error does not measure any
systematic
biases in the collection
or processing
of the data. The chances are about 68 out of 100
that an estimate
from the sample would differ
from a complete
census figure by less than the
standard
error. The chances are about 95 out of
100 that the difference
would be less than twice
the standard error.
Standard errors for a survey based on a sample
may be estimated from the sample data. The procedure adopted to estimate standard errors for this
Survey required
separate
estimation
of variances
(the square of the standard error) for each of the
strata which were combined
to yield estimates of
the standard
error for the total sample estimate.
The variances
for each of the strata were estimated to reflect as much as possible the sampling
procedure
used in the stratum.
The estimation
of variances
for aggregates
and
means was carried out by a different process for
each of the following two groups of strata:
1 Variances
for the units in the strata described
below were estimated
as though the units had
been selected
using stratified
simple random
sampling.?8 Strictly speaking,
a variance
estimation procedure
to reflect stratified systematic
sampling would have been more appropriate,
but the rather slight difference in the estimated
nThe
Statistical Methods Division of the Census Bureau
outlined the method of computing the standard errors and
prepared this description; the Board’s staff made the computations.
g Morris H. Hansen and others, Sample Survey Methods
and Theory (New York: John Wiley Bnd Sons, 1953), Vol. 1,
p. 129.

L

ESTIMATES

standard errors would not have justified the additional complication
in procedure.
The strata
in this group are:
a. Units selected from stratum 8;
b. Units selected from stratum 0; and
c. Units selected in each of strata 1 through 7
within
self-representing
primary
sampling
units ( PSU’s).
Note that self-representing
PSU’s are those sample areas that were included with certainty
in the set of areas
from which sample cases were selected.
2. The remaining
units in the Survey were those
selected from strata 1 through 7 in non-selfrepresenting
PSU’s. The procedure
for estimating variances for these units required the pooling of data from pairs of PSI-J’s,‘” This technique produces
estimates
of standard
errors
that are expected to be slightly higher than the
true standard
errors. This technique.
however.
represents
the only process
available
for the
sample selection process employed.
Standard
this report

errors for selected items tabulated
in
are presented
in Table 16. The table
TABLE

16

STANDARD ERRORS

Item

Prooortio” of
units having item
-PerStandan
centa*e
error

Total wealth. .
Business, profession (farm
and nonfarm).
Liquid assets,. _.
Checking accounts.,
Savings accounts.
.
U.S. savings bonds..
Publicly traded stock!. .
Marketable securities other
than stock 1.
U.S. Government.
State and local government.
Corporate and foreign government.............
Debt secured by own home.
Personal instalment debt..
Personal noninstalment debt.
1962 income,.

I

*~~“’
Sfandard
dollars)
error
20,982

16.6
78.5
59.4
58.5
27.5
16.1

1.30
1.53
I .76
1.34
1.36
.90

3.881
2.675
409
I.809
458
3,837

2.7
.5

.34
.I4
.I3

437
II6
219

2.1
32.6
48.6
27.5

.31
I .30
1.55
1.24

.4

r

Mean for
all units

101

948

313
132
31
109
3;:
::
44

2,529

25
114

478
234
6,378

:;
158

1 Before deduction of debt secured by asset.
Note.-Details
of means may not add to totals because of rounding.

10Ibid., p. 399.

COSSLXER

58

shows, for example, that the mean checking account for all consumer units is $409. The standard
error of this mean is given as $31, which means
that the chances are about 68 out of 100 that a
complete census would have shown a figure differing from the estimate by less than S31. The
chances are 95 out of 100 that a census would
have shown a figure differing from the estimate
by less than $61. (twice the standard error).
RESPONSE
Response

AND

NONRESPONSE

ERROR

error 3”

As just discussed, estimates based on samples
will, in general. differ from the values that would
be obtained by a complete enumeration of all consumer units. Because of response error, however,
even a complete census will not necessarily yield
true values.
A few studies, most of them using rather small
samples, have attempted to measure response errors and to relate them to certain other variables.31
These studies confirmed the existence of substantial response errors in financial surveys. Although
the size of the errors varies greatly with the particular asset or debt item being reported and with
certain characteristics of the respondent, the interviewer. and the interview situation. the general
tendency is for survey responses to understate individual true values. and thus to understate means,
aggregates. and measures of variability. Several of
the studies cited were sponsored by the Inter-University Committee
for Research on Consumer
Behavior (Robert Ferber, Project Director).
Because of its interest in this subject, the Committee sought and obtained funds from the National Science Foundation to undertake a similar
SoThis
Statistical
1 Sec.
Arthur
formation

discussion
of response
error was prepared
by the
Research Division of the Census Bureau.
for example:
L. Broida. “Consumer
Surveys as a Source of Infor Social Accounting:
the Problems.”
in The Flow-

of-Funds
Approach
curd Applications

to

Svciol

Accorrntiw:

Appmrsol.

Am7/J~sir,

(National
Bureau of Economic
Research,
Princeton University
Press. 1962), pp. 335-81.
Robert Ferber, Collecting Fiumrciol Doto by Cons~rrrter Panel
Techniques
(Urbana:
Bureau of Economic
and Business Research. University
of Illinois,
1959).
Robert
Ferber,
“The Reliability
of Consumer
Surveys
of
Financial
Holdings:
Time Deposits,”
Jourrlnl of the Antericnn
Storirticnf
Associntion.
March 1965, pp. 148-63.
W. Horn, “Reliability
Survey. A Survey on the Reliability
of Responses to an Interview Survey,” Her PTT-bedrijf,
October 1960. pp. 105-56.
John B. Lansing and others. AM Imestigatimr
of Response
(Urbana:
Bureau of Economic
and Business Research.
Error
University of Illinois, 1961).

FIN.~SCI.-IL

CHAR.iCTERlSTICS

study in connection pith the Survey of Financial
Characteristics of Consumers. The Board of Governors of the Federal Reserve System and the Bureau of the Census cooperated in the study. This
evaluation study \+as essentially a matching of information reported by individual respondents with
that based on institutional records of savings accounts and stockholdings. By and large, the procedures used in collecting the data for matching Fvere
the same as those used for the Survey of Financial
Characteristics.
However, because the evaluation
study used a nonprobability
sample that was in’dependent of the Survey of Financial Churacteristics sample and because of some procedural differences, the results may be regarded as shedding
some light on the main aspects of rhe methodology
of the Survey of Financial Characteristics rather
than on the statistics produced by it. Analysis of
the results of this study is nearing completion.
Nonresponse

error

In the Survey nonrespondents
uere more concentrated in the upper income sample strata than were
respondents. The adjustment for nonresponse described on page 56 was designed to minimize the
bias that differences between respondents and nonrespondents might introduce by using all the information available about nonrespondents-age
of
head when available, income stratum. and region.
Some of the effects of the adjustment for nonresponse on size and composition of health may
be seen by comparing Tables 17 and 18, which
were prepared using the weights prior to adjustment for nonresponse, with Tables A 2. and A 8.
As to the distribution of consumer units by size
of wealth, the only differences resulting from the
nonresponse adjustment occur at income levels of
$50,000 and above. The general effect is to increase the proportion of consumer units in these
upper income groups estimated to have wealth of
$1 ,OOO,OOOor more. The distribution of all units
by size of wealth is not affected, and the distributions within age groups are generally the same.
As to the incidence of equity in specified &sets,
again t& differences are minor. The differences,
which are in both directions, are confined to own
home, automobile,
business, and miscellaneous
assets in the highest wealth and income groups.
Because virtually all consumer units in the higher
wealth and income groups reported ownership of
liquid and investment assets, the nonresponse ad-

g

:

g~gag~~s_ 88888
--__,........
: : : : : : :::

:._:::
:

.!

_.

All units..

.
.
.

Note.-~Details

Age of head :
Under 35..
35-44
. . . ..
45-54
. . . ..
55-64
.... .
65 and over.

.
.

34
56
68
67
61

56

OWlI
home

‘J2
Y6
‘J5
‘J6

88

8”:
93
82
83

82

:‘
b
76

73

:::
79

77
82

I%
100
100

::
87
Y6
98

79

because of rounding.

I!
I’)
22
I4

;:
27

22
25

I?
I2
I;

I6

;:
77
77

76

IG
100

74
X6
“)6
Y6
100

55

IG

98
IO0

::
36

::
72
‘J3
Y7
Iv0

:8

15

4
::
42
63
8’)
Y3
Y5
9’)

85
E

30

:‘:

78

a. Percentage of group having equity in specified assetsconsumer units grouped by various characteristics

Automobile

oC means may not add to totah

.

510.000 - 14,Y9Y.
SI5,OOO - 24.99’).
S25.000 - 49,999.
550,OrKl - 99,999.
5100,000 and over..

$3,Mx-4,999.....
$5,@4n3
- 7.499.....
57,500- 9,999.

1962 income:
0 - S2,999.........

s50,ooo
$100,ooo
-

Sire of wealth:
$I - 999..
Sl,OOi-4,999
. . ...
55,00&9,999
. .
sl0.000
- 24,999.
$25,000 - 49,999.
99,999.
199,999.
$200,000 - 499,999.
S500,OOO and over..

characteristic

Group

OF WEALTH

Portfolio of
liquid and investment assets

COMPOSITION

BEFORE

1:
53

I:
I6

2
6
7

18
ADJUSTMENT

8

TABLE

I

5,417

I ,bOb
4,744
7,030
7.834
b,697

3,153
3,343
4,437
7,020
‘),4X6
14,403
31 ,‘J17
33.888
89,714

i

I

44b
708
H’J7
740
351

I5b
3~~6
b26
x54
t,3b8
2,05Y
2.84’)
I ,‘Jb7
4,232

I92
441
611
x47
I.123
I ,4Xb
2,257
2,189
2,634

626

I

Purtlblm

01

8:

3.315

715
3,3X(,
4,306
S.h\O
3,086

I ‘N

1,414
I
2:234
2.214
4 ,3 I ‘J
‘J,Ol I
57,675
251,11x
213,703

I.317
4,bl I
7.057
14,3n4
I 6 , ‘J IO

2,708
4 b7X
4: 465
X,b5b
I I .‘JX’J
?Y,3?3
l)S.~?l
lb7,‘Jbl
I ,tJlb341

14x
X62
I.662
4,683
t 3 7YY
35:503
X3,Yl3
190,041
603.781

8,41X

5hX
I .s31
2.405
4.018
4.h38

1,440
I ) 67‘)
1,X47
2 ) bO7
4, JbO
x.3x3
20,424
35.027
4Y, b4b

134
6’Jl
I.221
2,bl3
6,419
10,765
IX.‘)85
lY,48’)
42.092

2,51X

74’)
3 ,0x0
4,bS?
IO. 3bb
12.272

I xv
2 ) Y’,‘,
2:61X
6,04Y
7,62Y
20.93’)
I l4,YO7
232,YJh
‘Jhh, 6Yb

14
170
440
a ,070
7,380
24,738
64,Y28
170,552
561 .bYO

5 .YW

(in dollar>) ut’ equity in apccilicd a>\ct\
for all units in groun

644
1,508
6.74b
I6:‘JOO
21,633
70. I’)8
254,666

b. Mean amount

NONRESPONSE

1.3::
4,244
8,841
12,913
13,869
22,431
24,277
53,952

FOR

/

I.414
I ,3b7
557
650
107

b7
I08
1,141
303
.I45
3,480
44,17h
1,872
b’J, 167

x
24
I 04
I bY
54h
1,205
1,X14
‘J-265
243,428

8X8

TECHNICAL

61

NOTE

justment had little effect on the ownership rates of
these components.
With the nonrespondents
concentrated
in the
higher wealth groups, one would expect the nonresponse adjustment to increase the mean for total
wealth. In fact, the mean for all units increased
by approximately $2,300. Each of the major components of wealth was larger as a result of the
adjustment for nonresponse, with the largest differences in the components where higher wealth units
have much of their wealth-business
and investment assets. Differences in the means for these
components were especially pronounced for upper
income and wealth groups.

COMPARISON OF INSTITUTIONAL AND
SURVEY AGGREGATES FOR THE
HOUSEHOLD SECTOR
Table 19 presents a comparison of financial aggregates derived from this Survey with aggregates
from institutional sources as used in the flow of
funds accounts published by the Federal Reserve.
Typically, estimates of national totals based on
reports from consumer financial surveys fall short
of estimates computed from other sources.
Some of the discrepancies between Survey estimates and the aggregates used for comparison result from differences in concepts and coverage.
In most of the flow of funds statistics, estimates
of levels for the household sector are derived as
residuals rather than made directly; that is, the
amounts attributed to households are what is left
after subtracting estimates for all other sectors
from totals for the entire economy. Moreover, in
the flow of funds accounts the household sector
includes holdings of personal trusts and of nonprofit organizations, which are excluded from the
Survey of Financial
Characteristics
aggregates
shown in Table 19.
Conceptual
differences, such as the basis of
valuation for various types of securities, raise
difficulties in making comparisons between flow of
funds (FF) and Survey of Financial Characteristics (SFC) data. For marketable U.S. Government
securities and State and local government bonds,
both FF and SFC estimates are based on face
value. In the case of the bonds of domestic corporations and of foreign governments and corporations, the FF estimate for the entire economy
is at par value, but some of the sector totals, which

TABLE

19

COMPARISON OF INSTITUTIONAL AND SURVEY
AGGREGATESFOR THE HOUSEHOLD SECTOR,
DECEMBER 3 1, 1962
(In billions of dollars)
I

Savings accounts. ................
U.S. Government securities ........
Savings bonds. ................
Marketable securities. ..........
Stateandlocal governmentsecurities.
Corporate and foreign govt. secu~ities other than stock .........
Coroorate stock ..................
Mortgage debt on residences .......
lnstalment debt ..................
Noninstalment debt. .............

Flow of funds

206.0
70.3
46.9
23.4
32.4
43::;
157.3

I

204.2
61.1
n.a.
“.a.
21.5

104.8
33.3
26.6
6.7
12.7

I.0
384. I

:z .

“.a. Not available.
1 Adjusted to omit bank-administered personal trusts.
ZComponents (in billions of dollars) are: publicly traded stock
(market value), 222.3; closely held corporations, member of unit
active in management (book value), 71.9; closely held corporations,
member of unit not active in management (market value), 10.5.

are subtracted in reaching the household sector,
are valued at market; the SFC estimate is at par
value. With respect to both corporate bonds and
State and local government securities, there is considerable uncertainty about the total amount outstanding and hence about the level of the residual
attributed to the household sector in the FF accounts. For SFC data, U.S. savings bonds are
shown at maturity value (Series E, F, and J) or
face value (Series G, H, and K), while the FF
total is current redemption value.
The corporate stock figure in FF accounts is an
estimate of total market value of all stock, including stock not traded on exchanges and stock in
closely held corporations. An estimate from SFC
data that corresponds to this concept would include the market value of all publicly traded stock
and of the stock of all other businesses that are
legally organized as corporations.
However, the
SFC data do not yield a good estimate of market
value for closely held corporate businesses in
which a member of the consumer unit was active
in the management,
and book value has been
used for the comparison.
No comparison was made of SFC and FF estimates for checking accounts, because the FF
figure combines demand deposits and currency,
and holdings of the latter were not reported in the
SFC.
To bring the coverage of FF estimates more

CONSUMER

62

nearly into line with that of the SFC, adjustments
were made to exclude estimated holdings of personal trusts. No data were available on aggregate
assets held in personal trusts on December 31,
1962, but estimates for bank-administered
trusts
for the ‘year-end 1963 were published by the
Comptroller of the Currency.3Z Estimates for the
year-end 1962 were derived from trust department
assets (excluding employee benefit accounts) of
all commercial banks for 1963 by deflating common stock to year-end 1962 prices and by allowing for 4 per cent annual growth in all categories.
Since these estimates cover only personal trust
accoGnts administered by banks, the adjusted FF
aggregates shown in Table 19 still include assets
of nonprofit organizations
and of personal trust
assets not administered
by banks.
The Survey aggregates are less than institutional
data, even after removal of bank-administered
trusts, for all asset and debt types compared except
32 See Stanley Silverberg,
“Bank Trust
National
Banking
Size and Significance,”
pp. 577-98.

Investments:
Review,

June

Their
1964,

FINANCIAL

CHARACTERISTICS

domestic corporate and foreign bonds. For some
items the sampling variability is substantial and
could account for a considerable part of the difference. For example, the estimated standard error
of the Survey aggregate for State and local government bonds is $2.5 billion, so it is quite probable that the true aggregate would be as low as
$10.2 billion or as high as $15.2 billion. Moreover, as was noted above, the. FF estimates for
corporate bonds and State and local government
‘securities are subject to greater question than are
estimates for the other components in the comparison.
The largest remaining
discrepancies
between
Survey and institutional aggregates are for saving
accounts, instalment debt, and U.S. Government
securities. The various response error studies cited
earlier have consistently found that underreporting
resulted in a downward bias for the first two of
these items. While no studies have been made of
response error in relation to Government securities, a similar downward bias in survey estimates
of this item seems likely.

Questionnaire

63

Form

65

ZONFIDENTIAL
- This survey
is conducted under rhc provisions of Title
lation you provide
cannot
be used for purposes
of taxation,
investigation.

FAMILY

13. U.S. Code.

The

B”DGET
APPRO”/L‘

infor-

or regulation.

BALANCE

B”RBl”
EXPIRES

no. 11-6309
DEC. 31. 1963

SHEET

AND
INCOME STATEMENT

INSTRUCTIONS

FOR COMPLETING

THIS

QUESTIONNAIRE

This self-enumeration
form is designed to cover all family assets and debts as of December 31, 1962, and
family income received during 1962. By family we mean those persons related to the head of the household
who were living with the head on December 31, 1962.
This form allows for a wide variety of situations,
nor all of which will be relevant for any one family.
On
the other hand, it may not be adequate to cover certain special situations.
If it is nor clear where a particular asset or debt is to be reported, we would appreciate
your giving a brief explanation
either to the
interviewer
or in written notes.
For families with their own business
or profession,
some assets such as residences,
automobiles,
and
checking accounts may be used for both personal and business
purposes.
When a checking account is used
for both business
and personal purposes,
the entire balance should be reported as a business
asset in
Question 14. For assets other than checking accounts, please report the business
share of the asset value
and any associated
debts under Question
14 and the personal share under the appropriate
nonbusiness
category.
For any asset held by a member of the family on December 31, 1962, enter the total value of his holdings
on that date in the column designated
for that family member, i.e., Head, Wife, or All Other Family Members.
If a particular
asset was not held in the family on December 31, 1962, check the box labeled “None” for
that item.
When assets are jointly held, report the total value only once - - in the column for the principal
person holding
the asset.
For example, if an asset was held jointly by head and wife, enter the total value in the space
for the head; do not double count the same asea by entering it also in the column for the wife. If assets
ax held jointly with someone outside this family, please repon only this family’s share.
Assets held by family members ocher than the head and wife should
in the column “All Other Family Member<’

be combined,

and the total

value

entered

Please consult records in providing this information because we are anxious to have these data as accusate
as possible.
If you have consulted
records in answering
a particular
item, please check the box marked
“Yes.”
If you did nor, please check the box marked “No.”
The following example may be of help to you in completing
the balance sheet.
Suppose that you, as the
head, held jointly with your wife two U.S. Savings Bonds on December 31 with a face value of $1,000 each.
You should enter $2.000 in the column labeled “Head:’
Each of your two sons also held a U.S. Savings
Bond with a face value of $1,000. You should also enter $2,000 in the column marked “All Other Family
Members”
Thus, assuming that you consulted
records in answering this question,
the proper entries
would be:
z
Itern

ig.
.
2. U.S. Savmgr Bonds- rotal facevalue

0

Dollars
I

d,ooo

All other
family members

Wife

Head

32

Cents
00

Dollars

Cents
00

S

Dollars
s &OOO

?zds
suited

Cent* Yes No
00

,

CENSUS
ntervier

I (dare)

.nrervicwer (name)

USE ONLY

Interview II (appointment

date)

Telephone

Sample Control No.

No.

“SCOMM.LDC I.338

L

P.,

3. U.S. Government

bills

e. Da nor know

OTHER

MARKETABLE

7.
Bonds,

0. State

maturity

DEBT

date

00

0s

OBLIGATIONS

and local

(Report

00

0s

govemmenrs

TOTAL

f

PAR

00

VALUE

1

00

s

as of December
00

31,

,=*I

1962)

J

00

fC

2g

1

notes,

or

b. Foreign

corporarims

and governments

0s

00

s

00

J

Of

00

I

00

I

00

to’*=

debentures
C. Domestic
OTHER

corporations

ASSETS

fReporr

8.
Money

a. Morrgagc

OWED
TO
Y0”,
family

b. Outstanding
loans to businesses
CD0 not include
here loans to businarra.
in which you have .n equit*
interest1

0

C. Ocher

0s

loan

assets

OS

assefs

s

9. Individual
annuities
(rotal mount
paid in as of
December 31, 1962)
ID.a not include
.“““lfi.*
cYl**“,,”
payin*
income,
regursr ,;,a in*ur.snca
go,icirs
with an d”““,lY
,cerure.or
annuities
connected
with YO”l employmen,.)

0

10. Beneficial
December

0

(Your best
received.)

FORM FRB.la

interest
in estates
31, 1762.
.s,ima,s

0, amo”“,

in probate
HIat w,,,

on

s

AMOUNT

01 of December

31, 19621

s

s

s

I

s

f

IE

s

s

10/2G

‘0

,JO

113

;2y

be

‘;I

I
00

f

12.1.~031

TOTAL

Page

2

$

00

s

00

‘O,ZD

67

THER
I.
ife
S”rZl”ce
,IIcle*

ASSETS

(Report

(Continued)

a. Term

and group

policies

- face value

of all

TOTAL

AMOUNT

c3)

00

9

00

2s

00

0

00

31,

19621

J

ill,

1:

s

00

1:-:n-

*- _

b. Ordtnary
Irfe. llmlred
payment.
endowment,
and orher types of non-term pol~czes

(1)Face

value

(2) Loan
value

or cash
of all

of all
surrender

,If

J

s

tr_

J

s

I;3 zr

C. Loans outstanding
on December 3!, 1962,
that were secured by any of rhese policies.
(00 no, rnc,vds here money owed by your
own buslnssn.~

C1)Amount
OTES

as of December

‘2
of al1 loans

J

* ._

68

Part

Credit

B - SAVINGS

ACCOUNTS

Union?

Full

10

I

I 0

Head

10

Wife

I0

Head

20

Wife

11
3 Ocher (spsciry,
Head

I=

and cir

N.me
city

20

Wife

I0

Head

20

Wife

I0

Head

20

Wife

10

Head

20

Wife

17
Head

7 Ocher (spacity)

20

Wife

‘0

20

1s

I

I

I
_- _-

NaM
‘0

‘0

10

20

‘0

20

s

N*me
Cl0

aOcher (spas,fy,

I0

Name

city

a Ocher (spsciry)

20

N.N

ClIlr

Other (specify,

‘0
s

.. . .

I

18

name of institution

I

12

16

held on December 31, 1962

1

Nan.
city

s

69

IOTES

:
1

I

0”

._x
a

I
z

$

.

(a)

name of

(b)

IN MUTUAL

FUNDS

Record.

31, 1962

Consulted,

clubs?

held on December

or shores in mutual funds or invcrtment

OR SHARES

troded stocks,

STOCK

issuing corpora&n,
fund or club
(Issues held on December 31, 1962)
(,, prelerrsd Sl0CL. 0,so enter dividend rare,,

Full

TRADED

own any publicly

Port C - PUBLICLY
31, 1962, did an y member of this family

$?::d
W - Wife
Ocher fspecirv,,

Family
member

13. On D.c.mber

_.

72

ISscrlo”

I -

Port

Conti”“ed,

F

Item

SHARING

Head

5;

CC)

s

(a)
ROFIT

:
-‘u
5z

ihI

PLANS

I. TOTAL
amount family member could have withdrawn
from
profit sharing plans, employer
sponsored
savings plans.
anddeferred income plans if he had left company OD
December 31. 1962, or on last valuation
dare.

/
cnm Doliars

id,

m Dollar,
Fn

Da”ar=
fReport

All other
fJmlly
memhcrs
e

U’1fe

TOTAL

AMOUNT

0s of December

31,

Record.
C0”lvlte

0
ken.

J

so

I)

2c

1c:

2c

1cj

2r

19621

C
s

Ye2

I

ETlREMENTPLANSCONNECTEDWll!lEMPLOYMENT

7. TOTAL
amount family member could have withdraw”
from
rettremenc plans (ocher than Social Securtty)
if he had
left rhe company on December 31. 1962, o< on last
valuation
date.
EAL

ESTATE

E. Family
Real
bstate
owned

(If family

arm busmess

h-s

or profession,

refer

_
-

s

J
to third

porngraph

s

of instructions

on Pogc

1.)

0. Principal
residence
Feecember

(1) Marker

-’
,S

value

00

J

00

00

s

31. 19G2
(2) Debt outstanding
on December
(mortgages,
rncludmp
wcond
mortgages
and deeds of rrusri

(3) Equity
in owun home
utsm iI, mrnus r*>,

31
s

c7S

uu

c3s

s

J

XCurnbrr

b. Vacation
homes

00

00

1

Number

Number

and
ocher
residences
owned

(4) Equity
in vacation
homes and
other residences
for family us.
(Item (2, minus OII
9. Other
.eal Estate
residrnrlal
?“I?4
KXp=Xy.
ommercial
nd industria,

GS

00

5

00

9

0”

j “0

5

00

9

011

(D” not lit, real e*,*10 ,nc,“dcd
I” the ua,u,s
reportad I” ,rema 14 and I.5 lo, prOl*lElO”.
or b”rrnss..*.)

q. Marker

value

of all

rS

rOP=nY.

.ndeveloped
and, etc.)

b. Debt outstanding
on December 31
(mortgages,
includinp
secood mortgages.
secured
h>
deeds of C~YSI, or ocher debts
this property)
C. Equity in all other real
(Ilsm ‘.a” ml”“*
“b”,

estate

CT

OS

s

uo

s

s

5

01) S

‘0

00

21

21. Markrt value 01 each car owvncd on
December 3 I. I%,?

PERSONAL

s

J

m.

DEBT

fRe,mrt

(2) Loans

secured

AMOUNT

OUTSTANDING

1

.z

2

(-:

J
os of December

31, 1962)

by bonds

b. InsraIlClle”t

debt

owed

for:

to:

(2) Orher

(3) Doctors,

(4) Private
(Outside

financial

institutions

dentists,

individuals
the family

0s

t

I

‘a

‘0

hospitals

0s

t

s

‘0

20

unit)

0s

I

s

Page

11

‘020
USCOMM-DC 1.335 P-63

SSction~II
14. Prowde

rhe requested

information

- FAMILY

for calendar

ycnr

INCOME

FOR

CALENDAR

YEAR

:

Type

0.

1962

1962
Head

of income

Wages,

salaries.
cmmissions.
and bonuses
(before
deductions)

b. Income
of sole
prierorship
or
profession

pm-

Profit

t

OR
LOSS

‘0’
s

Profit
OR
Loss

5. Income of pnnnership
(family’s
share)

s
0’

Profit
d. Farm

f

OR
LOSS

Incomc

0’
f

(1) Publicly
waded stocks,
invesrment
clubs
S. Dividend

(2) Closely
active

Income

(3) Ocher
f. lnrerest

(1) U.S. Government
Savinns
Bonds)

Income

(2) Sate

from rents

h. Income
from old-age
insurance
policies,
i. Income

from trusts and

family

member
01

corporStions

0s

(include
0s

and

(4) Savings

accounts

pensions,
annuirieS,

with

bonds

(3) Corporate

and royalties

and

securities

and local

(5) Loans,

p, Income

h;ld

funds,

0s

held corporations
in managemenl
clorely

murual

foreign

morrgages,

bonds

and other

sources

I

M*

I

Id

I

0s

(net of expense)
Socinl Security,
and
Snd reriremenr
plans

I4

0,
regular

pSymenrS

from
0s

SStSteS

0s

i. Other income
(e.~.,
Slimony,
regular
contributions
for support
perSonS
outside
rhe household,
veteran’s
paymenrs,
etc.)
sp.s,,y
.OY,S.:

from

0
t
t main

k. Capital

gain

SOLoss

or loss

from sale of S*curiti*S
(Full .mountJ

Shorr-rerm
t

0’ II-Jhr,

SOLOSS

Long-term
t
,~StD
I. Capital

gain

(x loss

FO”YFRB.1. Il.,.-aa,

from sale

of assets

ocher than

2rJLosr

0

securities

s
PPge

12

I

77

OMIT THIS SECTION

IF CHECKED

HERE

cl

.
Section

III - ASSETS

HELD

IN FORMAL

TRUSTS

ou have indicated
that your family has the right to the principal
01 corpus of one or more trusts.
To find out something
about
Be sure that you do nor record the
2~ these assets
are invested,
we are asking you to complete
the special
section
below.
me asset in both this section
and other portions
of this questionnaire.
The formal trusts covered
here refer only to those
here some
future right ro the trust principal
exists.
Do not include
the assets
of any trust where only an income

presentor

ght exists.

.*

Item

R.co,ds

Con4t.d.

. . . . . . . . . . . . . . . .

. .

10

Ycr

a 0

indlc,l*d

I”

No

lOTES

-

._

.._^^....

^e I a,..

D_

Tables and Notes
for Section 4

79

80

CONSUMER

CONTENTS

FOR TABLES

FINANCIAL

AND NOTES

CHARACTERISTICS

FOR SECTION

4

Tables
81

20 Regression
First function

of wealth components

on total wealth within

age groups.

81

21 Regression of wealth components
Second function

on total wealth within

age groups.

82

22 Regression of proportion of consumer units owning specified wealth
components on total wealth within age groups. Third function

82

23 Regression of wealth components
within age groups. Third function

83

24 Comparison
wealth

83

2.5 Elasticities of wealth components

at point of mean wealth

26 Elasticities of wealth components

at point of mean wealth within wealth

84

on total

of fit of three regressions

wealth

for asset holders

of wealth components

on total

groups
85

27 Regression of portfolio components
First function

on total portfolio within age groups.

85

28 Regression of portfolio components
Second function

on total portfolio within age groups.

86

29 Regression of proportion of consumer units owning specified portfolio
components on total portfolio within age groups. Third function

86

30 Comparison
portfolio

87

3 1 Elasticities of portfolio components

88

32 Elasticities of portfolio
portfolio groups

of fit of two regressions

components

of portfolio

L

on total

at point of mean portfolio
at point of mean portfolio

Notes
90 1 Methods used in estimating parameters

components

for regressions

within

TABLE 20

TABLE. 2 1

REGRESSION OF WEALTH COMPONENTS
ON TOTAL WEALTH WITHIN AGE GROUPS

REGRESSWN OF WEALTH COMPONENTS
ON TOTAL WEALTH WITHIN AGE GROUPS

First function: parameters of y= DI&
Wealth component

Second function: parameters of y= F
~,,.&~
i=,

bl

log (II

Head under 35
Ownhome ........
. ............
Automobile. ...................
Business, profession. ............
Liquid sssets. ..................
I”vestment aSsets. ..............
Misceua”eous assets .............

-2.20 ( .45)

Wealth component

Head under 35
Own home ........................
Automobile. ......................
Business, profession ................
Liquid assets. .....................
Investment assets ..................
Miscellaneous assets ................

Head 35 - 54
Own home., ...................
Automobiles. ..................
Business, profession. ............
Liquid sssets. ..................
Invesunent assets ...............
Miscellaneous assets .............

.lO( .lI)
-2.75 ( .26)
-1.76 ( .58)

( .13)
( .52)
(1.33)

Nor%-Standard

-.29
.I7
-3.89
.26
-4.36
--.25(

( .50)
( .32)
.5I)
I .16)
( .27)
.79)

56kr
Odks

I
&:

lkt
I2ks

.97(

.12)

I% {
.79 (
1.82(
.56(

+;
:04j
.07)
.l9)

errors of coefficients are shown in parentheses.

Own home ........................
Automobile. ......................
Business, profession ................
Liquid assets. .....................
Investment assets ..................
Miscellaneous assets ................

l2,042k,

Own home ........................
Automobile. ......................
Business, profession ................
Liquid assets. .....................
Investment assets ..................
Miscellaneous assets ................

34,l48k,

1.2l+kr

.‘Z$k
.95+k,
.33+k,
.99+k,
.50+k,

IOska
II ,89$
%:

Head 65 and over

. Value between -.005 and +.005.

c

3k:

1.26+k,
k :;;$;;

Head 55 - 64

Head 65 and over
Ownhome .....................
Automobile. ...................
Business, profession. ............
Liquid sssets ...................
Investment assets ...............
Miscellaneous assets .............

86.;;2

1 .ogw~

Head 35 - 54
Own horn,,,........................
Automobde. ......................
Business, profession ................
Liquid assets. .....................
Investment sssets ..................
Miscellaneous assets. ...............

Own

-.05
-3.86
-3.29

315kr
IOak,
I Zk,

1:;; { .c;

Head 55 - 64
home .....................
Automobile. ...................
Business, profcssio”. ............
Liquid assets ...................
I”vest”Ie”t assets ...............
Miscellaneous assets .............

ba

(12

IOSkr
9kr

123,220kr
37.34%:

.4l

+ka
O+ka

I .06+ks

.23+ka

1.26+ka
l+ks

TABLE 22

TABLE 23

REGRESSION OF PROPORTION OF CONSL’MER UNITS
OWNING SPECIFIED WEALTH COMPONENTS
ON TOTAL WEALTH WITHIN AGE GROUPS

REGRESSION OF WEALTH COMPONENTS
ON TOTAL WEALTH FOR ASSET HOLDERS
WITHIN AGE GROUPS

Third function: parameters of p= ou+k(l -e-cw)
Wealth component

TY-.irdfunction: parameters of

(731

Wealth component

y(H)=

--.04
“.a.
-.02
.71
.03
1

Head under 35
.45
“.a.
.07
.44
.I3
.24 (.Ol)

Own home .....................
Automobde. ...................
Business, profession. ............
Liquid assets. ..................
Investment assets ...............

.26(
l.48(
.II (
.SO(
-.26(

.88
.22
.88

.45
.I9
.Ol

.83 ( .23)
I.41 ( .07)
-:$
.::;

::;
.22

.22
.04
.03

Own home .....................
Automobile. ...................
Business. profession. ............
Liquid assets. ..................
Investment assets ...............

.77
“.a.
.64 (.Ol)
.25
.59
.I4

-:::
.04
.58
.04
.03

.05
.46
.03
.48
%

.78
.47
.62
.47
.90
.I9

.33
.08
.02
.I7
.03
.03

Head 65 and over
Own

home ..............

-.09

.27

Automobile. ............

Business, profession. .....
Liquid assets. ..........
Investment assets ........
Miscellaneous assets. ....

,..

:%
.Ol
.05

.88
.5l
.33
.29
1.00
.05

.48
.04
.03
.06
.02
.I0 (.Ol)

. Value between -.005 and +.OOS.
“.a. Not available.
NOTE.-Standard errors of coefficients are shown in parentheses.
Errors of less than .COSare omitted from the table. The w variable,
‘wealth. is in thousands of dollars.

L

.88 (
.37 (
.90 (
.67(
.90(

.05)
.03)
.I2)
.07)
.l2)

-.90

( :32)

.75 (
.39(
l.OO(
.68 (
1.08 (

.06)
,021
.06)
.03)
.07)

Head 55 - 64
Head 55 - 64

Own home. .............
Automobile. ............
Business. profession. .....
Liquid assets. ...........
Investment assets .........
Miscellaneous assets. .....

.20)
.II)
,471
.24)
.44)

Head 35 - 54

Head 35 - 54
Own home ..............
Automobile .............
Business, profession. .....
Liquid assets. ...........
Investment assets .........
Miscellaneous assets. .....

bn

log a.32

Head under 35
Own home ..............
Automobile. ............
Business, profession. .....
Liquid assets. ...........
Investment assets .........
Miscellaneous assets ......

anw(H)‘J?

Own home .....................
Automobile. ...................
Business, profession. ............
Liquid assets. ..................
Investment assets. ..............

1.31 ( .23)
I.SO( .iO)

Own home .....................
Automobile. ...................
Business, profession. ...........
Liquid assets., .................
Investment assets...............

l.64( .22)
I.21 ( .I91

.63 ( .OS)
.35 ( ,021

Head 65 and over
.55 ( .05)
.38 ( .04)

NOTE.-Standard errors of coefficients are shown in parentheses.

TABLE 24
COMPARISONOF FIT OF THREE REGRESSIONS
OF

WEALTH

COMPONENTS

ON

25

TABLE

TOTAL

ELASTICITIES

Sum of weighted squared deviations
divided by sum of weights

OF

AT POINT

WEALTH:

WEALTH
OF

MEAN

Wealth
component

(In thousands)

Head
Wealth

component
Head under

Own home..
Automobile.
Business. profession.
Liquidassets......
Investment assets..
Miscellaneous
assets

.

.

35
542,893

985,706,151 68

2,683,0Y:

790,14yg
427: 380
214,458

2,038,471128
46,227
8,535,805

“A.

378,305
2,602
37,498
“.a.

Head 35 - 54

Own home

........
......
.....

114,799

4,292,445

740,4::
137,431
1,502
23,111
239,574

Automobile.
Business, profession.
Liquid assets.

lnvcstnlent

assets..

Miscellaneous

aSSetS

‘;,I$

.. .

.

.

576,8:Y

28,960
65.3:;

‘,“;;,g
48,2;&

79
32,115
8,823
( 299

.
..

.

“.a.

Not available.

..

assets.

35v2?:
11;,;g
182:020
n.a.

under

35

1.47
.41

1.26
.20

1.02=
“.a.

.14+.88
n.a.
.37

‘:f!

1.46
.51

1.73=
.70=

.83+.90
.03+.67

1.18

.97

1.46=

.56+.90

Head 35 - 54
Own home..
Automobile.
Business.
profession.
Liquid assets..
Investment
assets..

.

1.18
.44

1.04
.31

.75=
.41=

.

1.39
.78

1.25
.64

1.72=
.70=

.72+1.00
.02+
.68

1.43

1.30

1.65=

.57+1.08

Own home.
Automobile..
Business,,
professmn..
Liquid assets..
Investment
assets......

.
.

.91
.47

.75
.31

.63=
.44=

1.53
.83

1.37
.67

1.63=
.74=

.61+1.02
.01+
.73

I .71

1.54

1.61=

.53+1.08

.97
.56

.79
.37

1.62
.79
1.82

l+
.02+

.75
.39

Head 55 - 64

l+
.09+

.63
.35

Head 65 and ““er
Head

Own home..
Automobile.
Business, profession
Liquidassets......
Investment assets..
Miscellaneous
assets

Ownhome....
Automobile.
Business,
profession..
Liquid assets..
Investment

13:814
“.a.

Head 55 - 64
Own home..
Automobile.
Business. profession.
Liquid assets.
.
Investment assets..
Miscellaneous
assets

COMPONENTS
WEALTH

‘“‘%
29423,755
24,427

65 and “vet
37,500
60
11,884
16,062
57 504
2,757

)

9,“;;
127,071
17,592
61,775
“.a.

Own home.
Automobile.
Business,
profession..
Liquid assets..
Investment
assetS......

. value between -.005
“.a. Not available.

.55=
.+
.64=.26+

.55
.38

1.43
.60

1.67=.50+1.17
.82= .08+

.74

1.63

1.87=

and +.OOS.

.

.67+1.20

TABLE
ELASTICITIES OF WEALTH

COMPONENTS

El(u,w)

26

AT POINT OF MEAN WEALTH

WITHIN

WEALTH

GROUPS

Ea(y,w)= Ear(~,w)+~&w)*tiw)

I

Size of wealth
Head55-64

Own

$1 - 999.. .
Sl,OOLl-4,999 . . . . . .
ss,OOQ-9,999 . . . . .
s10,OcO- 24,999.. . .
s25,OOO- 49,999.. .
S50,000-99,999 . . . . .
s100,Ow - 199,999.. .
s200,000-499,999...
$500.000and over.. .
Sl - 999,

.

Sl,ooo-4,999 . . . . . . .
SS,cOO-9,999 . . . . . .
s10,000 - 24,999.. .
S25.000-49,999 . . . .
S50,000-99,999 .,...
s100,000 - 199,999.. .
$200,000- 499,999.. .
SSOO,OOOandover....
Sl - 999.. .
Sl,OOO-4,999 . . . . . . .
ss,OOO-9,999 . . . . . .
SlO,OOO-24,999... .,
S25,000-49,999 . . . .
s50,000-99,999 . .
s1OO,eOO- 199,999.. .
s200,000-499,999...
S5OO.ooOand over.

1.14
1.07
1.00
.98

home

‘:Z
.j5
.14+ T

1.06
1.01

.63=
.63=
:::I
.63=

:Z
.75
.41
.20
.08
.Ol
-.06
-.08
-.I0
-.I5
2.01
1.68
tz
I:27
1.21
1.19
t:t:

Head 65 and over

5:

.65
.72

.5l

.59

:::
.21
.10
l

--.I2
.66

1;
.22
.19
.16
.13
.09

.50
.37
.24
.I3
-.02
-.14

Il.-a.

Automobile
.41=
.02+ .39
.47=
.08+
.48=
:Z
.43=
.39=
.39=
.39=
.39=
l+ 1
.39=
l+ .39

::gr .03+
:$I
.43=
.36:::=
.35I;

.35

;;a;

:8!$
l+
l+
l+

I
.35

.41=
.55=

.03+

:%I
.63.47=

:Z$

:%
.38=

:$$
l+
l+

Business,.Drofwsioa
.11+1.00

1.75
1.64
1.57
1.47
1.37
1.27
1.16
1.06
.94

%$
.72+
:::
:z:
l
l+1.00

l+1.02

l.l7-

Liquid ass&
Sl - 999.. .
Sl,OOO-4,999 .*.....
ss,Iwo-9,999..
...
f10,000-24,999 . . . .
$25,000 - 49,999.. . . .
s50,000-99,999 . . . .
$100,000-199,999...
s200,OOO
- 499,999.. .
SSOO,OOOandover....

1.06

Sl - 999. . . . . . . , .
Sl.OOO-4,999 .*..,.,
ss,OOO-9,999 . . . . . . .
SlO,WO - 24,999.. .
s25,000-49,999 . . . .
350,000-99,999 . . . .
s1OO,OxJO
- 199,999.. .
5200,000-499,999. . .
SSOO.OOOandover....

1.52
1.19

Sl - 999 . . . . .

1.96
1.63
1141
1.29
1.22
1.16
1.14
1.11
1.06

.

..

Sl,OOO-4,999 . . . . . .
s5,OOO- 9,999. . , . .
510,000 - 24,999.. . .
s25,000-49,999 . . . .
s5o,wO-99,999....
SlOO,OOO-199,999...
3200,000- 499,999..
SSOO,OOO
and over.. .

2:
::;

2:
.21
.16

:::
.78
.72
.70
:66:

1.04
:;:
:Z

:76:

.57
.54

.57

.51
.47

:::

.os+
.21+
.21+
:8f$
.+

.73

i

:g

1.33
1.23
1.11

1.39
1.24
1.11

1.21
.99

1.45
1.35
1.27
1.17
1.07

.73
.65
.59
.SO
.37

:B
.77
.74
.71
.68
.65

.78=
.94=
.94.81.74.73=

.95
.88

.20
.17
.I3

. Value between --.OOSand +.005.
x1.8.Not available.

L

1.05
.87
.94

.97
:::
.86
.76 -.Ol
.64 -.I4

.08
.35
.52
::;
.25
.06
.
.

22
.59
:R
.31
.08
.
.

.38

:::x

*
.
l
.

l

.38

TABLE
REGRESSION
ON

TOTAL

OF

TABLE

27

PORTFOLIO

PORTFOLIO

First function:

parameten

Portfolio component

REGRESSION

COMPONENTS

WITHIN

AGE

ON

GROUPS

of z= (I&

TOTAL

OF

PORTFOLIO

PORTFOLIO

Second function:

28
COMPONENTS

WITHIN

parameters

GROUPS

of I= F

bi

log (II

AGE

EII(&l
.=I

Head under 35

..............
.................
In
.....................
In savings and loan associations.
U.S.savings bonds ..............
Publiclv traded stock ............

Checking accounts
Savings aCEOU”tS
banks

Com;non stock..
Mutual

fur\ds

and other investment c”mpa”les.
.
Marketable securities other than
stock........................
Mortgage assets.
.
Investment

real

. .

estate.

Business not managed by unit.
Company savings plans.. . .

.50

.05)

.97
.95
.25
.75
.48
.39

3
:g
.03)
.03)

-2.40

( .89)

1.05 ( .34)

-1.31
-2.88
-3.05
-2.37
-1.52

(
(
(I
(
(

.64(
1.34(
1.46(
‘:~A{

.70)
.49)
.02)
.El)
.73)

.26)
,181
,381
$31

Portfolio

c*mpOne”t
Head under 35

Checking accounts. ....................
Savings accounts .......................
U.S. savings bonds., ...................
Publicly traded stock ...................
Marketable securities other than stock ....
Mortgage assets. ......................
Investment
real estate ..................
Business not managed by unit ...........
Company savings plans .................

I@&,
766&i
.086k,

Ofkt
.47+&r
.25+&r
.97+&z

8%
:i:
5%:

.36+&r

Head 35 - 54
Head 35 - 54

.............
................
In banks .....................
In savings and loan associations.
U.S. savings bonds ..............

.84
-.I5
--.25
-1.14
-.35

ment c0mpan,es. ...........
Marketable securities other than
stock ........................
Mortgage assets ................

Checking accounts.

Savings accounts

Publicly traded stock. ...........
Common
stock ...............
Mutual funds and other invest,

Investment

Business
Company

..........
not managed by unit ....
savings plans ..........
real

estate.

.20)

I::;;

.20)
.27)
.21)

.49(
.92(
.87 (
I.05 (
.78 (
1.75 (
1.68(

-3.12(

,241

1.41 ( .07)

-2.21

:::I
.31)

l.O4(
1.43(
;.7i{

.15)
.lO)
.:‘4;

1:14(

:lo)

1::;:
-3.29
-1.95

.l2)
:::I

.47)

.32)

.04)
.05)
.07)
.06)
.06t
.OS)
.06)

.............
Savings
accounts
...............
In banks .....................
I” savings and loan associations
U.S. savings bonds .............

.78

Publiclv traded stock ...........
Common stock..
.
..
Mutual funds and other invest
ment companies..
. .
Marketable securities other than
stock.......................
Mortgage assets..
. . ..
Investment real estate. . . . . . . .
Business not managed by “nit..
Company savings plans..
. .. .

.IS)

-.2:
--.58
-.32
-3.60
-3.57

:;:;

-3.98

( .62)

-3.28

(1.13)

.38)
::tj
.43)

:ss: I %
.87 ( :071
$1
.A:;
1.67 ( :09,
1.62( .12)
I.59

( .17)

Head 65 and over
checking accounts ..............
Sa~f~ount.3.......................
..~
...........

In savings and loan associations
U.S. savings bonds ..............
Publicly traded stock ............
Common
Mutual

stock

...............

funds Bpd other invest.
“lent comparer..
Mzir;ble
SCCUTL~ICI
other than
... . .........
......... ............
Mortgage assets ................

Investment real estate.

..........

Business not Faged
by ““it.
Company savmgs plans ... ..........

.91
.06
-.18
-.56
-.66

.W
:%]
:g;
.08)

I::;:

.W

-3.13

( .61)

-3.57
-3.57
-3.03
-3.97
-1.75

(1.22)
( .69)
( .39)
(1.04)
( 961)

. Value between -.005
and +.005.
Norr.--Standard
errors of coefficients

1.31

I:$

( .17)

;;;j

I:56 I .28)
.61 ( .17)

are shown in parenthew~.

105&r
).275&r

O+ka
.42+&d
.29+k,

Y::
77k:
llkt
Z&r

‘:::G
.94+k:
I .29+&d

16%

Head 55 - 64
Checking accounts. ....................
Savings accounts .......................
U.S. savings bonds .....................
Publicly traded stock ...................
Marketable securities other than stock ....

I O”ks
:%i

;4
,

.......................
Investment real estate. .................
Business not managed by unit ...........
Company savings plans .................
Mortgage

Head 55 - 64

Checking accounts.

Checking accounts. ...................
Savings accounts ......................
U.S. savings bonds ....................
Publicly traded stock ..................
Marketable securities other than stock ...
Mortgage assets. .....................
Investment
real estate. ................
Business not managed by unit ..........
Company savings plans ................

assets

1%
68k,
208&r

Of&a
.35+&a
.29+&a
1.15+&s
.73+&a
.95+ka

1.04+&a
.65 +kr
.50+&a

Head 65 and “ver
Checking accounts. ....................
Savings acc”““ts .......................
U.S.
savings bonds .....................
Publicly traded stock ..................
Marketable srmrities other than stock ...
Mortgage assets ......................
Investment real estate. .................
Business not managed by unit ...........
company savings plans .................

O+kt

10%
y;fl

Zk:
:z
Ilk,

2lZ

:%$Z
1.20+&s
:;%i

I .05+&a
1.08+&r
.13+&a

TABLE

TABLE 30

29

REGRESSION OF PROPORTION OF CONSUMER UNITS
OWNING SPECIFIED PORTFOLIO COMPONENTS
ON TOTAL PORTFOLIO WITHIN AGE GROUPS
Third function: parameters of p=

m+k(l

-e-c=)

COMPARISON OF FIT OF Two REGRESSIONS
OF PORTFOLIO COMPONENTS ON TOTAL PORTFOLIO:

Sum of weighted squared deviations
divided by sum of weights
(In thousands)

Portfolio component

First function

Checking accounts. . .
Savings acc0u”ts.
1” banks..
1” savings ,and loan
ass0c,atmns.
U.S. savings bonds..
Publicly traded stock. . .
Common stock. . .
Mutual funds. etc..
Marketable securities
other rhan stock. . . .
Mortgage assets..
lnvestmenl real estate.. .
Business not managed by
umt .

.. .

Company savings plans.

Head under 35
:;; C.02)
.33

3: C.02)
.25

4.
I .26
I6 c.39)
c.03)
I .34 (.03)

.05

.35
.49
.69
:“2$C.01)

.5l (.Ol)
:;; C.01)

;{
- .Ol
.Ol

.I0
.24 (.Ol)

-.0;

.I;
1:Y.26)
.60 (.02)
.22

.02
-.Ol

Yo6)

(.Ol)

.7l
::y
.09
.05
.0;
.Ol

.30
.4l
.29
.42
:%
.56
.32

.05
I .os (.Ol)
I .52 (.02)
.28

.02
.Ol
*

A; c.074

.54

.I1

.Ol
I

.34
.I3

.03
.89 (.Ol)

“nit

. . . . .

.

Company savings plans.

::t:
.32
.05
.22
.06
:8:
.03

.28
.32
.39
.2a
.33
:ZOl’
.48

.0;

1::: (.03)
.03
:81

:::

$1
3: I.8:;
.07

.02
.04

.5l (.Ol)
.14(.01)

.46

Savmgs accounts.

....

In banks.. . . . . .
In saviqgs,and loan
aSsOclatlO”s. . .
U.S. savings bonds.
Publicly traded stock.
Common stock. . . .
Mutual funds, etc..
Marketable securities
other than stock. . . .
Mortgage assets.. . . . . .
lnvestnlent real estate..
Busiqess not managed b
umt . . . . . . . . . . . . . . .
Company savings plans

.59
.44
.26

.45

.I1
.I5
.OI
.Ol
-.Ol

.37
.23
.78
.79
.I9

--.Ol
.0:

.75
.24
.45

.02
.

.I7
.05

.38
.32

.Ol
.

.02
1::: 1:::;
.I5
A; C.01)
.03
.06
.0:
.05
.04
l

. Value between --.GQS and f.005.
NOTE.-Standard errors of coefficients are shown in parenthesu.
Errors of less tha” .005 are omitted from the table. The x variable,
portfolio, is in thousands of dollars.

L

,3,1;:
81
141,530
5,269
2,328
26,313
6,200
46

4,01:
15,404;
5,280
398
4,505
6,‘:;

49,463,827

667
519
163
159,108

8,551
152,469
19,029,725
63,536
10,320

10,712
410
346,677
9,995
27

299
68,;;;

Head 55 - 64
Checking accounts.
.
Savings accounts..
.
U.S. savings bonds..
Publicly traded stock.
Marketable securities other
than stock..
..
. .
Mortgage assets. . . . .
.
Investment real estate. . . .
Business not managed by uni
Company savings plans..
.

.06
:$ (.OI)

Head 65 and over
Checkmg accounts. . . .

Checking accounts. . . .
Savings accounts.. . .
U.S. savings bonds..
.. .
Publicly traded stock. . . . . .
Marketable securities other
than stock..
.
Mortgage assets.. . . . . . .
Investment real estate. . . .
Business not managed by unit
Company savings plans..

1% (.Ol)
.lI
.04

Head 55- 64

Checking accounts. .
Savings accounts. . . .
Inbanks............
1” savin,gs,and loan
assOClatm”s. . .
U.S. savings bonds..
Publicly traded stock. .
Common stock. . . . .
Mutual funds, etc.. .
Marketable securities
other than stock.. . .
Mortgage -sets.. . . .
lnvesunent real estate..
Business not managed b]

Checking accounts ..........
Savings accounts ............
U.S. savings bonds ..........
Publicly traded stock. .......
Marketable securities other
than stock ...............
Mortgage as.%%. ...........
lnvestmenr real estate. ......
Business not managed by unil
Company savings plans ......

Head 35 - 54
.9: (.04)

Head 35 - 54
Checking acc”u”ts.
.
Savings accounts.
In banks..
I” savingsand loan
ass0CLatm”s.
U.S. savings bonds..
Publicly traded stock. .
Common stock.
.
Mutual funds, etc..
Marketable securities
other than stock. .
Mortgage assets..
.
Investment real estate..
Business not managed b)
“Wt. .
Company savings plans.

Second function
I

Head under 35

763
106,623
7,211
50,705,915

1,865
5,396
563
33,877

71,485
273,615

95,876
12,292

“O,‘O;,;W&
I:113

378,788
20,495
87

Head 65 and ovec
Checking accounfs. .
Savings accounts.. . . .
U.S. savings bonds..
.. .
Publicly traded stock..
. .
Marketable securities other
than stock..
. ...
..
Mortgage assets.. . . . . . .
1”vestme”t real estate. . .,
Business not managed by um
Company sovine plans..
.

6,330
297,835
16,896
11,735,086

8,582
18,152
939
336,901

187,253
189,159

208,007
9,912

15>47;,2;;
‘, a3

741,811
31,621
87

87

TABLE

31

ELASTICITIES OF PORTFOLIO COMPONENTS AT POINT OF MEAN PORTFOLIO

Portfolio component
Head under 35

...............................
................................
Savings
accO”ntS
Inbanks ......................................
In savings and loan associations .................
U.S. savings bonds. .............................

Checking accounts

Publicly traded stock. ...........................
Common stock ................................
Mutual funds and other investment companies
Marketable securities other than stock. ............
Mortgage assets .................................
Investment real estate ............................
Business not managed by unit .....................
Company savings plans. .........................

2’
:
.95

....

1.25
.75
1.48
1.39
1.05

.56
1.03
“.a.
“A.
.81
1.53
“.a.
“A.

*:Z

.70
1%

i:G
.87

1:20
.92

Head 55 - 64
.0;
.I0
.49
.34
.74
.73
.90
184
.24
.40

.s2

.87
.87
.90

.3l

.I2

“.a.
n.a.

.0;

.81
.67
.62
.59
.26
.47
.56

I:$
n.a.
*.a.
1.05
1.26
1.35

:o,i
.58
.76

:A;

:;:

Head 35 - 54
Checking accounts ...............................
.
Savingsaccounts ................................
I” banks .. .... ....
.............................................
In savings and loan associations
U.S. savings bonds. .............................
Publicly traded stock ............................
Commonstock................................
Mutual funds and other investment companies. .
Marketable securities other than stock. . . . . . . .
Mortgage assets...................................

Investme"t
realestate.

..............................

Business not managed by unit ........................
Company savings plans .............................
. Value between -.005 and +.005.
“.a. Not available.

.49
.92
.87
1.05
.78
1.75
1.68
1.41
1.04
1.43
1.78
1:;“4

.28
.70
*.a.
*.a.

.57
1.53
*.a.
*.a.

.82
1.22
1.56
1.22
.92

.66

:Z
::
.18

Head 65 and ““CT

.d

.48
.87
.87
.93
.90
1.67

:E
.31

t.27
1:26

.I0
t
.2:

::;

.8t

1.46
1.52
1.56
.61

.30
.70
n.a.
n.a.
.72
1.50
“A.
“3.

1.09
1.28
1.35
1.38
.43

.I6
.
.0;
.6;
.70
.48
I.05
.72
:Z
.27

88
TABLE
ELASTICITIES OF PORTFOLIO

AT

COMPONENTS

POINT

32
OF MEAN

PORTFOLIO

Attributable

Over-all (E?(Z,X))
I

Size of portfolio

Head
mder 35

Head
35-54

.75
.62
.5I

.75
.61
.45
.30
.I6
.Ol
-.09
-.I7
-.24

,

Head
55-64

Head 65
and cwer
Checking

$1 - 499 .................
$500-1.999
.............
S2,tXQ-4,999..
..........
$S.mO-9.999
...........
510.000 - 24.999 .........
j25:ooO - 49;999 .........
$50,000-99,999..
.......
SlOO,OOO-499,999..
.....
S500,COO and over ........

PI-499 .................
.......
.......
.......
.......
.......
S500,OOil

and dver..

.. ..

:z
.30
.23
:Z

.78
.69
.58
.47
.35
.24
.14
.03
-.07

.‘9!
.84
.77
.69
.65
.57

PORTFOLIO

to proportion

GROUPS

owning (E&,x))

I

Head
under 35

I

Head
35-54

1
1

Head
55-64

Head 65
and over

accounts

.76
:E

.14
.02
*

.47
.37
.25

l

1.16
1.05
.96
.87
.76

z;

WITHIN

.0;

.0;

.0;

.06
.I0
.12

.06
IO
:13

:%

:Z

l

*

.03
.07
.I2
.18
.I9
.03

l

l

l

:E
.12
.Ol

l

.05
.14
.14
.04
I

l

l

l

I

l

l

l

l

l

*

l

l

l
l

.09
.16
.03
l

1;:
.41
.32

l

U.S. savings bonds
SI - 499 ................
s500 - 1,999 ............
SZ.OOO-4.999..
........
3j:ooO-9;999

..........

SlO,OOO-24,999..
......
S25,OC@-49,999 ........
$50,000-99,999..
......
s100,m
- 499,999 ......
S500,OOO and over. ......

1.00
.86
.76
:Z?
.55
.48
.43
.35

1.16
1.08

.24
.43

:E
.79

.03
.21

l

l

l

l

l

::;
.I2
.02

l

l

l

l

l

l

*

l

l

*

l

l

1.19
.93
.72

.07
.26
.5I

1:
.Ol

::I:
.53
.28
.02
.

:Z
.43
.34

2
.lO

:::

:?l
.27
.I0
.OI
l

Publicly traded stock
Sl - 499 ................
SSOO-1,999 ............
S2,000-4,999..
........
s5,000-9,999
..........
SlO,OOO-24,999..
......
S25,000-49,999..
......
s50,OOO - 99,999. .......
s100,Oca-499,999..
....
S5C0,OOOand over .......

1.73
1.59
1.49
1.41
1.35
1.27
1.20
1.16
1.07

2.01

1.93

1.86
1.70
1.56

1%
I:62

1.41
1.27
1.16
1.08
1 .Ol

f%
1:29
1.18
1.08

1.30
1.15
.99
.85
.70
.56

1.51

1.96
1.85
1.76
1.67
1.56
1.45
1.35
1.21
1.12
Marketable

21 -

499................

.89
.7s
:Z
.51

$5oO,OtXt

and dver..

. . . ..

:Z
.32
.24

1.::
1:21
1.09
.97
.87
.71
.66

.48
.76
.65
.42
.16
.Ol
l

l

*

l

l

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:::
$4
.74
.53
.26
.
.

securities other than stock
1.55

!.Z
1:26
1.1s
1.04
.94
.80
.71

.02

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.24
.41
.5&l

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.41
.57
.75
.85
.a8
.67

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.55
.

-.08
-.74
4.16
1.47
*:;t
.a9
.52
.02

Mortgage assets
Sl - 499. ...............
$500-1,999
............
~$xmI~,~99..
s16,OOO - 24,999..........................
S25,OOO - 49,999 ........
$50 000-99.999..
s106,OOO - 499,999 ............
S500,OOO and OVCT.......

1.59
1.45
1.35
1.28
1.21
1.14
1.07
1.02
.94

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1’:::
1.10
.96
.a5
.77
.70

.44
.a2

1.73
1%
1:42
1.30

F’Q:
1:55
1.45
1.34

.76
.88
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.2s

:;:
.75
.70
.53

:::
.37
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.81

1.19
1.08

1.23
1.13

.031

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.90
.99

l

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.

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.

:::

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89

32 (Continued)

TABLE
ELASTICITIES OF PORTFOLIO COMPONENTS

AT POINT OF MEAN PORTFOLIO WITHIN PORTFOLIO GROUPS (Continued)
Attributable tO proportion owning (EII(P.x))

Over-all (E*(z.x))
Size of portfolio

Cl

- 499.

1.71
1.57
1.47

2.04
1.89
1.73

1.82
1.72
1.62

:::

1.59
1.44

1.39
1.51

1.26
1.18

1.30
1.20

IR

1:&!

1.04
1.12

1:07
.97

1.81
1.70
1.61
1.52
1.41
1.30
1.20
1.06
.97

-7.32
.94
::

.
l

.

l
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1.04
.95
.84
.66
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l
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.75
.71

:%

.I0
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.61
.67

.26
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.04

.33
.58
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l

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.

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.27
.68
.83

:E
.29

:E
.48

.83
.74
.54

.47
.63
.72

::
.37

:;t

.49
.70

.I4l

.

l

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Businessnot managed by unit
Sl - 499. ................
$500- 1.999 .............
62.000-4.999..
.........
--.-mm
$5 000-9’999 ..........
S16,ooo-54,999.. ......
S25,000-49,999.. ......
s50.000-99.999 ........
$lOO,OOO-499,999.. ....
S500,OOO
and over. ......

I:E
Ki
1.02

:E

1.43
1.34

::;
.I0

t*::
1:01

:if
.83
.74

.96
.85
.78
.70

:!Z
.69
.58

1%
I:65
1.55
1.44
1.33
1.23
%I

.03
.15
.35
.53
.68
.79
.81
.74
.I2

l

Company savingsplans
$1 - 499.................
SSOO-1,999 ............
52,000-4,999.. .........
$5,ooo-9,999 ...........
SlO.OOO-24.999.. .......
s2s;OuO-.49;999 ........
350,000-99,999.. ......
$100,000-499,999.. ....
$500,000 and over. ......

5;
.88
.80
.74
:56;
.55
.46

. value between -.OOS and +.005.

1.28
1.19
.95
.81
.66
.56
.48
.41

‘:Z
.85
.74
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.43

:E
.70
.60

.50

.38
.29
.I4
.06

1.45

1.06

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.01

:R
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.

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::t

CONSUMER

90

Notes-Methods

Used in Estimating

Methods used in estimating parameters for regressions of. wealth components on total wealth
are described below. Similar methods were used
for regressions of portfolio components on total
portfolio.
First

function-

FINANCIAL

CHAR4CTERISTICS

Parameters for Regressions

The function
as follows:

for the ith asset may be written

Y = awbl

Least squares estimating procedures were applied to the logarithmic transformation:
log y = log al+& log w
Group data were used for fitting the equations.
Consumer units were grouped by the amount of
their wealth and mean amounts of the various asset
types were computed. The basic data used for the
wealth equations are shown in Table A 8. Thus
for the equation relating liquid assets to wealth,
the w values were mean amounts of total wealth
for all units in the various wealth groups; for example, $2,552 for young units in the $l,OOO$4.999 wealth group. The y values were mean
amounts of liquid assets for all units in the various groups; for example, $653 for units in the
group just mentioned.
The regressions were weighted with the population weights (number of consumer units) shown
in Table A 36. The standard errors are also
weighted estimates and were estimated in accordance with the model described by L. R. Klein,
Econometrics
(Row, Peterson and Co., 1956),
p. 308.
Second function-y

=

wazw*2
f= U*idzi
i-1

The form of the function does not lend itself
to linearization which would facilitate estimation
of the parameters.
The usual procedure is to
write a new function which is a ratio of one
commodity-here
one asset type-to
another.
Taking logarithms of both sides of the ratio
yields :
log yi -log yi = (log a2i-log ~ti) + (bzi- bq) log 20
The parameters (log a2i-log a2J and (b*i-b*i)
may
be estimated using least squares procedures with
the difference of the logarithms as the dependent
variable.

Thus the parameters

are of the form

(bz, - bz)

and !?+
a22

and may be estimated by the method just discussed with a common asset type-in
this case
asset number two-in
the denominator
of the
dependent variable.
Because the addition of an arbitrary number to
the b2 parameters of the function for the ith asset,
or the multiplication
of the a2 parameters by an
arbitrary number, does not affect the value of the
function, the parameters are ordinarily written
with arbitrary elements, say kl and k,. The values
of the dependent variable-the
yi ‘s-are,
however, completely determinate, as are the elasticities.
Actually, as Houthakker notes, it is not necessary to estimate the parameters using the difference of the logarithms. The estimates for the ordinary double log equations can be used, that is,
(bli -b,i)
from the first function is equal to (b*i-bli)
for this function
is equal to $

and !$ from the first function
for this function.

The estimated

parameters shown in Tables 21 and 28 were derived using the estimated parameters for the ordinary double log form. The common asset type for
the wealth equations was automobiles and for the
portfolio equations, checking accounts.
Third function-y=py(H),

wherep and y(H)
are functions of total wealth

The over-all elasticity &(y,w) can be separated into the &,(p,w) and &(y(H),w(H))
components as follows.
Assume that there are N consumer units classified into k groups, NI, . . . , Nk, on the basis of their
total wealth, w. Assume that there are r asset
types. Let Hii be the number of units in the jth
wealth group holding asset type i, and let the

_

TABLES

AND

NOTES

FOR SECTION

91

4

The
aggregate

amount

be Yii. Then

$=yii
1i
mean amount of asset i held by consumer
2

the jth wealth group;
amount

= Yi,(H)

is the
units in

is the mean

of asset i held b; units in the jth wealth
Hii
F =pii is the pro-

group who own asset i; and

portion of units in the jth wealth group who own
asset i. It follows that:
yii=yit(H) pii, j=l, . . ., k
Differentiating
and multiplying

this function with respect to w
through by W yields:
Yii

-Yij
W

d(Yii)

W

-=z,

d(w)

=!!f!an,j piid!f!-

yii(H)

But,

YidW

Miff)

Pii

Therefore,
w
d(yii)
_=yii d(w)

Or,

w

d(pii) +W

pii ~
d(w)

d(yAH))

yii(H)d(w)

E~(Y,w) =E&P,w)+J-WY(W,~(H))

The parameters
a3,, k, and c of the function
yielding the Exl(p,w) component of the over-all
elasticity were estimated by the least squares
method for functions nonlinear in the parameters
which was developed by Gauss and Newton and
modified by H. 0. Hartley. The basic procedures
and the modification are described in “The Modified Gauss-Newton
Method for the Fitting of
Non-Linear
Regression
Functions
by Least
Squares,” Technometrics, May 1961, pp. 269-80.
In summary, the procedures are as follows. At
every value of W, p will be a function of unknown
parameters and an error term, that is:
p=a+k(l-ee-cW)+u=f(a,k,c)i-u
The

objective is to minimize

minimization

procedure

x1,? using a truncated

involves

evaluating

Taylor series expansion

for

with approximate values of the parameters.
The first approximations may not yield a minimum

f(~,k,c)

for x1(?,

but the method yields a new set of ap-

proximations
provide

which, under certain conditions,

a smaller cu:

. The usual procedure

will
is

to repeat the process until the estimated set of
parameters is changing by a very small amount
compared to the preceding set of estimators. For
the parameters shown in Tables 22 and 29, the
largest absolute change between the estimates
shown and the immediately preceding estimates
were as follows for a, k, and C, respectively: .0005;
.00209; and .00017.
The standard errors are approximations, and the
method of estimation is described in an article by
Henry Schultz, “The Standard Error of a Forecast
from a Curve,” Journal of the American Statistical
Association, June 1930, pp. 139-86.
The w values are mean amounts of total wealth
for all units in the various wealth groups as shown
in Table A 8 and the p values are the proportions
shown in the same table. The regressions are
weighted with the population weights (number
of consumer units) shown in Table A 36.
The authors are grateful to Franklin V. Walker
of the Board of Governors’ research staff for suggesting this procedure and for providing the expertise to carry out the estimation of the parameters.
The procedures followed in estimating the parameters of the function yielding the

component of the over-all elasticity were the same
as for the equations shown in Table 20 except
that the w and y values were confined to the group
of consumer units holding the particular asset.

Basic Tables

93

94

CONSUMER

FINANCIAL

CHARACTERISTICS

BASIC TABLES FOR THE SURVEY OF FINANCIAL CHARACTERISTICSOF CONSUMERS,
DECEMBER 3 1, 1962
These tables provide data for a complete classification scheme without regard to the number of cases
in each cell, except that data are omitted for cells
with only one case. Even though counts are small
for some cells, so that data must be used carefully, they are shown so that combinations
and
analyses can be made. Table A 3.5 shows the num-

ber of cases in each cell; Table A 36, the weights to
be used in combining
cells.
in
The symbol * indicates amounts insignificant
terms of the particular unit (for example, less than
11’2of 1 per cent, or less than liz of $1).
Details do not necessarily
add to totals because
of rounding.

Title

Table

Size ofnet worth
wealth
equity in portfolio of liquid and investment assets
liquid assets
equity in publicly traded stock
debt
personal debt
Comgpotm

of-

A8
A9
A 10
A 11
A 12
A 13
A 14

a. Percentage
b. Mean
miscellaneous assets
a. Percentage
b. Mean
portfolio of liquid and investment assets
a. Percentage
b. Mean
savings accounts
a. Percentage
b. Mean
marketable securities other than stock
a. Percentage
b. Mean
publicly traded stock
a. Percentage
b. Mean
debt
a. Percentage
b. Mean

Page

Classifying variable

96
98
100
102
104
106
108

Income, age, e?;lployment status
I‘
‘I

Wealth, income, age, employment

status

110

110
Wealth, income, age
113
I13
Wealth, portfolio, income, age, employment
status

114
118

Wealth, portfolio, income, age
122
122
123
123

124
125
Wealth, income, age, employment

status

126
130

A 15

Liquid assets of personal debt groups

Personal debt, income, age

134

A 16
A 17

Distribution
wealth
debt

Wealth, itcome, age

136
136

A
A
A
A

Diversity ofwealth
portfolio of liquid and investment assets
iiquid assets
marketable securities

18
19
20
21

of-

137
138
138
139

BASIC TABLES

95

Classifying

Title

Table

A 25
A 26

Equity in portfolio of liquid and investment
assets as a percentage of wealth
Liquid assets as a percentage of wealth
Equity in’publicly traded stock as a percentage of
equity in portfolio of liquid and investment
assets
Liquid assets as a percentage of 1962 income
Instalment debt as a percentage of 1962 income

2::
A 29
A 30

Chief investment objective
Investment objectives
Assets associated with investment
Saving objectives

A 22
A 23
A 24

A31

Investment in life insurance,
and individual annuities
a. Percentage
b. Mean

variable

Page

Wealth, in:ome, age

140
140

I‘

140

141
141

142
143
objectives

retirement

A 32

Inherited assets in relation to total assets

A 33

Characteristics

of consumer units

A 34

Mean income
groups

of age and employment

:z!i
plans,

u

147
147

148

Wealth, portfolio,
status

income, age, employment

148

status
Income

149

A 35

Sample size for specified groups

150

A 36

Consumer units in survey population

1.51

Po;;tzf”“”
A
A
A
A

37
38
39
40

A41
A42
A 43

status-

net worth
..
wealth
equity in portfolio of liquid and investment assets
liouid assets
composition ofwealth
a. Percentage
b. Mean
debt
a. Percentage
b. Mean
characteristics of consumers and sample size for
specified groups

Family size, age, employment

U
U

status

152
154
156
158

ii

160
162
164
164

‘I

166

x

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Headretired ...................................
1962 income:
o-52.999
..................................
53.000-4.999
..............................
SS.OOO-7,499 ..............................
s7.500-9.999
..............................
SIO,OaJ-14.999
............................
SIS,CQO-24.999 ............................
szs,OOO-49.999
............................
s50.O4lO-99.999 ............................
100,000 and over. ...........................

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Head employed by others ........................
1962 income:
0-S2.999
...................................
s3,OOO - 4,999 ...............................
ss.OOO-7,499 ...............................
..............................
57.500-9.999.
s10,000 - 14,999 .............................
SIS.ODO-24,999 ............................
S25.OOC-49,999 .............................
s50,OCm - 99,999 ............................
S100,OOO and over ...........................

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Head self-employed ..............................
1962 income:
0-S2.999
...................................
53.000-4.999
...............................
s5.000-7.499
...............................
s7.500-9.999
...............................
$10,00&14.999
.............................
S15.W0-24,999
.............................
S25.000-49.999
.............................
s50.000-99,999
.............................
S100,OOOand over ............................

Employment &atUs /roups

Head65 andover ...............................
1962 income:
o-52.999
...................................
n,OOO-4.999
...............................
ss,OOO-7.499 ...............................
s7.sOt-9.999
...............................
SlO,OOO- 14,999 .............................
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.............................
............................
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2:
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l

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3

1
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35
18
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16

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5

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16

18

l

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4
7
.

292
21

I5

Y

groups

..........................

Head55
-64 .................................
1962 income:
O-$2.999
.................................
s3,txQ
- 4,999 .............................
$5.OOa-7,499
.............................
$1.500-9.999
.............................
$10.000-14.999
...........................
Sl5,ooO-24.999
...........................
$25.ooO-49,999
...........................
sso.Oa-99.999
...........................
$100.000
and over

Head35
-54 .................................
1962 income:
O-52.999
.................................
$3,Oc4-4,999..
...........................
$S.ooo-7.499
.............................
$7.500-9.999
.............................
$10.000-14.999
...........................
$15,ooO-24.999
...........................
$25.000-49,999
...........................
s5o.OOL-99,999..
.........................
$100,000
and over ..........................

Head under35
................................
1962 income:
O-$2.999
.................................
$3,ooo-4.999
.............................
$5.000-7,499
.............................
$7.500-9.999
.............................
$10.000-14.999
...........................
Sl5,OfK-24.999
...........................
$ZS.ooO-49.999
...........................
$50.000-99.999
...........................

Age

;g
100
loo
100

I
100

:kz

100
100
100
100

100

kz
100
100

!%

;z
100

100

IZ
100

tg
100
100

100

100

tg
loo
100

Age of head :
Under35
..................................
35-44
....................................
45-54
....................................
55-64
....................................
65and
over ................................

...........................
l
l

l
l

.

7
32
IO
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WEALTH,

l

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57
30
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sx
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36

36
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IO
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16

DECEMBER

31,
units)

5
.
.

I6

2x
16

.

l

:t:
28
I7
5

;:

28

l

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42
23
5
1

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l

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29

2:

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4
I
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36
22
9

8

::
25

2:

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::
36

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23

$10 Oco24:999

1

1962

I4

:‘:
IO
I6
18

*
I

l

I:
21
I8
I6
IO

I6

1 “$%i-

of consumer

1 “::%

distribution

l

I

:
.

l

33
8
I
*
*
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9

I!

:

l

1

l

nz

:

5

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9

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l

23
8
I
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8

l

:

OF

1 Zero 1 !%

l

:
2
I

I

2

loo

%

kgative

All
units

z
100

.....................................

characteristic

1962 income:
O-$2.999
.................................
.........................
s3,000-4,999..
ss,OOO-7,499
.............................
$7.500-9.999
.............................
$10,000
- 14.999
Sl5.00&24.999
...........................
S25.C00-49.999
...........................
$50.ooo-99.999
...........................
5100.000andover
..........................

Allunits

Group

(Percentage

A 2-SIZE

(

l

I

4
.

2

.

l

;;
35
I9
7

7
IO

I6

II

l

l

3;

II

625 OOO49:999

l

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l

2
:

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4

;

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3

8

:

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3
IO

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.

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.
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.
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20
56

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l

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1 999,YYY

.

I

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.
.

$200

1 4991999

l

I
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7
I

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.

l

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l

$100

1 1991999

l

;
5

4

1

l

::
22
Y

:
5
3

4

$50 00099:999

1

.

.

..

.

.

Head retired.. .
1962 income :
O-$2,999 . . . . . . . . .
......................
s3,000-4,999
.....
......................
ss,Oco-7,499
.....
......................
$7,500-9,999
. . . ...
. . . . ......................
$10,000-14,999...
......................
Sl5,000-24,999...
SZS,COO-49,999...
s5o.OOc-99.999..
.
SlOO,OOOandover..

Head employed by others. .......................
1962 income:
0-S2.999
...................................
s3.000-4.999
...............................
s5.000-7,499
...............................
s7.500-9.999
...............................
s10,000-14.999
.............................
SI5.OOtL24.999 .............................
$25;&0-49;999
.............................
s50.000-99.999
.............................
SlOO,OtX3andover ............................

ss:OrKl-71499:::::::::::::::::::::::::::::::
s7;500-9;999..:
............................
SIO.OOO-14,999 .............................
Sl5,000-24,999
.............................
S25,000-49,999
.............................
550.000-99.999
.............................
SlOO.OOOandovrr ............................

1962 income:
t3~-~~9~~~.~.............................

Employment
statusgroup
Head self-employed.. .

I962 income :
O-$2,999 . . . . . . . . . . .
.
.,.. .
s3,OOc-4,999
. . . . . . . ...
s5,000-7,499
. . . . . . . . . . .. . . . . .. .
.
s7,500-9,999
. . . . . . . . . . .. . .
. ....
s10,00014,999.. . . .
. .. .
S15,OOO- 24,999.. . .
S25.000-49,999
. . . ..
sso.OOO-99.999 . . . . .
Sl0i),OOO~dO”er . . . . . . . . . . . . . . . . . . . . . . .

Head 65 and over..

...

l
l

.
l

.
l
l
.

13

‘:
1
.
.
.

:
2
2
I

l

l

l
l
l

.
l
l

.

1
.

.

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l

l

16
7

l

.
I

13

l

l

.

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.

l

6

18
25

l

l

l

l

I

l

l

l

l

l

I4
8
.

I2

l

.
.
.
.

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26
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2
.

20

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l

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24

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32

23

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24
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.

20

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17

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11

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:A
21
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18

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39
4
7
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292

15

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l

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;
3

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.

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2:
9
I

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2

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3:
5
.

I:

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l

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8

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7

16

:
.

2:

2:
7

I

5

8:
I3

3:
I5

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.

2

;
I9
31
7

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;
62
3

.

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;
14
19

.
.
.

l

.
l

I

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.

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72

:t

.
.

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l

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.

4

2

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l

24
25

:

l

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.
.
.

1

l

..

........
........
........
........
.
. . .. .

.

..
..

.

.......
.......
.......
.......

. .. .
.
.
. ..
.

. . . . . . . . . . . .. . . .

...............
...............
...............
...............
. .
. .. . . . . . . . . . . . .
...............
...............
. . ...............

. . ....
.
. . . ...

.......

SsO:ooO-951999.
S100,000 and over

--.---

.....

.........
.........

.........
.........
. . . .........
.........
.........

.......
.......

.

. ...................
. . . . ...................
...................
...................
. . . . . . .. .. . . . . . . . . .
...................
...................
...................

Head35-S4..
.........
1962 Income:
O-$2,999..
.........
s3,OOO - 4.999
25.000-7.499..
.....
s7,500-9:999
. . . ..
$10,009 - 14,999..
$15,000-24,999
. . .
S25,000-49,999
. . .
S500,0t30-99,999
. . .
SlOO,OOO and over..

At16 ewtw

Age of head :
p..35...........................
. . . .._......................
45-54............................
55-64............................
65 and over.. . . . . . . . .

sso:OOO-99:999:::::::::::::::
5100.000andover
..............

...............
~l&~ooo~~.99&
...............

1962 income
O-$2,999..
...............
53,ooo-4,999..
...........
SS,OOO-7,499..
...........
57.500-9.999..
...........
SlO,OOO- 14.999

:

Alunits.............................

Groupcharacteristic

A J-SIZE

EQUITY

units

All

OF

l

l

*

l

l

.

l

l

l

l

.

l

.

.

.

l

.

.

.

I

l

l

g

:

:
.
.

21

l

;
.
.
.

%
14

19

l

l

:d
13

23

2”:
’ 20

23
18

1

?
.
.

f:
13
4

20

l

.

OF

LIQUID

AND

INVESTMENT

l

.

1:
I
.
.
.

s
10

7

l

l

l

ld
14
6
4
.

5
f’,
13
6
3

10
16

15

10

14

l

l

l

::
28
II

24

31

:

31
18
9

:
.
I
.

;:
I5

I2

15

6

11

l

1:

f:
19

1;

11

10

(Percentage distribution of consumer units)

PORTFOLIO

$
.

.

.

.

.

l

.

l

l

.

l

.

I

l

.

l

.

l

l

.

l

IN

l

l

l

l

l

l

:

1:
15

20
11
4
1:
11
6

16

:8
19
12
4
3
*

!

14

:;
13
9
1

IO

1:
23
13
I
*

;
7

9

l

43
9

:
6
.

l

:

2
.

l

l

::,
10

1:

:

8

31,

8

t:
20
11
4
I
.

11
7

13

DECEMBER

8

l

l

f4
18
7
.

:

10

fS
5
.
.
.

d

8

8

ASSETS,

1962

I

.I

1’4

;
2
12
8

5

1:
.

1:

1

.I

1:
9
10
3

;

7

l

tt
1

;

:

4

I
2
7

l

2;

1

l

.

l

l

.

7

I
!

l

;
IO
9

:
3

4

6

.

l

:
3
7
.

l

2

5

1

5:
.

42
98

I
t
:
2
1:
7

6
8
4

lt?t

:
49

t

.
.
l

I

2
*

1:
16
6
.

::

l

32
95

I
.
I

.
.

l

3

2

.

l

;:
26

:
8

2
2

4

and over.

....

..............
..............
..............
..............
..............

:

............................

Head retired ....................................
1962 income
O-$2,999
...................................
$3,000-4.999
...............................
SS,OoO-7.499
...............................
S7.500-9.999
...............................
s10,000-14,999
.............................
SlS,lWO-24,999..
...........................
525.000-49.999
.............................
s5o.OOC-99.999
.............................
9100,000 and over

$100,000

Head employed by others.
1962 income:
O-52.999
,...........
53.OOc-4.999...
.

............................
Employmeot
statuswou~
Head self-employed.
.
1962 income :
...............
.
0- 52.999..
..
...............
s3,000-4,999
. . . ... .
...............
.
sz,OOO-7,499
. . . ....
...............
s7,500-9.999
. . . ....
...............
SlO,C!aO - 14,999..
. .
Sl5,OOO - 24,999..
SZS,OOO- 49,999..
..
...............
s50.000-99.999
. .
...............
SlOO,OOO and over..

:

Hcad65andover..
.............................
I%2 income
O-$2.999
...................................
s3,000-4,999..
.............................
95.000-7,499
...............................
S7.500-9.999
...............................
510,000-14.999
.............................
SI5,CGO-24.999
.............................
S25,000-49.999
.............................
s50.000-99.999
.............................
S100.000 and over

9

13

l

17

l

I8

l

l

l

l
l

;

*

.

l

I

l

l

l

.
l

l

I
.
.

II
6
.

II
I

10
.
1

l

6
IO

31
19
.

9

6

7
IO
2
.

26

l

l

l

l

l

l
l

z
.

l

l
l

‘t
.

9
14
12
I4

18

.

1:
I2
4
.

2

3
II

I1

l

l

;:

9

IO

l

l

;
.

::
13
4
2

13
IO

l

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8
IO
.
*
.

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.

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l

l
l

.

II
13

.
.

l

;

3:

II

1:
23
3
.
.

I2
3
49
II
.

l

l

;

5
3
8

8

IO

:
I
.
.

2:

I:

I3

11

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1:

t;
I7
I8
5
3
1

l

l

l

;
.

5

*
.

l

1:
I1
I5
5

.

l

:

;
17

1;

;:
6
8
.

3

:;

IO

14

6

I4

l

10

l

l

.

‘2
.

:;

I3

l

6

5

l

IO
10
2
IO
*
.

l

9

6

l

‘:
11
6
.
.

8

12
I2
8

I

.
1

l

l

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28
14

20

8

4

8

7

3

4

7

:‘6
19
74
1
.
.

*:

6

2

18
5
I8
I8
13
II
.

.

l

IO

l

:9”
9

::
33

I
7

7

6

..
.

.

.

.

........
........
........
........
........

.........

........ . . . .
........
........

........
........

...............

Head55-64..............................................
1962 income:
o-s2.999..............................................
s3,oob-4,999..
................
ss,OOO-7,499
..................
57.500-9.999
..................
$10.00&14.999
................
s15,ooO-24,999
................
$25,000-49.999
................
S5O.@QO-99,999
................
SlOO.ooO and over

:

Head35-54..............................................
1962 income

Head under 35.
1962 income:
o-s2.999
. .... ..
s3,000-4,999...
s5,lwl-7,499...
s7,500-9.999...
s10.000 - 14.999.
Sl5,ONl-24,999.
s25.000 - 49,999.
s50,OOO - 99,999.

.

........................
........................
........................
........................
........................

....................
....................
....................
....................
....................

.......................
.......................
.......................
.......................
.......................

.............

...........
...........
...........
...........

........ ...........
........ ...........
........

Age of head :
Under35...............................................
35-*1.................................................
::I~.................................................
. . .... ............................
65andover.............................................

1962 income:
O-52.999
....... ....
s3,000-4,999.......
f;‘Oa&,~
.......
. . . . . .
s16,000-i4,999.....
S1S,ooO-24,999
. ....
S25,0&-49,999
s5o.o00-99.999
SlOO,C!OOandover....

........
........
. . . . ........
........

characteristic

Allunics..................................................

Group

OF

l

l

;

1:
.
.

::
12

22

.

l

l

l

$?
I5
4
2

l

z

8
I
.

:t
3

1:
24
36

5
7

I5

::
31
18
.

I

4
7

IO

l

!f
23
6

:

;

6

1:
.

2
5

;

.
I
4

I
l

5

f:

:
i

6

l

.

::
4
2

IO

::

;
18

3

12

I

12

;i

10
8
I2
16

13

l

1:
17
16
12
6
3
10
*

I2

6

::
10
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31, 1962

“::9% “29% “g??

units)

DECEMBER

of consumer

ASSETS,

distribution

LIQUID

(Percentage

l

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.......................................
.
.
S50.000-99.999
.......................................
.
.
:
SIOO.OCOandovcr ......................................

O-12.999 .............................................
.......................................
s3.o00-4,999..
.......................................
ss.wo-7,499..
n~slxI-t3i$999

1962income:
Head
retired .............................................

Head employed by other?..................................
I%2 income:
O-$2.999 ............................................
S3,oOO-4.999 ........................................
ss.ooo-7,499
........................................
S7.500-9.999
........................................
$10,000-14,999
......................................
SIS.OOO-24,999 ......................................
$25.000-49.999
......................................
ssOO.Ooo-99.999. .....................................
$1OD,OOOandover .....................................

O-$2.999 .............................................
.........................................
$3,000-4.999
.........................................
ss,ooO-7,499
57.500-9.999..
.......................................
s10.000-14,999
.......................................
SlS,ooO-24,999
.......................................
$2S.OLNl-499,999.. .....................................
$50.000-99.999
.......................................
5100,ooO and over ......................................

Enploymmtstatwgroup
.......................................
Head fclf-employcd
1%2 income :

Head 65 and over ..........................................
1962 income:
O-52.999 .............................................
s3,ooo-4.999
.........................................
ss.ooo-7.499
.........................................
s7.s00-9.999
.........................................
$10.00014.999 .......................................
$15,000 - 24.999 .......................................
$2lr,ooO-49,999 .......................................
SSO,OOO-99.999 .......................................
$100,000 and over ......................................

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............
............
............
............
............
.. . .. .. .
. . .. .
. . .. . .
. ...
. . ..
.. . .
...

Hrad retired....
1962income:
a-SZ.'wY.......
s3.000-4.YYY...
ss,OOo-7,4YY...
s7.5w-9.999...
SlO.C!alJ- l4.9YY.
SIS,WO-24.999.
s2s.o00-4Y,YY9.
s50.000-99.Y9Y.
SIOO,OOOandovcr

Head employed by others ........................
1962 incomr:
0-f2.9YY
...................................
$3.000-4.999
...............................
ss.ocul-7.4Y9 ...............................
s7.sou-9.99y
...............................
510,caO-14.9YY
.............................
SIS.coO-24.999
.............................
$25.000-49.999
.............................
s50.000-YY.999
.............................
5100.OUUandovrr
............................

ss:OoO-7:4YY:::::::::::::::::::::::::::::
s7.500-9.Y99
.............................
$10.000-14.999
...........................
flS.Oo-24.~
...........................
$25.000-49.9YY
...........................
s!io.Ow-9Y.999
...........................
$100,a00andover
..........................

Head selkmployed ............................
1962income:
p;s2&~;..&.
.............................

Head65
andover.....
lY62incomc:
o-S2.Y99.........
s3.000-4,YYY.....
s5.c00-7.499.....
s7.500-9.999.....
$10.000-14,YY9...
515,C!klO-24.999...
$25.00&49.YY9...
ssO.OoC-99,999...
SlOO,OOOandover..

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....................

.......
.......
.......

.......
.......
.......
.......

groups

Head55-64..
.................
1962 income :
0-52,YYY
...................
S3.00&4,YY9
...............
SS.OOO-7.499 ...............
S7.500-9.999
...............
$10.000-14.999
.............
SI5.ooU-24.‘~Y
.............
S25.o00-49.999
.............
SSO.oca-YY.9YY .............
SlOO.000 and over ............

.

...........
...........
...........
...........

.
.

. ..............
..............
............
. .
..................
..................
..................
..................

..

...............
...............

...............
...............
...............
...............

..............
..............
..............
..............
..............
..............

..................

Head 35-54 ..........................
1Y62 income:
O-52.999
..........................
Sl.OOO-4.9YY ......................
ss.Ocn-7.4YY
......................
57.500-9.999..
....................
sIo.OOC- 14,YYY....................
SlS.OOO-24.YY9 ....................
S25,000-49.99Y
....................
s5o.lwo-YY.999
....................
SKlO.000 and over.

llrad
undrr
35 ........................
1Y62 income:
o-SZ.YYY
.............................
S3,Out-4.9YY
.........................
S~.ooo-7.499
.........................
s7.500-9.YYY
.........................
S10.000-14.999
.......................
$lS.OOO-24,9YY
.......................
S25.000-49,999
.......................
SSO,OOO-99.999
.......................

Age

Age of head:
Undcr35 .............................................
35 -44 ..............................................
..............................................
45-54
s5-61...............................................
65 ilnd
*vrT ...........................................

.YY'J

IYh2 inconlc:
0 - S2.Y’)‘).
...............
S3,OOO-4,YYY..
..........
SS.OOt-7.4YY..
..........
S7.500-Y.YYY..
..........
SlO.OOl~
- 14.w’).
.........
SI5.000
- 24.1)‘)‘).
.........
525.000
- 4’)
..........
S5O.Ow
- YY.YYY
..........
SIOO.OOlJ
and over .........

All units

All
units

:::
81
38

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42
47
27

49

19

6

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.........................................

slabs

......................................

kwupr

.................................

Head retired
1962 income
o-SZ.YW
............................................
s3,ooo-4.YYY
........................................
s5,oou-7.499
........................................
s7,5M)-9.Y99
........................................
SIO.Mw)-14.9Y9
......................................
Sl5.ooO-24.yY9
......................................
S2S,ooO-49.9~
......................................
$~0.ooo-99.y99
......................................
$100,000 and over. ....................................

............................................
:

Head employed by others.
I962 income:
o-S2.~
.............................................
s3,ooo-4,YYY
.........................................
ss.ouo-7.499
.........................................
$7.5#-Y.999
.........................................
$10.00&
14.Y’)‘) .......................................
Sl5.o00-24.9Y9
.......................................
$2S.o00-4Y.wY
.......................................
$5O.o00-w.999
......................................
...................................
5100.000andovcr

:

Head self-employed.
1962 income
o-52.999
.............................................
s3.o00-4.999
.........................................
S5.o00-7.4w
.........................................
s7.500-9.999
.........................................
s10.ooo-14,999
.......................................
SlS.ooO-24.999
.......................................
S25.ooO-49,9y9
.......................................
350.ooo-99.r)9
.......................................
5100.000andover
......................................

Employment

.......................................

Head 65 andover
1962 income:
............................................
0-SZ.Y99
S3.00&4.Y99
ss.ooo-7.4’19
.........................................
57.500-9.Y99
.........................................
SIO,OOl14.Y99 ......................................
S15.ooO-24.Y9Y
.......................................
S25,ooO-49.9Y9
.......................................
950.ooo-9Y.~
.......................................
$IOO.OOUandovcr
......................................

:
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.

l

4
9
Y

7
6
I3
6
2
l

5

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35

2s

70

100
100
100
100
100
100
100

IE
loo
100
IO0

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100

100

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lo0
100
100

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characteristic

SIOi).000andovcr

.............................
............................
............................
.............................
............................

:

.

Head 55 - 64..
IY62 income
0-f2,YYY
. .. . . . .
53,Oof-4,YYY....
s5,caO-7,4YY....
S7.5W-Y.YYY....
510.00&
14,YYY..
S15,ooO-24,YYY..
f25,OOO - 49 ,YYY.
f50.000
- YY.YY9..
$100,000
and over.

:

...........................
...........................
...........................
...........................
...........................
...........................

...........................

Head 35-54
...................................
I%2 income
o-S2.99Y
...................................
$3.oou-4.9YY
...............................
55,000-7.4’39.
..............................
57.500-9.999
...............................
110.00014.9YY .............................
rl5:000-24;999
.............................
.............................
S25.000
- 49.999
s5o.ooC-YY.YYY
.............................
3100.000
and over.

57:50&9:YYY:::
f10.000
- 14,YYY.
Sl5.000-24.999.
gcg
I4p&.
.
.

Head under 35..
.
I962 income:
O-$2.999
. .. . . . .
yoo~~,~w$..

Age of head:
Under35
.....................................
35 -44 .......................................
45 -54 .......................................
u-64
.......................................
6Sandovcr
..................................

OF

All
units

::
I4
IY
I2
7
.

I5

l

.
.

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I8

1:
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7
3

::
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::

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62

72

;

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15
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;
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.

1;

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7

1962

62

31,

I
.

I2

10

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5
.
.
.

21
IO

II

1:
8
I2
7

IO

unik.)

DECEMBER

of consurnrr

DEHT,

2
86

::

:‘:

46
26

32

20

44

distribution

PERSONAL

(Prrcentagr

I%2 income:
O-52.999
....................................
$3.000-4.999
................................
S5,ooo-7.499
................................
57,50&9,9YY..
..............................
510,Ool-14,YYY
..............................
$15.000-24.999
..............................
;$npg9&Y
.........................................................................................

Allunits

Group

A ‘I-SIZE

:
20
8
&I
3
7
.
.

n

!
.

::
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16

I:

I4

1;
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8
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20

1:
7
I
.

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IO

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I:
22
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4
.

4
5

I3

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5

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..s,,q,o AS p>Ko,dwa PR'"

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..............p~,l!,o,pa~H

~~~~...~~~~~~6~~ZS_

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666;6-cQs'LS
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666'6C-OOO'SZS
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I.............-....-....
.......................
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I.......................

I...................

........................

............................ ..))AOP"IIOOo.OO,
............................. ..~.66_Oo0.0s
............................. ..666.6P_m.sZ
............................. ..666.tZ_OO0.S.
............................. ..666..._ooo.o.
............................... ..666.6_OOs.L
............................... ..60.L_m.s
............................... ..666'~_OO0.E
...................................
..666.z*_

............................. .,r*op"sOOO.M), *
............................. ..666.66_OO0.0s
s
............................. ..666'6~_000.sZ
*
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s
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*
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.
..~~~I~.:
f
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...................................
..~.zs_
o

wmXa,am~
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:alIo~"!Z~,
..pDlo,dm~~, as pB),#
c&lOJl m,ec

.............................

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............................. ..666.6t_OO0.sZ
............................. ..666')z_OO0.sI
............................. ..666.~._0.)O'0.
............................... ..666.6_OOs.L

:::::::::::::::::::::::::::::::::f$:;:g$:::
...................................
..666.ZS_ O
:NJoJ"!Z~6,
................................. JaAO pun SY ,x3"

.

..

.

0-S2,99Y
s3,000-4,9YY....
s5,000-7.4Y9
..,..
.57.500-9.999
. .
s10,000 - 14.999.
SlS,OOO-24,Y99
fZ5,OOO -49.9YY..
SSO,OOO-99.99Y
.

$500,000
1962 income :

.

All

I

Liquid
assets

I

Invounmt
assets

Portfolio of
liquid and investment assets

I’:
::
::

..

:

2:
80

:;
75
3

;

IIG

3
8
26
29
45
51

t!:

Kz

I!
46
45
66

I9

IO

l

2:
5

;‘:

:

2

::

:
I9
2
.

I

5

!

5
IX

IY

:I

I?
20
I8

::

x:
99

::

5
t

I5

8

asse”

Miscrllanrou,

WEALTH,

::
41

31

::

76

!8
96
100
99
100
99

:s

79

:‘:
I3

II

g
35

::

I2
I2
I7
I8

::
66

::

:
I6
I9

I7

.

.

Bu,iness,
profession
(Cam and
nonl‘arm)

OF

a. Percentage of group having equity in specified assetsconsumer units grouped by various characteristics

AUIOmobile

::
...

.,..

Size of wealth:
SI -999 . . . . . . . . . . . . .
Sl,OOO-4.999
. .. ....
ss.OOO-9,999
. ... ...
SlO,OOO-24,999
.....
s25.oca - 49,999.
.
s50.000-99.999.
.
5100,000 - 199,999..
5200.000 - 499,999..
and over.

Head under 35..

..........

Ame of head:
Under 35. ...........
35-44..
............
45-54..
............
55-64..
............
65 and over

SlOO,OOO

.

.
. ..

..

.. .
. . . ..

..

.
.

1962 income:
o-S2,9Y9
w,OOO-4.999
. .. ....
s5,0007,499.
.
$7.500-9.999
. .. ....
510.@30 - 14,999..
SlS.OOO- 24.999. . .
$25.000
49,999 . . . .
$50.000 - 99,999. . .
and over.

..
.....
s5:OoO - 9:999.. .
flO,OOO-24,999
...
$25.000-49,999.....
s50.000-9Y.999.....
5100,000 - 199,999.
J200.000-499.999...
$500,000 and over.

Size of wealth:
;; -w9&.5..&.

All units.

Group characteristic

Own
home

A 8---COMPOSITION

DECEMBER

Y07
348
2,034
2.974
I .YYs
10.7OY
21 ,368
41.147

I ,o:z
3,681
5,842
17,146
5,692
10.207
l7,99Y
54,677

I.660

l,M
4,939
7,358
%,I34
6,895

3,204
3.3%
4.495
7.075
9.566
15.053
32,528
38,298
88,248

40
1.298
4.260
8,852
12,991
14, I67
22,7YO
25.8lI9
56,232

5,653

31. 1Y62

13&i
316
552
53u
I.011
I ,2YS
2.483
I.630

224
614
122
933
797
2,488
I.538
2,1)78
I.200

451

451
727
921
767
35u

I54
3YY
629
858
1,364
2.041
2,835
2.2Y2
4,282

IYO
445
614
US0
I , I 34
I ,4YY
2,232
2,326
2,679

644

460
241
438
5Y9
3.804
2.YI
.16.072
!US,UlS

6
II6
664
4,lluu
7,436
1,967
ll.l3Y
55.2YY
115.755

770

770
3,743
5,ZYY
6.401
3.727

I.454
I.261
2.286
2;279
4.287
10,229
61,986
277,3U3
286,732

Y
x3
625
1,499
6,644
16,7lY
22,938
72,516
2Y5.035

3.881

I41
24’)
I .Y27
1,577
3. I?
5,.35x
110.127
220,54 I

144
757
1,706
3.321
5,441
65,714
&J4,553
106,428
265.019

I ,3Y3

I,3Y3
5,134
8.331
16.445
lY.463

2.732
4.1167
?,5ll&l
8,610
12.424
32.082
141.733
316,YUX
1,224.m

14x
970
I.667
4,678
Il,llYO
35,414
82.Y36
IYO.OSY
674 I366

Y,6lki

,h,,‘,
I
3.17H
I2,‘J)Ill
40,432

Ill1
2IY
615
n41

I24
60
1.170
I .54Y
3.073
X67
1,151
11.41’)
14,743

57x

571
I ,S’ll
2.57u
4.212
4.Y57

1,455
I.707
I.872
2.675
4,448
x ,124
20.404
37,298
5Y,3U2

I14
701
1,227
2.624
6,371
lO,YSB
lll.XO8
2l,otJ7
46.W4

2.675

JY
156
IO
3
I ZY?
54
7.16
Ilh
I.514
x71
2.175
2 vw,
v7, I 1’) I 2X,27*)
180,llO
’ YB.VL(‘J

I

2,OJI

2 .().I I
I.526
h72
7wo
396

(,(
IOY
I.210
JIII
17Y
J,SM)
52.217
18,263
Y4.755

Y
25
IO0
IO8
533
I ,111
I tlY4
Y:564
232,355

I ,116

20
IO4
27
516
JO
I.772
50’)
2,x’)
‘W
.
64,846
.
YI ,202
Y4, Y’nl
YX,tCY
250.276 4,535,7U6

XIS

HIS
1,541
5.761
I? 212
14:sw

69

2,715
5.914
7.975
21,‘SH
IZl.l?Y
17’).
I
l,lb4,622

I4
170
440
2,054
7,SlU
24,556
64,127
16’J,l)52
621(,?71

7,013

3

35 - 54 ..............

..............

1962incomc:
o-52.999
.............
53.000-4.999
.........
55,000-7,499
.........
$7.5OC-9.999
.........
~10.000-14.999
.......
SlS.OOO-24,999
.......
S25,OOC49,999
.......
S5.0.000-99,999 .......
$lW.OOOandover
......

Size of wealth:
$1-999 ................
Sl,OoO-4.999
..........
$5.ODO-9.999
..........
~lO.OLW-24,99Y
........
$25,000-49.999
.......
550.000-99.999
.......
flOO*oOO-199.999
.....
S200.000-499.999
.....
~5W.OllOandovcr
......

Hcod55-6(

....
....

.
....
....
.. . .

Size of wealth:
$1-999 ................
SI,OOO-4.999
..........
$5.000-9.999
..........
~lO.OCO-24.999
........
$25,OOO-49.999
........
550,000-99.999
........
~100,000- 199,999 ......
5200,000-499,999
......
f500,OOOmdover
.......

Head

I1
99

69
86
100
96
100
100

78

78

loo

Ii

E
%
100

61

81

z:
100
99
100

::

;

ix;
lb9:31s
432.982
6X8.613
l,l93,042

Y.702
22.414
37.767

365
2.775
6,958
15.572
35,131
70,645
122.569
298.141
1,034,548

30,838

::
53

31

3511
2.804
7.286
17,056
36,067
58,533
141,236
309,196
1,353,921

32,527

4,500
7,176
12,534
15,190
24.626
47.112
190,297
743,609
!,120,093

3Y2
2,801
7.460
15,897
35,068
68,026
130,385
294,046
.l94.630

19,305

2
96
100
98
7

3:

::

;
II
IO

8

8

::

:t
I4

:
IO
8

9

11,127
16,781
20.677
39,917
36,565
83.009
262,028
549,204
3.006.155
24

::
89
100

2;
23
36
69

39

34

::z
91:53&3

4.726
6.901
7,733
12.664
12.243
20,341

bl:7lO

I:*::;
;;:;g

1.5::
4.606
8,314

6,895

4,062
5.650
7,021
12.429
13.201
15.984
32,009
30.463
93.154

76
1,306
4,425
9,416
14,033
14.237
19,655
26.036
60.45I

8.134

141495
32,976
fyg

I.219
2,073
4,732
;.;g

1.4::
4,277
9.308
12,028
15.855
28.404
38,205
46.9%

6,141

127
454
593
620
I.875
I.603
1,666
2,451
3.Y98

4;':
597
YYLI
I.600
923
2.807

1:;

358

:z
l,llE
I.421
2.8J4
3.107
1,670
5,232

lY7

I21
328
491
804
1.032
1.634
1.920
3,275
3,383

167

175
392
664
973
1.390
I.888
3,047
2,892
4,330

:%;
2:163

758
1.554
11,501
4.180
5.656
IY.Yb7
bU.7S3
211.9YO
64.348

4
16
143
I.240
3,745
13.625
21,645
25.468
159,652

3,727

2,677
1,515
3,365
5,662
4.926
16,My)
56.313
246.606
486,678

lX$
23:854
125.561
286.159

;:
741
1,449

6,401

I1970
4;09i
7.596
64,959
361,650
806.047

2,245
y;

2x??
23:059
92,410
475.217

I4
8::
I.091

I94

4,516

',:;
I.029
1,585
I.614

823

4,031
13.37Y
l7,nYu
40,208
68.W3
120.Ooo
322.421
435.874
993,LIII

216
1,043
2.067
5.488
17,441
44,038
78.329
246,252
795,291

19,463

4,150
a.745
8.91s
20.445
16,728
45.201
156.435
263.832
2,213.882

I24
I.153
I.624
5,227
15,862
35,308
93.9ns
153.472
919,889

16,445

,~__

827
2,054
3,002
5oOa
8.886
19.576
83,375
289,335
1,067.496

I34
2
l.:bf:
4,323
11,091
28,815
73,567
141,376
395,747

6.123

2.412
4.217
6.873
10.7661
21 ,675
26,213
37.34&l
50.52Y
43.049

216

4.951

2,334
3,523
5,320
5,938
14,654
16.863
44,384
99.410

124
731
I.285
2,YSY
6,Ll30
II.764
17,140
17,051
67,559

4,232

317
I.221
1,417
I.866
3,306
5,276
17,968
19,130
75,057

123
655
l.lOn
2.156
4,730
7,280
17,911
18.892
19,081

2.079

1.611
9.Ib2
Il.025
29,4lY
46.928
Yl.7117
285.071
385.345
Y50.765

.

14.506

2,344
6.411
5.392
I5.I25
10.790
30.547
13Y.572
219.448
2,114.472

422
339
2.268
9,032
23.544
76.845
136,421
852. JJO

.

12,212

511
833
1,585
3.135
5.580
14,300
65.407
270,206
992,43Y

II
16')
354
2.166
6,361
21,535
55,656
122,485
376.666

4.645

8::
770
7,405
5.415
2.16Y
39,344

60
187

5';':
I7
1,314
6.196
I5.081

::
43

396

42
376
6W
264
289
2.390
14.165
6,633
207,2OU

15:
236
2.978
1,822
850
84,038

27
.

710

2.2::
297
260
3,556
5.941
41,046
168,626

J4

::
147
765
330
2,378
19.232
274.506

12

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units

cltaracteristic

.....
.....
.....
.. . . .
. . .. .
.....
....
. . .. .

...................

Group

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-

-

All units..

. ....

. .

-

...
....

1

.

I

:

:

6:
82
I59
707
655
5,393
222.600

9

.

372
411
I.189
801
4,232

I9
::

I23

6

937

2:

interest
in
trust

z

::

1;

fi

z64

:i
:

1Beneficial

I

Sld.000
- l&*999 ........................
S200,000-499.999..
.....
S5OO.OOD~ttd OVCT.. ......

Size of wealth:
SI-999
.................
Sl,oOo-4.999..
.........
ss.OOO-9.999..
.........
SlO,OOO-24.999..
.......
~2&$00000~,~.

All

......
.......

s5:OOO-9:999..
...........................
S10,000-24,999..
......
S25,000-49,999..
......
S50.000-99,999..
......
$100.000
- 199.999
-499.999..
....
S500,OW and over

Size of wealth:
‘s; -~_.i...&.

Head

3.3::
5,523

t
62

1:

.

57

I

a. Percentage

01hcr
assets

8
.
2
.

1;
2

5

18
;

7.

66
I$
89
lo0

69
1:
g9

having

:

amount

equity

If

6;

2;
9

I

(in dollars)

loans to
individuals

1;:
83
196
138
268
415
3.775
5,555

assets

8:;
410
1,381
19.343

;
I

2

for all units

l

characteristics

characteristic

1962

10,12;

7.E
885
4,440
172

57

7,507

2,238
1,626
17:

29;

l

IO

500

NOW

................

Age of head :
Under 35.
35-44
...................
45-54
...................
55-64
...................
65 and ova

................

1,452
236
530
267

2.006

2::
211)
III3

.
...............

II

loans to
individWdls

“UXl((i+l(~

:
6

f

.

1,511
11,413
20.005
7,846
106.71 I
76,714
789,667
314.9Y8
2.041.274

224,074
982.384

34:
1,413
9.915
30,544
71.407

IO.919

d

2,513
5,261
I0,555
Il.213
39,662
24,769
70.912
48,150
23,452

33,965
83,532

780
I.345
3,842
9.101
21.725
21.990

236

4,615

:

zx:;
2.064:726

I:‘%
30:560
19.059
146,373
101,483

258,039
I ,065,917

7no
1,687
5,255
19.015
52,269
93,397

236

15,534

.................

Age of head:
Under35
.................
35 -44..
45 -54 ...................
55 -6-4 ...................
65 and over

in group

grouped

Group

31,

1.503
I.032

3;‘:
598
794
1,643
1,170
I.088

1.504

l,E

3::
468

l?

223

by various

DECEMBER

661699

7,899
5,317
11,500
14,456
II.581
20,052
;;.z

I .7::
5,134
9,153
13,482
15,180
21,386
20,050
31,069

6,782

Other
assets

units

ASSETS.

:‘?:I:
166:071
136,627
890,141
401,310
2.283.404

9.567
25,506

mfrigge

of specified

2Y

23,414
352
2.663
6,888
I5,OUO
35,%7
69,527
116,396
288.914
I ,126,004

assets-consumer

1.11:
II4
222
2,416
51,412
13.107
69,857

in specified

Beneficial
interest
in
trust

MISCELLANEOUS

I962 income
o-s2.999
.... ...........
53.000-4.999
...

b. Mean

of group

characteristic

OP

A9-COhlPOSlTlON

Group

tg
95

2
50
90
6I

I7

1%
99

;
52

:
9
I5
.

I5
::
98

.

.

26

1%
100
95

tz
100
100
9s

_.

100
99

IE

97
::

z

IO0
99

Iz

3:
97

!“z

72

21:
31
II

7

I
2

I

.

Other
assets

150,:;

2.11;
2,034
13,752
3,055

I::

9,963
20,007

7:;
5
.

1;
I5

375

111

.
:
.
.

::::::...
;;::..:::
:: :: :: ::
:: : : :
::.......

.
: : : :
: : : :
: : : :

:
:
:

:
:.
:

: : : : : : :
:. : :. : :. :. :
:. : .: .: : : .:

: :
: : : : : : :
: : . . . . . . .

:::::::::
::;;:::::
: : : : : : : : :
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: : . :

.
:
:
:
:
:
:

:
:
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:
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.
:
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.
:
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.
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:

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.
.
.
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:

. . .
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::
:: :
:: ::
:..:::

.
.
:
:
:

... . . .. .. . .. . .
... . . . . . . .. .. .

. .. . . . . . . . . .

... . . . . . . . . . . .
... .. .. . . . . . . .

99...

r

.

~16.000
- i4.G::
sIs,OOo-24.999...
S2S,OOO-499.999...
$50,000-99,999...
$100,000
and over..

..

.......
.......
.......
.......

..........
..........
..........
1
..........
..........
..........

I962 income:
O-52.999
. .. . .. . . .
$3.000-4.999
.... .
f;,0001~,49&
... . .

Sl -

. . .. .......... ....

rlfolio:

I:
22
34
48
51

:9”
49
81
52
100

::

:T

;
II
8

3

;

;
8

.

8

I7

of

Head5S-64

Si

:‘2
36

:;
92

..........

::
:6”

.

5

:
3

2

I4

:‘:

.

l

I9

1:
I4

.........
.........
.........

..........
..........
..........
..........

. . . . . . . . . . .. .. . . . . .

,

z:

100
100
loo

1962 income:
lJ;s2&99&
..............
,
,
...............
S5.000-7,499
$7,x@-9,999..
............................
SlO,OOO14.999 ....................................
Sl5.000-24,999..
~2&,cmm~,99&.
.............
SlOb.OIh3
8ndCWW..

Hepd35-54

SlJ,OOO-24,999
~ZpIam~,~

1962 income:

$106.000-4G9.9&.:::::::::::
S5OO,OOOsndOVe~
... . . . . .. . . . .

$10,ooo-24.999
apL~,9~

:‘:
74

E

:

:

A;

;
I4
31

3
.
.

5

:
I7
44
45

:

:

2

3;
100

l

l

:
3
5

4
7
.
6

2

5:
II

If

::

1;

I:
3

.

5

I:

1:
II

::

:zl
26

;
IO
4

5

:

:

;

.
.

I
45

20
5
.

1;

:t

29

2

I:
4

2:
45
34

:
14

;

5

:
211
40
2x

:
4

2

::
45
30

4’:
:;
72
37

;
3

4

:
40
70

:
3

3

z

I
.
.

;
14

13

3:
5

I:

:

.

7;
55

34
5

:

I
2:

:
2

:

I:

:
3
9

;
6

J

1:

:
2
12
II
I7
9

::
13
I9

:
I2
II
II

6

3;
.

I:

.

7;
.

9;

$2,000:4,9&.:::::::::::::::
$5 ooo-9
999..
Slb,ooo-54.999..
..........................
S25,000-49,999..
............
s5o.o00-99,999..
............
ml&,~
-$Wo,~
.........................

of porlkdio:
:l.-ty
. ..&. .................

.............

cbuacteristic

1%2 income:
O-22.999

... . . . . . . . . .

........
. .. . . . .
.
.

s5rJiJ- I;!+-.::::::::::::::::
S2.000-4.999..
.............
$5 OLW-9.999..
$16,900-24.999..
..........................
$25,000-49,999
..............
$59 ooo-99.999..
$106,ooo-499,999..
......................
$500,000
and OVQ.. ...........

Sizg of 4gtfo!io:

............

n&am crows

mdovcr

Head selhmpkb~.

Ew40~

$lob,ooo

s7:UY)-9:999:::::::::::::::
$10,ooo14,999..
...........
$15.000-24.999
.............
S2.2.$00ooo~,99&:
....................................

I%2 income:
a-S2.999
...................
f;,ooo_f,99L&.
..............

si

Hcad6Sandover..

Group

Total
IotIfolio
All

A IO-COMPOSITION

OP

OF

::
24
43
45
47
31
6

IS

28

:8
37
I5
4

:t!l
62

17

24

having

LIQUID

of group

assets

a. Pcrocotage

Liquid

PORTPOLl

INVESTMENT

equity

:z
52
18

::

::

16

28

25

in specified

U.S.
savings
bonds

AND

assets-consumer

;:

:‘:
12

2:
I4

7

:!:

::

::
41

;

22

::
98

::
43

::

7

14

units

traded

stock

::

::

1:
22
35

:
IO

2
53

I

.

10

:d
IO
67
72

2
7
8
.

::
19

:
3
8

4

.

:;t
68

;
7
2
I2

3

6

::
85

::
66

;

::

t:

2:

:

3

n

1:
II
49
73

:

:

::
I3

2

.
.

4

3:
17
I

4

charactenstics

I

1:
8

.
.

4

by vartoun

I

as.set~

(Continued)

Investment

1962

:
13
16

31,

grouped

DECEMBER

Publicly

ASSETS.

I

::

::

::
30
43

7

2
73
31
68
57

;
31

26

.z
59
12

::

,I:
18

:‘z
41
50
47
57

6
IO

.

14

I

I

:
12
5

:

.
.
.

1;
2
13
12

3
.

.
.

2

:

3
4
3

;.

.

I
;
5

3

.
.
.
.

.

.

.. . .

I%2 income:
O-$2.999 . . . . . . . . . . .
s3,000-4,999
... .. . .
s5,Otm - 1,499...
. .
57,500-9,999. . . .
sIo.ooo- 14.999... .
Sl5.000 - 24,999.. . :
S25,000-49.999
.....
s500,000 - 99.999... . .
SIOO.OCH~
and over. _..

f5OO;OOO
and o&r.. . .

..

.........
. . . .. . . ..
. ..
.
.........
.....
.....
,,,. .....
. .....
. . . . .....

Size of portfolio:
Sl -499 . . . . . . . . . . . .

Head retired..

I%2 income:

tz,oaO-4,999..
..............
SJ,OOO-9,999 ................
S10,000-24,999
..............
S25.000-49,999..
............
S50.000-99.999
..............
5100,000-499.999..
..........
S5iXt.OOOmdover .............

Head employed by others .........
Si of portfolio:
SI - 499 ......................
SXNI-1,999..................

6

:
.

z
I4

:t

I9

::

2
40

::

I2

23

::
61
24

!
43
45

20

Et
100
100
95

::
66
JO

26

E

::
94

z

7
I6

::
99
100
lo0

::
67

5

29

I$
95

:f
a3
I9

2;

I6

lg
100

::

I:
I9

4

IEt

:z
74

::

I:

I6

12

::

3:
I3

;

I4

z:

::
48
aa

4
3
I2

13

:
89
.

:

:
I2

3;
IO

.
.
.
IS
I4

l

3

::
33

;:,

:

:

:I
51
32

:
a
I5
I2

5

.
.
.

::

4;
86
a3

:;

1;
I2

.

l

.
.

2

2

:

:

:

4

I:
.
89
I9

:
.
.

1:
31
I7
I5

:

.
.

4

:
IO

::

:
I4
I?

;

3

::
611
79
II

:
22
32

::

1:
I2
56
41

.
3

II

9

.

l

5

7:

z
II
9
I
34

4

:‘:
41

21:

t;

::

I:

:
3

;

2

::

::

:
.

.
.
.
.
.
.

.
.
.
2

l

.
.
.
.

.

IO0

;
3

2:
IO
I8

f:

:
I2

6

...

..

. ..&.

...............

.

..

. .

.

.

-

)

Size of portfolio:
$I -499.. ...................
s500-1,999
.................
f:,~Ig’,~~
..............................

Head under 35..

Ace CrouP

..................

......................

6S and over

55-u

Aae of head :
undet3s ....................
3s-44 ......................
45-54 ......................

s5:mo-7:499::::::::::::::::
s7.500-9.999..
..............
ji&.ooO i i4.999 .............
$15.000-24.999
.............
;~~,~t%xl~,Y9&.
.........................
sIti,oOOrIndove
,............

i;sy4

1962income:

slb,OoO-i4,9%::::::::::::::
$25.000-49.999
..............
SSO,aQo-99,999..
............
flOO,oOo-499.999
............
fSOO.000 utd over. ............

Size of portfolio:
$1-499 ......................
$500- 1.999.. ................
;;$K&;,99&.
...............

.

.

.........
.........
.........
. . . . . .........
. . . . . .........
. . . . . .........

. .

,
$100,c4Kl199.999..
$200,ooo-4YY,YYY...
$500,000
and over:.

ss:txtO-9:999:.:::::
$10.000-24.999
;&.~lwg,99&

Size of wealth:
w&Y_.;..&.:.....

All units.

Group characteristic

Total

I

6.572

976
3,059

149

I.393

:;:z:

I

.3S2,038

141
780

578

4:957
3%

578
1,593

::*:z,

218:137
Z%

I.393
5.134
8,331

7:on

x:

I59
838

12.768
18,993

I

2.675

All

7:062
:%
15.367

I64

9.688

P orlfolio

r

%

2%

121

%
702

I21
281

556
I.476
5,099
11,817
32,406

;g

187

z
1,189
1.536
5.441
33 )178

:::

76

x!
la:043

%
I.133

1:;
262

409

I

::I:

4z

374

374
1,110
I.774

+E
3:140
5,721
12,505
19,250
19,098

I.028
1,197

:*:::
14’042
12:794
45,598

I.%
3,100

60

4::
744
1,969
4.539
7,136
13.651
Il.647
23,462

1.809

All

OF LIQUID

swings
bonds

U.S.

All

AND INVESTMENT

DECEMBER

Mutual

2::
678
1,632

186

zz
1,637
1,852

I86

Z!
I.731
3,152
6,909
12,854
13,190

558
698

:*%
5:827
7,415
33.305

2::
843
I.572

z::
71265
7.112
16.820

3::
355
1,089

986

7
I23
4xn
I .427

I46

146
414
690
Y2l
1,484

1%
2,218
5,401
2.750
5,810

z
568

:::::

I.%
2,111
2.814
7,703

I::

I,%
3,625
6,185
4,332
3.983

2;:

II

704

5
171
902
2,704
8,290
21.2YU

169:052
628,271

7,518
;*;;;

I4
170

7.013

1,277
3.160
2.715

24
162
284
196

a3

3YS
a91
a37

2::

a
196

815

3.541
5.761
12.212
14.506

lll5

473
x::
752
1,627
231258
2,799
121.329
6.231
279.6’31
7,879 1.164.622

240
:;

x:
3;629
I;:%
8,609 I ,264:653

24
I28
274
751
I.021

4.661
4,SYO

354
I.152
2,589
2.490

19
2;;

458

3:;
1.327

4

459

459
1,106
2,813
6,866
8,432

z:~
to:431
71,368
161,765
956,339

450
686
1.402

x1
27:521
106,831
901,660

2’6;
871

2

2,525
Il.874
31,684
96, X42
420,740

551

1::

a

3,724

2::
795

*

422

422
Y58
2.165
5,473
7,614

386
515
1,123
2.170
3,337
8.830
61,239
149,615
862.712

a20:066
z*::‘:

3;
I68
638
1,527
7,119

1::
377
1,984
9,557
22,013
91.4119
367.524

a

3,160

.

2Y

2’)
106
558
1,211
122

s5
IG
207
397
I.038
l,ZY7
5,OYa
7.862
65,252

II:
524

CUrilkS

2;

I

22
5YI
775

I’:

.

432

.
6
53
.

23

1::
711
1,287

23

:‘:
lb1
175
998
6,662
61.367
105,361

130

41:
264
1,352
7,YZS
186,530

a::z

group

:
as
l7Y
670
I.503
2.403
47.091
13,970

2;
25
I40
446
1,803
Y,IZS
2,581
34.987

424

assets

Marketable se-

Investment

31, I962 (Cwtinwd)

Publicly traded stock

ASSETS,

b. Mean amount (in dollars) of equity in specified assets for all units m

Savings accounts

Liquid assets

OF PORTFOLIO

Checking
&%oun*s

A IO-COMPOSITION

:1:

1:

52

2::
Z’YO
805
717

I30
3w
II2
693
451
1.877
I,55U
14.128
I2.2xl

1;
I50
I71
774
I.082
4,444
11.347
11,123

::
2,IYO
2,262
12,526
IS,Y68

:‘:

.

406

3z

.

.

I53

I53
I.420
t,sOY
2.615
2,477

:8%
50:520

300
YYS
860
I .a42
1,905
b,lW

2:;
I.117
3,422
1,YlY
11,568
34,YSO
l13.IY7

.

Sl
lb5
You
3.114
x.102
15,482
20,191
75,475

l

1.572

4;
IO
750

IO2

I02
4115
7tt2
t ,010
I.565

2b5
l.IZI
305
439
6111)
2.701
9.007
18,236
34,7Y6

I.011
I.515
6.330
31.4x5
4b,Y6l

56
28’)

2;

24
196
I.001
1.132
12,5b’J
32,aYa
27 .YtlO

3
.

75’)

t::
31Y

2

26

26
164
1114
206
28

2
20
I4
141
233
UYI
I .Y55
4,505
5,343

2:
I22
243
258
3511
72Y
I.715
5.1111

Y&lb
3.&77

I.355

467

2
23
4x
I21
I92

I20

14.079
4,951

154,801
039,132

Head

35-H

...................

...............

ss:Ow-7:499::::::::::::::::
57.500-9.999
................
SlO,caO- 14.999 ..............
SlS.OOO-24.999
..............
525.000-49.999
..............
SSO.cca-99.999
..............
SIOO,OOO and over .............

1962income:
l3;s2,~4...&.

sl&,000-4G9.9&:::::::::::
S5OO.OOOandovcr
.............

Size of portfolio:
SI -499 ......................
$5ccl- 1.999 .................
S2,OOC-4.999
................
$5.000-9.999
................
SlO.OC@-24,999
..............
;&.~Owg,~
..............

Hcad55-U...................

1%2incomc:
o-S2.999 ....................
s3.Q00-4.999
................
ss,OQO-7,499
................
$7.500-9.999
................
$lO,OOO-14.999
..............
$lS,OOO-24.999
..............
S25,000-49,999
..............
S50.000-99.999
..............
SlOO.OOOandover
.............

Sii of portfolio:
Sl-499 ......................
SWO-1.999
..................
S2,000-4.999
................
ss.OOO-9.999
................
SlO.OOO-24.999
..............
SZS.OOO-49.999
..............
s50.000-99.999
..............
SIOO.OoO-499.999
............
ssao.lxlOando"cr .............

16,445

6.723

I

I

4,232

169
871
2.160
4,026
5.954
7,463
18,875
20.754
57,247

2,079

5.628
7.;;;

13.011
30,237
76,455

1962income:
O-52.999 ....................
S:.~_f.~
................................
)
s7.500-9.999
................
s10.000-14.999
..............
SIS.OOO-24.999
..............
s25.000-49.999
..............
SSfJ.OfJO-99.999 ..............

SlO.ooO-24.999
..............
S2S,OOO-49.999
..............
.SsO.CmO-99.999 ..............
5100.000-499.999
............
SSOO.OOOandovcr
.............

208
377
430
633
771
2,467
3,268
5,964
53,058

2::
597
523
755
1,685
I,540
3.515
25,336

612

1,203
I.539
2,415
3.231
3,777
9,839
IO.371

4.z
1,564
3,843
4,358
8,165
12.442
Il.615
67,584

2,730

4z:E

223
E
1,352
2,279
3,690
12,938

75
2;
277
450
957
3,222
7,812
26,135

5E
1,477
2,777
4,502
5,963
13,410
Il.604
32,544

1,440

340

2::
416
419
781
860
1.499
6,110
22,601

4;;
546
I.164
2,340
11,001
7,100

34

4.671
5.661
33
7,339
3,152

50
63
123
I80
231
718
1,471
13.622

350
1,687
627
2,938
I.515

617
840
1,408
2.449
2.408
4,922
6,439
19.263
23,772

Et
2,454
2,489
6,156
5,147
6,539
45,123

U

1.637

II6
579
541
503
%8
2.202
7,724
4,575
25,217

xx
18:652

iz
1,158
2.471
2,729

38

734

3,E

::
282
277
432
945

2,303
2,863
33
1,017
3.152

Et
1,214
4.527
3,896
1,329
7.042

582
671

1,::
1,580
I.421
7.045
5,061
3,546

II

921

I,%
5,087
3,537
21,447

107
223
352
554

l::E

II
423
I.345
I.2Y4
3.191
6.880

551

4:
I29
177
669
180
10,134
4,073

6.32;
.

2,324
2,798

7,383

12,212

511
833
1.585
3,135
5.580
14,300
65.407
270,206
992,439

2,952
7,132
35.425
92.034
950.039

1::
I.253

.

6.866

2;:
514
421
2,552
4,752
33,888
166,254
712,348

I
4x
3;:
867
2,844
Y,OY7
21,424
54,567
969.460

I.')55

337
1,803
3Y.312
26,822

l,Y7S

8:::
I.990
5:')24
28.675
60.371
898,353

51

.

5,473

:;
333
365
1,990
3.7Y8
28.129
150,836
498,946

3;
251
710
I,YZO
5.817
1x.737
47,175
802.Y21

1,558

211
1,067
36,151
26,647

l.Ol!:
205

Y

5,877
75,547
8.241
698.Y39

1,056
I:: *
163

7,996
75.547
9,524
757,968

2,284

3Y5
2,344
I.621
1,482
41&I
6.411
1.070
656
678
5 392
2.178
l.5f.o
1.457
15,125
61126
3,314
1.390
10,7YO
5.547
I,YS8
2,348
30,547
21.243
17.824
3,223
139.572
87,326
75,821
9,997
219,448
136.649
128.083
lS,l952.114,472
1,856,803 I,816.589

38
124
21:
229
830
706
2,228
1,608
9,491
4,429
19.008
51,902
3,725
3,210
168.878
5,699 1,333,453

891

213
236
578
630
1,809
1,674
2,258

2;:

4
l8li
1,113
3,141
'),I61
26,120
3.z
53,523
3.03Y
153.Y32
2,103 I ,293.232
23
III
267
830
671

I.514
2.175
Y7,13Y
180,llO

214
I20
516
19,710
4,645

l,2Y2
E
736

iE
115

18

22.865
75,547
3.802
140.722
2841,034.181

2:;:

606

I36
360
5IY
2,571
3,487
2,Yb6
8,530
4,222
36,421

3::
703
1,000
5,961
29,574
38,823

I

.

' 1,231

I36
IOY
53
4YY
768
3.706
14,429
207.378

l

11:
774
3.166
Yh7
6,227
145,752

I:

330

7::
1,266
I75

3:
4Y

.

384
25,229

.

29')

:':
77
253
?YtJ
7,423
56.43')
lOO,IY4

400

7::
362
2,163
2,8Y7
180,633

3
.
.

711

1::
85')
25,316
90,912

IX
5‘)
I5
40

I
Y
47
III
235
II0
50X
2,Y86
114,104

I40

1,,53;
8

4
I
62

l

.

3,;
22Y,877

l

.

3,ob;
Y118
I.1129
2,226
5.541
7,821

I02
782

2:;
I.678
?.47Y
20.284
2.165

242

.
.

no5

l.E
8.915
17,123

74
6')
2.xI
360
345

IL0
2,HOO
2.552
4.228
3.411
4.715
28,296
2,548
54.302

YB
203
656
3,568
Y.505
8.152
30,336
121.615

l

1.615

314
rln
412
I.761
1.647
5.45s
IY 2nx
36:575
13O,Y?LI

IO2
I.646
625
I.462
4561
l,lll
9,815
14,251
lll.4lY

1.7::
47
2.513
2O,26&l
72.701

I5
215

.

I ,010

IO
220
1x1
362
673
1.572
0.124
26,3XY
37.85lJ

1::
1,155
3,7H4
10.01h
34.24X
60,6YO

.
I5

632

4":
27.004
151.746

3:
IO2

30

,,,A
2,489

24
.

.
5:
311
I,S2?
3 ,6(,0
II.lX?
14.34')
57.501
103.5Yl

1.465

Ill3
84
871
5
15.w7
I.301

.

l

55,,>3:
30,269

2.Y37
I.281

I6
178
170
?Y?
1.055
6.212
2.024
3Y.Y4l

280

3::
I.205
232

5
222

l

.

7,;
13,578

2.I.W
229

5:
I4
I67
131
1,352
4.487
4.020
l3.Y3?

5;
52
I55
Itv,
284
I.171
3,058
6.29')

?Vb

7
31
I?
IXX
317
8X6
Y?Y
6,758
3.2LlJ

3
37
?Oh
UI
475
W?
Y'J4
I .'J.ll
5,446

174

1:
6s
8X
7
2,lMS
.

.

3.28:
.

13.3;

.

.

.

I

rclkmployed

of portfolio:

............

.

.

.

.

1962 income:
O-52.999 ...................
$3.000-4,999
...............
SS.OoO-7,499
...............
$7.500-9.999
...............
slo.aOO- 14.999 .............
SIS,OOO-24.999
............. .
$25.000-49.999
.............
$5O.o00-99.999
.............
SlOO,OOOand over ............

smo.oiJo4ndovcr

Size
$1-499
.....................
sm
- I.999 .................
s2.000-4.999
...............
ss.OOO-9.999
...............
210.000-24.999
.............
S25.000-i9;999..;
..........
sso.lmO-99.999..
...........
slOO.oOo-499.999..
.........

Head

.............

4"d over ............

EmptoylMtsWuswwps

5100,wO

sso.m-99.999.. ...........

.

.

.

.

.

.

.
$3,ood-r;~.::::::::::::::
.
f;.OaLg,499,
.............. . .
..
slb,oOO-i4.9K::::::::::::
.
$15.000-24.999
.............
S25.000-49,999
.............

1$2_i;rg

.

.

.

I
I74
3,z

25,256

2.117
3,098
ll,46Y
8,648
17,826
35.306
lll.116
300,687
749,144

7,358
14.359
33.036
69,004
223.988
1,,171.741

1,

T

SSOO-1.999 ..................
$2.000-4.999
................
$5.000-9.999
................
510.000-24.999
..............
$25.000-49.999
.............
$50.000-99.999
..............
s100.000-459.999
...........
SSOO,OOO~ad
OVIX.. ..........

......................

...............

characteristic

Size,~f,gtfolio:

Head65a"dover

Group

Total
P ortfolio

620
I.934
2,670
2,661
6.145
10.330
20,743
43,553
59,781

z::
II:127
25.391
24,672
113,389

I74
1,905
813

5,364

3z:
37:348
5O,S29
43.049

z:
IO:768

2.412

Au

T

216
If?
613
473
774
2.927
3.407
12,274
30.6Stl

Et:
291290

91
2j6
511
918
880
2,038

1,165

:*z
Is:943

271
462
780

2R9
-_.

6.895
44,098

852
1,717

E

::

78

702

7

p3:

,

319
1,569
1.627
1.897
3,590
6.432
14.282

67
4F!j
1.164
1,838
4.995
7,322
18,373
11,675
65,779

3,316

IS:456

:*:::
$;:;

. .._.

1.756
3.111

14:742
37.142

g:;;;

$2;

69
451
I.720

3.418

All

4sselS

Mean

;.g

ZIG
1,627
I.702
3,746
6,9Y7
IS.625
13,549

I61

246:
453
973
2,840
4.421
10,218
5.943
37,729

1,875

974
1,752
1.182
4,269
12,722
7,732
6.434
14,655
6,355

x:
9t622
32:300

3:883

39

1,852

b.

bst:kkr

I
U.S.

I ,I(20
;m&

1511
580
543
226

4:OYs
7.130

bonds

14.506

l.4Y8
1,164
ll 7YY
5:Ys7
24
II.bMI
Y76
YO.37'
257.133
68'3,363

1:;
430
2Yl
I,;-$
3,054
3,647
8,442

I

l9,U92

1,618
9,162
I1 025
29,43Y
46,928
93,781
285,073
385,345
950.765

I6
ISI
Ill
229
1,567
137
4,465
887
7.597
1,767
2I.YOY
4,432
43,613
4,425
WY.317
18,321 I.058.352

823

x’:

2:Ol9
9,111
5,948
6,079
7.602

367
1135

DECEMBER

All

Common

funds and
other inWW"l!"l
compan,e

.-

Y
2.375
50')
34:54x
IYJ, 5n5
513,566

623
301
I.713
1,451

-I
I2
3bl
I,48Y
2,718
5,347
16,lSY
n2.944
644,892

8,L)l9

216
2,134
7.771
22:771
38,391
33,683
177.746
198.656
779,384

11;
511
1.060
11,542
18,006
153.184
842,037

.

8.432

623
103
Y4l
I.426
1.733
7.073
-75:8xY
123,553
430.202

*.:z
1.200
3.625
12,611
71.735
521.226

-I
I2

7.131

1xt
708:8tlO

130
1.851
6.499
2i:950
35,647
31,214

362:
462
9,691
17.654
142,322
776.303

6

l

7,674

I .YOb
5.27x
I I. 141)
77.0bL

I'18
241
W,:

.

I.136
I.524
I.468
n.287
Y3.7t-t

vu

.

.
I24

l,23Y

2;:
Y46
3
Y??
1.372
4.243
4,950
2n,o3n

5g
839
352
5.010
IO.146

.
.
54

322

4
Y
71
SJ
375
3.521
53.147
tin.537

.

1::
64
I.075
12,831
159.926

I5

3
.

1.4')')

I94
1.922
~~
I,86ll
10.9lJ4
24.063
1111.522
111,445

l

IO3

46;
268
I.617
15.451
221.259

.
.

.

I.287

31, 1962 (Continued)

Publicly traded stock

ASSETS,

in specrfied assets for allunilr I” group

.
,I
lji
336
3::
784
2,450
I.157
6.083
4.117
20,337
2.907
46.451
4.318
246,445
13,703 1,210,296

837

(in dollars) orequity

124:
597
847
2.147
2,034
7,601
5,367
10.229

1,252

:*z!z
3:76l
469

713
I.253
4.114
3,943
4,825

1:;
586
1,105
3,796
4,345
10,630
5,102
2,996

1.484

amount

loan
associalions

All

INVESTMENT

‘=:rii” Sh"&!S

I”

~~-

OF LIQUID AND

Savings accounts

Liquid

OF PORTFOLIO

Checkins

AlO-COMPOSlTlON

26
81
6')
536
‘153
2,163
2.W)
II.I21
II,467

38
II7
50
341
Y4b
b.Y45
8,236
22.371

.

Y35

753
14.Y22
I,lYo
34,240
Il.960

267

224
7Y5
I2

I7
262
Y38
401
5,31x
13.673
4,651

.
.

717

474
771
S.I7h
1,Yl1
5.x44
5.75n
3.l224
3~1.014
57.275

7::
2.713
z;(152
15.117
6.392
63.Y77
157.376

.

6,036

4‘17
2.343
2.x52
4,247
2.17x
23.518
74,745
23.645
23,762

.sw

4;
230
I .oYl
3,005
6
14.071
25.67
113.723

2.477

.2.

1,241,
I7
2,3h?
7.057
14,b75
IY,4W
16.27')

374
.

2b2
IX6
I.S4S
220
12,6WO
2Y.368
7O.OY6

2.453

57x
3,xnu
1x1
2?b
3.73x
10.4lO
b.734
7.826
20,626

5x0
5vn
I.528
7.4lb
3n.lzI
24.202

I.565

87
II4
I.LIl4
3,7vb
2.23Y

1;
.

.

3;
214
361
I ,Ybl
3,bYlJ

45

.
.

I50

271
5YS
2,455
3.5111

2;
.
.

.

II
x
24
.37x
4.4'3

.
.
.
.

23

Heademployed

retired.............

1962 incomr:
O-S2.9YY ..............
s3.m-4,YYY
............
ss.ooo-7,4YY
.............
S7.500-9.Y9Y
.............
s10.000- l4.9YY ...........
SlS,OOO-24,YYY
...........
S2S,ooc4Y,999
...........
35o,ooo-99.Y99
...........
5100,000andover
..........

Slti,ooo-4Y9.9YY
S5OO,OW and over

Head

1962 income:
0-S2.Y99 .................
53.cao-4.999 .............
35,ooo-7.499
.............
s7.500-9.999
.............
slo,OOc- 14.999 ...........
SlS.ooO-24.999
...........
S25.00&49.999
...........
s5o.oa-99.999
...........
Sl00.000andovcr
..........

srti.ooo-499.999.
........
S500,OOOand over ..........

........

by others....

Size of porlfolio:
91-499

I
1421
932
2,nl7
7.ocM
14.2X1
36,227
71.657
241.32')
.130.4')7

15,534

I,OSY
2.449
2,764
7,461
8.545
23.150
IlO,
548,192
.026,066

164
1,014
3,I8X
7.082
15,lYO
33,561
71,305,
IY3,l82
,995.947

6,457

w.nsi

I42
nY2
2.555
5,010
0.624
13.266
25.OI5
30.405

4,615

675
n77
1.440
2,372
3.497
6,YOI
15,367
37.1184
70.983

15x
x33
2.270
4.5YO
6.752
12.619
14,263
14,2Y5
5Y.247

1.987

279
220
446.
899
3,774
3.11113
s4.975
33,194
18,633

1;;
423
717
5%
631
1.262
6.621
51.285

591

5Y
IO7
182
262
432
866
3,026
Y.761
44,533

70
245
391
404
519
1,052
1.074
2,245
24.007

257

,596

1.891
3,803
Y.1154
Y,353
34.143
ii;574
I3 296
8,598
2,635

54

3,312

524
620
I.039
1,661
2.512
4.811
Y:llOY
24,322
ln.on9

,X98
.nYl

63
460
,602
,300
,225
,505

,404

1.047
2,067
l.2Y5
4.518
25.n90
6'859
II'719
6,442
2,635

I3

1,791

212
372
617
76s
1,2Y6
2 638
614211
2o,Y6Y
14.Y61

35
304
Y35
1,642
2,hYY
5.37n
3,287
6,031
26.4Y4

751
I2

l

n35
1.674
8.491
4,695
ll,IliZ
I,%6
897
2,ISS

2s
250
622
I.553
4,265
2,572
15.607
4,6Y5
1,947

I.4Y3

234
IYO
355
661
Y31
I.7Y5
3,275
3,114
2,518

429
1,307
1.775
4,050
5,43Y
3.7Y2
3.916

I IO

511

4,470

2.602

2.120

lO,Yl'J

. ,_ _

621
1,277
IO.Y66
19,724
136.168
no4.950

9
.

l

6,618

428
558
10.17')
I'),724
126,735
773.206

6.163

364
1,511
230
I40
1.238
11,413
3,131
2.7bY
25s
20.005
16.514
in.230
Y6l
7,846
4.923
4,764
1,745
88,749
106,711
LIS,oY6
12,312
76,714
41.967
41,643
2,640
789,667
58Y.708
SOY,676
5.75Y
314.998
188,048
lll3.146
2,l852,o4i,274l,9l3,776
1,913,776

.
IX
I26
457
246s
833
I.994
517
4,658
5.287
22,Y6l
7
46,643
6,IYS
210,925
1,941 1,040,646

705

_

218
1,324
778
".
6ij
42Y
5.08')
2.770
2,183
553
5,048
3.1411
1.891
1.223
16.249
8.226
6.1120
21532
Y4:851
6Y:;34
63;94Y
3.7Y6
5lO.301
2Yn,O74
277,626
8,3662,')55.0842.561,1442.369.565

25
7
3
I28
IX:'
5x
4')
277
')I9
129
215
xx5
2,4Y2
%I
59n
X.438
I.007
2.68Y
I.YZO
2.062
2O,Y4Y
10.347
7,317
3,5Y4
57,046
32,531
2Y.167
2.152
178.xnx
124,135
93.3111
4,34Y 1.936,700 1.422.788 1.328.903

326

l.SC
'289
12,062
3,122
.

I
x
27
II

252

4.44;
1417311
81.170
27,782
43.450

..

.

8;
Y9Y
5,844
115,423

.

.

l

.

4YJ

2:
In6
x2
1119
4.554
153,710
205,32n

.

3::
1176
5,476
351.793

3P:
1,302

3.35;
IO.171

65;
470

.

.
.

215

I29
482
1,123
l,l6n
3.5110
Il.921
42,x38

I::

0
105
273
608
2.265
3.001
27,Y6n
28,316

.

3Y0

55.3Yrt
4,140

l.IJY
1,366

26X
I.1411
.
.

429
1,167
578
7,424
6,925
3,3s4

.
.
.

574

1::
64
263
365
667
355
2.227
20,732

I2
I60
I46
75n
I.275
2,YSI
?,H‘l3
7.282

.

1x2

371
I 399
I:3w
2,305
2.138
In,IhS
fi7.w
36,35Y
n,w3

If
262
576
1.3%
Y.126
7,lY6
5.nIJ
Y9,621

1,452

Y7
YX3
3h3
I.470
I.007
4.735
14,720
H.5Y6
34.119

5;
226
YJh
4.001
6.PO8
16,YY6
25.215
98.102

I.013

I
64
5.715
475
618
10,244
477
I.041
5.647
71.YO4

3hH
X56
2.202
II.3W
56.171
15,865

.
.
.

I.77b

1.76;
.

l

.
.
.
.
.

I.434

.
.
.
.
.
.
.
.

4

2:
is
277
1,163
3.916
l,4hY
23,178

2:;
IhM
I.2hX
2,172
36.232
110,583

I

2
41
I73
3Y3
45Y
6YY
I.451
2,854
11,927

2X6

.

Y
4
IO5
441
l.4Y2
2,242
IK,3I5
44,noy

.

261

.............................

characteristic

.....

.......................

Age of head:
Under35
.........................
35-6)
...........................
45-54
...........................
55-64
...........................
65 and over

..................

1962 income:
o-52,999
........................
s3.o00-4,999
....................
ss,OOO-7,499
....................
s7,500-9.999
....................
sIo.ooa
- 14.999
Sl5,000-24.999
..................
$25.000-49,999
..................
S5O,ooo-99,999
..................
9100.000
and over .................

............
............
............
............

. . . .._.__...
. . . .._.._...

s5:ooo-9~999
......................
t10,000-24.999..
....
S2S,ooO-49.999..
....
s5o,olw-99.999..
....
floo,ooo-499,999
....
SSOO,CW and over

Size of mwrfoiio:
SI-499
..............
~;woc;,yEL1:

Sire
SI -999 ...........................
SI.ooo-4.999
.....................
ss.ooo-9.999
....................
Sl0,OLW-24.999
..................
SZS.QOO-49,999
..................
s5o.o00-99.999
..................
5100,ooo-199.999
................
3200.000-499,999
................
f500,OOO and over. ................

of'wealth:

All unia

Group

All

_

:;
41

:;:

::
22
24

I2

1’:
30
36
40
45
20
7

2:
68
68
52
37

I3

:‘z
16

:t

::
41
37
36

z:,
47

IO
21
31
39
43
43

2;
31
42
41
54
38
I8

::
50
::

6

20

SAVINGS

23

OF

25

z
49
66

2

29
42
40

42

A II-COMPOSITION

lb
I3
I4
8
5

::
21
18
4
5
I

3
u

I:
3
IO

I:

El
Ill

t
5

IO
I3
I4
I6
II
5

II

ACCOUNTS,

I
I

.

l

.

:
2
.

l

I

l

l

.

:

2
.
.
.

.
'.

l

i
.

.

l

I

.

l

.

31,

374
I.110
1,774
2,730
3.418

1,028
l,lY7
l,3OY
I.868
3.140
5,721
12.505
l'J.250
lY,oY8

4::
1,519
3.100
5,376
8,237
14,042
12,794
45.598

58
461
744
1.969
4,539
7,136
13,651
11.647
23,462

I.809

DECEMHER

YM6

I86
544
Y2S
1,637
I.852

558
6YlI
648
965
I.731
3.152
6,909
12.854
13,IYo

2;:
143
1,572
2.866
5,111
5,827
7,415
33,305

33
322
355
1,089
2.427
3,328
7.265
7,112
16,820

1962

I40
4s')
641
l.lOLl
1,247

3Y2
SIS
474
601
1,257
I.YhS
5,200
Y,S16
IO.257

31
22')
706
I.179
1,915
3,045
3.4116
5,630
27.010

2%
274
809
1,386
2,365
5,041
S,224
13.586

6cN

46
X6
2x5
5FJ
606

166
IX4
Ill
365
474
l,llil
I ,700
3,337
2,Y33

x:
I:786
6,294

1::
3Y4
YSO

3

4;
81
280
1,041
Y63
2,224
1,887
3,234

2Y5

I46
414
6'N)
921
I.484

4 1')
44x
568
6Y'J
1,170
2,218
5.401
2.750
5.8IO

I2
I37
502
1,279
2,111
2.874
7.703
5,234
5.3'4')

70x
1,102
3.625
6.185
4,332
3,9K3

2‘JO

II
'JY

704

42
l4Y
14x
I58
46

237
2x4
15
3,oxw
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Ii
46
Y3

II
II
I6'1
IXI
3')')
252
3x9
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6,310

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37
2.4111

3O’J

I",:

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1962 income:
o-S2.999
............................................
S3,ooo-4,999
........................................
S5,ooo-7.499
........................................
57.500-9.999
........................................
510,ooo-14.9YY
......................................
SI5,ooO-24,999
......................................
S25,000-49,999
......................................
s50,ooo-99,999
......................................

Size of wealth:
St-999..............

Head under 35 ..........................................

Age groups

Age or head :
undcr35.............................................
35-61...............................................
45-54 ...............................................
55-64 ...............................................
65 andover ...........................................

1962 income
O-52.999
..........................
S3.000-4.999
......................
SS.OoO-7.499 ......................
S7,50+9,999..
....................
SlO,oOO- 14.999 ....................
Sl5,000-24.999
....................
S25,Ol!t-49.999
....................
S5O.Q0&99.999
....................
SlOO,OOOand over.

:

.........................

Size of wealth:
SI-YY9 ...................................
SI,ooo-4.999
.............................
S5.000-9.999
.............................
SlO.CNX-24.999
...........................
S25,000-49.999
...........................
S50.000-99.999
...........................
SloO.OOO-199.9Y9 .........................
SZOO.OOO-499,999 .........................
5500.000 and over.

Allunits .................................................

Group characteristic

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DECEMBER

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1962

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2:
34
3
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31

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27
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48
34
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53
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...........................................
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.......................................
......................................
$S,ooo-7,499
$7,500-9,999
.......................................
310,ooo-14.999
.....................................
$15.000-24.999
.....................................
$25.000-49.999
.....................................
$50.000-99.999
.....................................
5lOO.OOOandover ....................................

Size of wealth:
SI-999 .............................................
sI.ooo-4.999
.......................................
55,ooo-9.999
.......................................
SIO,OOO-24.999
.....................................
SZS,OOO-49,999
.....................................
s50.000-99,999
.....................................
s100,000- 199,999 ...................................
t200.000-499,999
...................................
5500,000andover
....................................

and over .......................................

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1962 income:
o-52,999
53,ooo-4.999
.......................................
fS,OoO-7.499
.......................................
......................................
f7,SOl-9.999
...................................
510.000-14.999
flS,OOf-24,999
.....................................
$25,OW-49,999
.....................................
sso.@aO-99.999
.....................................
fl00.000pndover
....................................

over....................................

Size of wealth:
$1 -999 .............................................
SI,oOO-4,999
.......................................
s5.000-9,999....,
..................................
SlO.ooO-24,999
.....................................
SZS,ooO-49.999
.....................................
ssO,OOl-99.999
.....................................
sIOO,OOO-l99,999
...................................
S200.000-499.999
...................................
$5OO,WO and

Head 55 -64 ............................................

1962 income
o-52,999
............................................
53,ooo-4.999
........................................
ss,ooo-7,499
........................................
s7.500-9,999
........................................
$lO,OOo- 14,999 ......................................
flS.000-24,999
......................................
52S,ooO-49,999
......................................
$5o.o00-99.999
......................................
$100,000 and over.,

:

Size of wealth:
SI-999
..............................................
51,ooo-4,999
........................................
ss,ooo-9.999
........................................
510,ooO-24,999
......................................
525.ooO-49,999
......................................
s5o.o00-99.999
......................................
$100,ooo-199,999
....................................
S2oO,ooO-499,999
....................................
5500,000andovcr
.....................................

Head 35-54

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..............................

characteristic

.....................................

by others

.......

1962 income
o-S2.999.........
s3,ooo-4.999......
SS,ooL-7.499......
$1.500-9.999......
510.ooc- 14.999....
Sl5,ooO-24.999....
S25,ooO-49,999....
fS0.ool-99.999....
SlOO.MXl and over...

:

...............
...............
...............
...............

......
......
......

Size of wealth:
$1 -999 ...............................
........................
$I.OOo-4,999
ss.OoO-9.999
.........................
SIO,OOO-24.999
.......................
525.000-49.999
.......................
s5o.caO-99.999
.......................
5100,ooo-199,999
.....................
S2oO.ooO-499.999
.....................
S500,lmo and OVCT ......................

Head employed

ss:ooo-7:499
...........................................................................................................................
Sl.uy)-9.999
.........................................
510.00014.999 .......................................
$lS.ooO-24.999
.......................................
$25,ooO-49.999
.......................................
$50.000-99.999
.......................................
$100,000
and over.

1962 income

:
9;~~4.999

...............................................
Sl,ooo-4.999
..........................................
SS.ooo-9.999
..........................................
flO.MX)-24.999
........................................
52S,ooO-49,999
........................................
S5O,ooO-99.999
........................................
$loo,ooo-199,999
......................................
$200.000-499.999
.....................................
5~,000~over
.......................................

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Head

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............................................

ol‘weahh.
...............................................
SI-YY9
.........................................
SI,oou-4.9’)‘)
ES.000-9.999
..........................................
$lO,ooO-24,9YY
........................................
S25.ooO-49,9y9
........................................
$SO.ooo-99.99Y
........................................
s100,ooo-199,999
......................................
f200.000-499,999
......................................
s5OO.OOOa”d
over .......................................

35 -54

. .............

..

65 and ovw.

......................................

331
1,597
979
1,518
2,83X
5,245
26,721
6,328
70,618

I962 income :
........................................
O-$2.999
$3,ooo-4,991) .........................................
55.ooo-7.499
.........................................
$7.500-9.999
.....................................
SIO,Oa-14,999
Sl5,OOi-24,999
......................................
$25,ooo-49,99Y
......................................
.....................................
s5o.oOO-99,999
...................................
$l00,000andover

1,323

;;
3x5
1,162
1,951
3,261
3,789
5,454
38,282

.....................................

........................................

....................................

$I.ooo-4,999
.........................................
s5,ooo-9,999.....~
...................................
......................................
SlO,OOO-24,999
S25,ooO-49,999
.......................................
55o,Mx)-99.999
.......................................
~loo,ooo-199,999
.....................................
~2oO~ooO-499,999
.....................................
$5OO,OOO and over

Si,oL;9y,lth:

Head

4Y3
I.OY6
2,794
3.199
'6,098
4,571
26,lOY
8,984
08.282

..........................................

217
653
495
1,089
2,170
376
9,X46
540
Y2I

2,E
2,318
1,264

9:':
1.397

.
.

582

371
893
I,YOS
1,985
3,451
3,142
4,331
I.184
3,874

3
1,126
1.963
2,063
I.541
1,764
811
2,406
2,603

44X
2,718
14,YXO
I,Y34
65,147

l

52
Xl9
II

14:
2
357
2,629
649
2,032
33,389

37

534

2::
808
1,926
598
10,392
7,437
93,883

4

45
479
I.144
403
I.197
3,896
47,469

l

.

16X

668

1,502

2,717

1962 income:
0-S2.999
53.ooo-4,YY9......................................;
s5,ca-7,499
..........................
57.500-9.999
.........................................
$10,ooo-14,9y9
.......................................
......................................
SlS,LUK-24,9Y9
S25,ooO-49,~9
.......................................
~5O.ooo-99,999
.......................................
SlOO,OOO and over

.............................................
ZOO
I.469
2,518
2,934
3,156
2.619
2,801
II,522
66.491

-64

l

l

20

5,2l;
539
57.744

57

2::
.
.

23,";:

21;
465
.

37
.
.

240

;
45
416
I65
1,662
5,806
65,735

l

l

.

l

.

l

.

3

Iit
1,03x

.
.
.
.
.
.

.
4.1
322

6,::

56;

.

l

.

.

2::
2,970

.
.

l

2::
970
2,352
16,521

.
.

.
.

IX

l,7E

I7

.

l

.
.
.

;
27')

2;

l

l

l

.

2

l

;
15:
40x
2.315
10,505
22,591

.

2;
265
435
1,386
2,086
9,173

;

106

1::
791
566
2,396
9.625
34,059
110,239

6

2;
8X
412
846
4.614
4,827
9,695
47,652

661

61Y
1,276
2,894
4,520
5,915
9,854
14,572
13,040
12,071

448
3,175
5,019
4,623
4,IOY
5,393
10,380
ll.Oo2
5,280

3,620

1,046
1,925
3.850
6,614
7,751
13,764
10,337
50,308
36,574

l,ob5
4,105
6,100
5,978
6,075
1,284
8,415
!9,594
i9,4O2

5,303

Sire of wealth:
$1 -999 ...............................................
.......................................
Sl,OOO-4,Y99
.......................................
35.000-9.999
....................................
SlO,OCO-24,YYY
SZS,ooO-49,999
.......................................
...................................
s50.000-99.999
..................................
$lOO,OOl-IYY,Y99
....................................
$200,00&499,9Y9
.....................................
S500,000andover

Head55

1962
income:
O-S2.999
..............................................
$3,ooo-4.99’)
..........................................
ss,ooo-7.49’)
.........................................
57.500-9.Y9Y
.........................................
s10,ooo-14,999
.......................................
Sl5,ooO-24,999
.......................................
525,ooO-49,999
.......................................
......................................
f50.000-99.999
S100,000.?“d
over ......................................

Sue

HraJ

IS\‘:

I,:;:
Y.72Y
1,230
6,365

bi;
II
.

145
2
147
2,164
649
1,966
9,987

.
.

290

8,167
731
21,987

2:
24')
763

4::
1,101
IY3
196
1,311
27,978

l

.

4X2

n:
I41
786
416
I,Y7l
7,309
23,460
85,860

3;:
581
4.156
3,442
7,607
38,200

21

l

553

60
I20
3x5
351)
I?B
2,138
14')
96Y
2,625

2,X70

135

37
YY
I67
IhO
I95
454
.

166

::I
333
657
753
X,X07
170
9,956

II6

IYh
234
4Y4
3M6
3Y6
302
359
4.042
l5,3YO

471

407
565
791
I.171
1,164
1,304
4,34x
10,784
6,333

616
n7')
966
873
964
924
2,XYO
4,740
14,438

930

35
107
265
351
127
1,066
I54
I34
I4

21
63
I55
I20
I41
428
.
21
22

II4

15;

97
I52
365
267
474
273
144

::

16')
17X
341
344
IY5
70
I50

233

l

216
412
595
93')
XX5
689
364
61

427
657
770
657
654
407
1,473
ISY
1,157

622

X50
I54
IX
.

7;
IX2
IX6
.

;
.

::
72
52
2.3
36')

53

.

l

2':
3
::5
219
122

71

106
YX
I61
210
l7Y
4Y
I38
22
.

I45

l

II6
213
372
5X6
651
572
174
34

257
JOY
476
384
51X
362
1,012
108
YOI

401

35
2x
II3
I66
127
216
.
II6
I4

:"2

lli
6X
II8
59
.

::

61

15;

:t

26
IOX
II2
122
l6Y

2:

::
I2

1,072
195
x35
2,611

24
I3
I20
X
.

II4
2.X4Y

lb
36
I2
40
53
26
.

52

211
b7
IX3
4x1
X.bb3
I70
Y.MJ3

I::

27
56
I53
42
102
?I?
20')
4,015
15,366

23M

XY
63
X0
IX0
I34

I52
lY5
233
27')
615
3.%4
10,721
6,333

I ‘JO

Iw
222
lY6
?I6
310
517
I.417
4.5x1
13,281

30x

101
200
223
352
232
II7
IYI
28
.

4::
51
256

170
24X
?Y3
274
I35

220

1
4
XY
70
Y1
II
I,55
2,HXS
I,')26

3::
3
II
I41
'I70
75')

I
.

41

%
2.77x
IY3
570

2
II
5x
72

IOU
I7
b
75
14')
415
l,l7n
1.02')

.

76

I4
I
22
Ii?
107
210
l.7Y2
2.425
7,931

27
26
70
1%
354
3IX
4,157
2,031

,

Y3

.

.
..

I .6l

357
982
3.078
4,374
5,741
8,086
8,230
9,488
7,687

652
I
4.012
6,063
7,667
I 1,096
20,151
211.355
123,228

...............
...............
...............
.............
..............

1962 income:
0 - S2.99Y..
s3.o00-4,999
_.....
s5,OOc-7.499
s7.500-9.999
,.....
sIo.Oot-l4.999....
l5.OOC-24.999
.
S25,OOt-49,9Y9....
s5o.OOt-99,999....
SlOO.OW3and over..

_.

;z:
3:716
I.583

:*zG
13:S27
25,860

3,062
558
3,113
5,266
4,461
3,716

4,286

I.664
2.365
3,714
4.601
3,701
9,081
12.614
6,883
3,234

2,,5;
4,778
4.645
2,995
4.531
9,658
7,762
5.067

4,339

1.309
4,036
6.280
5,707
5,726

.....................

2,200
2.951l
5,476
7.015
6.918
13,059
35,223
42,345
43, I50

305
3,003
6,880
6,608
4,817
6,319
14,600
24.391
75,079

8.214

Total
debt

Size of wealth:
Sl-999
..............................................
SI,ooo-4,999
........................................
SS.ooo-9.999
........................................
$10.000-24.999
......................................
S25,000-49,999
......................................
s5o,OOt-99.999
......................................
5100,000199,999 ....................................
1200,000-499,999
....................................
S500.000andovcr
.....................................

Head employed by others.

..........

...........
...........
...........
...........

..
.

...........
...........
...........

.
.
..

I962 income:
O-S2,999.......................................
SJ,ocQ-4.999...................................
SS,OOO-7,499...................................
S7.500-9,999...................................
SlO,OOO-14.999.................................
Sl5,000-24.999.................................
S25,000-499.999.................................
S50.000-99.999.................................
SlOO.OOOand over................,.........,.....

Size of wealth:
SI -Y99 . . . .
. .... .
SI,OOO-4.999
... .
5.000-8,999.......
SlO,OOO-24,999
525,ooO-49.999
.....
S$0,ooo-99.999
SlOO,ooo - 199,999..
S200,000-499,999...
S5OO.ooO and over..

Head self-employe+.

Employment status t3roupr

Group characleristic

A II-COMPOSITION

DEBT,

4
42
YO
S56
175
I.748
6,752
14.631
XY.ll5

:8
410
1,211
4,050
3,779
4,048
17,087

.

375

,:*z
261529
36,072

137
270
645
1,017
1,675

1,12:
727
777
1,131
1,832
9,059
54,581

l

2,219

OF

31. 1962 (Continued)

lnatalmcnt debt

2,;

l

I;
1,706
2,315

242
2,891
10,966
70,619

.

.
.

II
IO
104

.

l

3;
26
1,153
l

l

36s
I ,06Y
3,672
10,857

l

l

.
.

2

2:;
I65
I.107

.

.

.

l

.

3:
1,151

2:

.

.

l

.

2Y

162

.

2
::

64

4oj
578
2,501
8.240
5,440

c

;

.

346
586
948
Il.520

;

.

405

671
1.506
3.843
I ;‘)5’)
16.180

.-

_-.

286
5x7
n14
I.060
I ,on2
I.OYY
3.500
2:Y70
17,868

Rz
688
637
321
3,721
5,YOs

3::
I.050
3.685
2,676
350
5,077
4
47
5::

750
841

800

3Y9
2Y0
1,097
I.139
1,397
I ,ll22
6,181
7,204
1,820

K:
2.716
4,650
13,6%

885
803
1,141

305

I.397

48

.

309

I37
270
642
1,012
1,272
1,360
Il.492
18,124
29,525

I,,,;
727
510
758
1.247
8,073
41.910

.

1,785

IH4
410
610
863
u t’)
718
410
48
172

5114
640
681
612
453
314
276
61
1,537

602

332
250
723
916
533
697
203
I06
II

244
314
661
55x
759
317
1,255
II7
25

54Y

561
5Y4
57’)
237
I6
.

IOn

‘611
389

IJ::

357
420
418
385
330
2Y0
204

JllY

178
I18
418
705
413
535
126
33
.

121
27
2Yl
318
657
270
xx3
83
.

374

b. Mean amount (m dollars) of specified debts for rll units in group

DECEMBER

76
212
222
29’)
245
I3Y
174
32
172

32

:‘:

227
220
263
247
I23

213

IS1
I32
305
210
I20
lb2
77
73
II

:1:

3%

I23
2X6
370
IbY
102

175

IO2
I07
204
I97
241
JBO
3,OLIY
2,Y23
17,bY5

,,b$
4,368

lb6
201
21Y
I60
236
321

I’IY

O’M

67
40
175
223
2164
1,125
S.Y7W
7,
I.108

hl
4X’)
224
583
05
2b8
1,461
4.511
13,671

94x

69
lb3
l,b70
I .2b5
M.558

5
I
10
74

I
13
24
43
III
40x
242
2,042
1,284

50

13
I ‘)
258
146
I66
2,164
1,729
2.025

.

I ‘,

4x
YI
Y5
I
I33
3’))
?,YZtJ
I.734

.

25’)

N

t

, ......................

.....................................

....................

1962 income:
O-S2.999
.............................................
S3,ooo-4.999
.........................................
SS,ooo-7.499
.........................................
$7,5M)-9,999
.........................................
SIO,Ooo- 14,999 .......................................
SIS,ooO-24,999
.......................................
S25,ooO-49,999
.......................................
Sso,OOO-99.999 .......................................
5100,000andovcr
......................................

$I -999 ................................................
SI,ooo-4,999
..........................................
S5,ooo-9,999
..........................................
SlO,oa)-24,999
.......................................
$25,ooO-49.999
........................................
S50,000-99.999
.......................................
S1oo,ooo-199,999
.....................................
S2oO,ooO-499,999
.....................................
$5OO,OaO and 0Y.x.

Sizeof wealth:

Head relirsd ..

I

365
1,790
556
3.031
2,589
,%5
408
7,193
499,132

84
120
174
949
2,313
5.444
396
3,361
58,739

I.101

l

110
635

2,40:
2.3::

251
593

6;
2,554
79

7;
762
1,681

.

502

299
836
.
.
57,138

410
4,907
90
57,138

492 47;

(

.
.

25
.
.
.
.
l

.

I .Y2:
2Y7
I.221
6,663

.
1
.

08
1,522

.
, .

;:
333
546

537
.

4,071
90

8;:
25
.

15
I20
96
222
148

I31

.
.
1
1,;

172

l

l

492,470

.

l

l

319
28

,,142:

l

l

48
.
.
.

268

48
.
.

440
I5

.
.

.
.

l

78
.
1,418

531
5
I ,82j
.

63
50

l

.

.

l

2;
IS
lY5

I5
30

29

2;

39

.

l

.

82
Y4
IS4
508

ns

Y4

.
.

I6
2
453
5
405
.

3Y

.

l

55
82
66
IJY
II3
.

l

65

1,221
b,b63

I
101
37

?ll
I0
26X
I4

6Li
1,522

20
35
14
54
61
28
.

1Y

I

247
73‘)
.

1’)
.
.

.

l

26

.......................................

characteristic

groups

..................

I962mcomcS7.5OO-Y.YYY
.....................
Size oi personal debt:
zero .........................................
Sl - I’)‘). .....................................
SZOO-499 ....................................
ssoo-9Y9 .................................
sl.OOf-l,Y99.............................:::
S2.000 and over..

..........

..............................

....................................

1962 income 55,000 - 7.499
Size of personal
debt:
zero .........................................
SI - 199..
SZOO- 49’). ...................................
ssoo-999 ..............................
sl.OaO-l.9Y9..........................::::::
S2,OOO and over.

.......................

..............................

Sl.oof1.99Y ................................
S2,OOO and over.

m&MJ::::::::::::::::::::::::::::::::::

......................
1%2incomeS3,000-4.999
Size of personal debt:
~~i~9
..........................................................................

..........................
1962incomeO-S2.999
Size of penonal debt:
~~~;i44 .......................................
.....................................
SZOO-499 ....................................
SSOO-999, ...................................
SI.OOO-1,999
................................
S2,ooO and o ver ...............................

home

Size of personal debt:
Zero .........................................
SI - 199......................................
wOIg;
........................................................................
Sl.OOO-I.Y99
................................
S2.000 and over. ..............................

Allunitr

Group

A IS-LIQUID

OF

PERSONAL

DEBT

CHOUPS,

DECEMBER

::
::
31
I7

::
::

:
::
27
23

;
:
!

I8

4

:z
50
47

9
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13

25

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21

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9
24
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9

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20
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7
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21
27

15

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ff
f:,

::
::

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t1

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I:

18

26

2:
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46
29
IS

44

21

(Percentage dislributron OF consumer umts)

ASSETS

I:

1:
II

16
25
8
?I

24
IO
6
3
7
4

I2

:
6
4

I:

8

.
.

l

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5
4

to

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1962

21
32
25
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6

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w
4

8

8

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Y
Y
7
8
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31.

I

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4
4
3
5

6

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.
.

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2

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.

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7

2
.
.

I3
.
.

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II
3
5
3
.
.

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I
4

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00
57

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40s

;t ::
3s
21

144
.JX

346

40)

1.31x
I 71)
221
241
271
J27

2.557

............

debt:

debt:

65 and over.
Jcbt:
Zero.
SI - I’)‘)..
S2W - 409.
S5OO - 9’J9.
SI .ooo - I .YYY ,_._.
s2,ooo and over..

Size of perwnal

Hrad

HraJ55-64...
Sire ol’ pcrwnal
zero.
SI - IYY..
szoll - 49’).
S5W.-YYY.....
Sl.OoL-I.YYY

SI - IYY
SZOO - 4YY..
s5ou - 999..
Sl ,OOO - I .YYY..
S2.ow
vnd over..

zrro

HeadSS~54
Sue 01’prrwnnl

::

_.

............
............
............

......
....
......
......
......
......
......

...............
...............
...............
..............
...............

.......
.......
.......
......
.......

............................

5200-499
..................................
ssoc-999
..................................
SI,oOO1.99’) ..............................
S2 ,ooo and over.

Herd under35 .............................
Sire of personal debt:
~~‘-“.&
.......................................................................

Age fircw~s

IYh? ll,CO,,,L!
SlO,wJl3 and OVFT
Sue 01‘prr,ond
debt:
ZTTO ..............................
Sl
IYY ............................
...........................
S?W-4’)‘)
SSOO-YYY ...........................
$1,oooI.YYY ........................
s2,wO and over. .....................

.

14

17

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51

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IN

i~lsels.

:s
t-l
IS

PUBLICLY

x

;:,
1:

II

II
::
24
I4
II:

IIY

:
6

::
IX

Y
Y
II

AS

TRADED
STOC’ti
INVESTMENT

I;
14

::

6

:5
::
I9
::

7

;;
II
I2

::

I2
I8

umt,)

ASSETS

of c~nsunw

Size of wealth:
Sl -YYY ......................................
St,OOo-4.9YY
................................
s5,oou-Y.YY9
................................
Sto,ooo-24,YY9
..............................

......................................

A 24-EQUITY

and mvestment

::
20

23
IX

I

l

24

29
::
I4
I2
IO
2

I3
43
l

20
I7

:s

l

I

.

2

:(:
:

2’)

distribution

AND
INVESTMENT
DECEMBER
31. 1962

(Percentage

in liquid

IE
IOIJ
100

100

I$
IO0

I$

loo
100
100
100

1:
100
100

t:
100
loo

IO0

IO0

All
units

Allunits

I case of negative equity

.......
.......
.....
......

1962 income:
o-SZ.YYY
.............
s3,000-4,YYY..
.......
ss,ooo-7.4Y9..
.......
s7.500-9.999..
.......
510.000 - l4,YYY
SI5,CQO - 24.99’)
S25,CNXl- 4Y.999..
3.50.000-9Y.YY9..
.....
SlOO.ODO and over

Age of head :
Under 35..............
35 -44 . . . . . .
45 -54................
55-64
..,_..__.__.....
65 and over..

PORTFOLtO

...........

IN

Sire of wealth :
SI -YYY ...................
S1,00&4.YYY
..............
ss.OOC-9.999
..............
SIO.ooU-24.YYY
............
s2s,OOn-49,Y99
...........
s50,000-YY.Y99
............
$100,000-IYY.YY9
.........
S200,000-4YY,9YY
.........
SSW.000
and over

All

A 22-EQUITY

AS

::

::

Y
5
8

6
4

;
x

;

24
21

OF

I2::
I’)

IO

I’)

Y
:,
7
1:

I3
I7

2:
26

!:
5
I4

xl
I3

WEALTtl.

l

PORTFOLIO

OF

LIQUID

28
32

I:
l

.

2n
44
38

:t:
60
71
YO
24
IK
20

I

.

21

40
46

zi

4’)
46
51
46
77
81

AND

ASSETS
AS h
DECEMUER

3
I

.

.
I

i

.
.
.

I4
:

?6

3
.

43
2
.

44

IN

All
unit,

A ZJ-LlQlllD

2
.

A PERCENTAGE
OF EQUt l’Y
ASSETS.
DECEMBER
31, 1962

IO
9
IO

!

I3
7

IO
I’:
::

;

IY
I6

I:
44

3
Y
4
4

A PERCENTAGE

23
17

IX
20
21

::
24
25
7

x
IX
23
27

lr,

f:
2x
43

II

II

Y

II)
5

7

I’:
I3
7
5
I

‘,

7

IS
I2
h
I
2

Y
Y
9

t’EH(‘EN
t’.ZGE
3t. IV62

OF

17
I2
I0
12
11

.

7

IX
I2
I0
IO
II
IO

IX

I(
6
5
I
1

7

35
21
IO

WE.\LTtI,

t
.
.
.

.

.

2
I
I
.
.
.

.

.
.
.
.
.

.

.
.
.

: : :: :
: : :::
: : : :
: :
: : : : :
:
: :
: : : : :
: : : : :
: : : : :

_,.......
:..:::::::
:
: : : : :

: : : :
: : : :
::
ff:::
: :
: :
: : : : :
Ii::.,:::
: : : :
::.......
: : ~
: : : :

: : :
: :
:

All

units..

.............

characlrristic

, Only
objective

.

fE

I%

loll

f100%

%
IO0

1g

100

tg
100

I’E

IE

II
Y
14
I7

2

5
I2
n
::

23
f:

::

I:
6
IO
I8
I5

20
:s

I2

36
39
41
30
I9

38
54
37

:z

:;
13
I5
I6

76

3Y
35
15
iz
32

20
::

49

34
::
:z

::

::

27
44
:;

30

.

39

I

I?
I55
8
IO

5

II
5
Y
I28

I3
I2
14

II

I2
II
7
3
I4

IO
6

33

10

Safety
0f
capiral

an invebmwn,

DECEMBER

Growrh of
cap&d
through
apprscialion

I

menlioning

;:

loo

100
100

I2

All
units

Safe.
s,GIdy
W,“r”

units

OBJECTIVE.

I

31.

1962

.
.
;
5

I

.
2
2
I42

4
.l

:

;
t
I

1
:
2
.

2

3
.
I
2l

;
4

2

3
I
.
.

I

.

2

Mini”liLing
income
faxes

2.

I

*

1)

.

I

marketabihry

Liquiduy
or

ob,rc,lve

consumer
un,,n w,,h wme mvrW”cn,
assels on December
31, 1962 were aked
abou, their mves,mc”,
ob,ec,,vcn.
Some CO”>““ICC U”I,,
and were omi,,rd
from ,h,r table.
The investment
objective
rrnked
as mos, ,mpor,a”,
by ,hr ropondm,
was used I” ,hlr table.

Age of head:
Under 35 ..............................
35-44
....................................
45 -54 ....................................
55 -64 ....................................
65 Indovcr
................................

..................

1962 income:
0-S2.999
.........................
s3.000-4.999
.....................
ss.OOC-7.499
.....................
s7.500-9.999
.....................
s10,00&
14.999 ...................
Sl5,000-24.9YY
...................
S25.00,-49.99’)
...................
s5o,OOl-99.99Y
...................
$100,000
and over

Size oC weahh:
$I-Y99
.......................
$l,OOO-4.999
.................
55,000-9.999
.................
flO,OOO-24.999
...............
525.000-49.999
...............
s50.000-99.999
...............
SIOO,OO,-199,999
.............
f200,000-499,999..
...........
$500,000
and over.

Group

I

“Cconsumer

INVESTMENT

laximum
current
cash
re,“r”

distribution

A 27-CHIEF
(Percentage

Jld

:
7
5
3

I

7
6
2
.I

3
IOI

I

:
6
I
.

203

*

5

Other

no,

“lC”,W”

I2
22
27
30
22

IO
I2
21
30
41
b5
80
Y4
Y7

2
Y
,c

22

ir” ,nve>,mcn,

x5
20b
2Y7
304
2w

42
50
I,“,
II4
I75
IHO
175
lb4
IIY

5
1H
TX

I .oY?

““a,,.

.

35

01: lhcd:
tJ”J~r35.
44..
45
54....:...
55
,,4
05 .,“J ‘I\L’T..

A+

$15,wo~SO:“,,,)

.:..

I’J)hZ 1”~“111c:
0
$2 YY’).
r.o,ri
- 4,‘FJ’J..
$5.ow
7 4’)‘).
57 .5,l,l
O:Y’JY
Slo.,wn)
14,YYY..
SI5.OwJ - 24.W’~.
4’) .Y’N
‘JY .YYY.
$100.ow
.lnd OICT..

sI,wI.,IK~
-

- ‘VP,.
5I wu -

SIIC <I(‘r\c;,hh:
$,
4 Y’J’J.
$5, ,YXl
Y I’JY’J.
410.00,) - 24.W’).
I25 .,YWl - 4Y.‘JYY.
5SO.,MM) ‘J’J.YYY.
IYY .YYY.
S20,). 00,) - 4’)‘) .YYY
1500.000 Mill o\cr..

All

........
.... ...

.

40
4’)
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1 $Z%g
%>I

I

im

~2Z:3GG
:

All units..

..
. . .
. .
. .
. . .

.

1 Includes
2 Average

values estimated
reported
values

LIFE

........
........
........
........
........

........
........
........
........
........
........
........
........
........

. ._..........

IN

in the editing
process.
were used for those not

. . .......
.......
.......
.......
.......
. .......
.......
.......
.......

.

characlerislic

Age of head
Under35
.....................................
35-44
.......................................
45-54
.......................................
55-64
.......................................
65andovcr
...................................

:

1962 income:
o-S2,999...........................
S3,OOO-4.999.......................
s5,OOk7,499.......................
S7.500-9,999.......................
S10,Oot-14,999.....................
SlS,OOC-24,999.....................
925,00&49,999.....................
$50.00&99.999.....................
SIOO,OOO and over..

.. . . . . . . .
SI.OOO-4.999
. .
SS,OOO-9,999
.
SlO.OOO-24.999
. .
SZS,OOC-49,999.....
sso.m-99.999.....
5100,000
- 199,999..
S200,000-499,999...
S500,OOO and over..

SizSe,,9w;,lth:

Group

A 31--INVESTMENT

30

59
37

page

:;

See Technical
Note,
reporting
value.

::

3Y
58
61

56

53

58

66

24
36

:;
53

61
56

44

RETIREMENT

28
42

51

INSURANCE.

48.

IO
7

:

2

9

5

:

7

PLANS,

I4
3

20
25

II

::

I
IO

::
IY
20
I5
IO
6

I6

IO

I5

AND

4
9

I3
IY

2
5
:
I

19
7
3

;:

;

4

ANNUITIES,

:

7

II

INDIVIDUAL

I
I

I
.

l

I

I

.
.

:

.
.
.

I

DECEMWX

1x4
Y40
I , WY
1,187
101

IX4
407
703
I.014
I , YO5
3,560
Y ( 34’)
I I ,Y7Y
33,049

I 04
40X
715
Y78
1,553
2.11’11
5.OHJ
6.416
20,317

904

3,.

,Y6?

I

1
Yh

176
620
.07x
2.SY7
2.472
2,764
4,wtl

IS
I2
42
7Y
so I
655
YS?

I
.

27
I??
J74
42
700

I6

*
.
IO

378
533
YLl7
1,178
I.601
I.652
2,17Y

20
137
251

453

ASSETS

:

___.__..

:

,...............

.....................
.....................
.....................
.....................
.....................

gait>.

Group

characteristic

.

..

.

IN

1

100
loo
100
IO0
100

1tz

loo
loo
100
100
loo
loo
100

%

1%
100
100
loo

100
100

100

All
units

4,121
5,278
5 .Y70
6,MYY
8,014
11,302
17,138
24,258
63,508

6:37X

::
56
61
58

3')
45
50
52

4Y

UNITS,

:;

II:

YI

84
73

83

tS
I5

ii?

IO
II

!:!
IO

IO

3.4
3.5
3.4
3.3
2.8
30
3:3
2.6
3.0

3.2

31,

I’:

24
34
30
27
31
28
I5

27

31. 1962

1:

Y
Y
I?

::
24

Y
I2
I7
I6
I?

I2

DECEMBER

DECEMBER

Y
I3
I7
24
21

::
42

I6
20

ii

;:
41
59

5
I?
I8
23
24

I6

units)

ASSETS.

of conskmer

TOTAL

CONSUMER

lY62

OF

.
....
.
. .. .

TO

distribution

RELATION

(Prrcentage

......
......
......
......
......
......
......
......
......

A33-CHARACTEfHSTlCS

Age of head
Undcr35.....................................
35 -44.......................................
45-54.......................................
55 -64.......................................
65andover...................................

1962 income
o-92.999

Size of wealth:
$I-5999
......................................
SI,OOO-4,999
................................
$5.00&9.999
................................
SlO.ooO-24.999
..............................
fZS,OOO-49,999
...............................
55o,ooo-99.9~
..............................
$lOO,OOO-199.999
............................
SZOO.OOO-499.999
............................
$500.000 and over .............................

Sue of wealth:
$1 -9YY..............
$l,ooo-4,YYY........
55,00&9,YYY........
$lO,OOI- 24,9YY......
525,00&49,999......
s50,Oos99.999......
SlOO,OcNJ- 199,999....
SZOO.COI-499.999....
S5OO;OOO and ok..
.

.*_!I

characteristic

All units .........................................

Croup

A32---INHERITED

Percentage

:
7
9

I

:1:

:
6
8

6
3
4

::
I3
34

5

1962

6
7

II

of ““ll,

I
.

l

.

l

:

.

l

.
.
.

l

.

.

:':

41
44
47
4')
43
42
44

45

.

I.576
3 ,Y70
6.2!9
8,630
I I.960
17,758
34,534
61,207
158,166

_.

1 No case, reported.

SlOO.OW and over..

1Y62 mcome:
0
52.999..
r,.OoO-4.YYY

All units..

_.. _.

OF

AGE

AND

1:

::

7

:t

3.5
3.5
I.9

3n
4.4
3.4
2.4
2.0

2.6

3.n
3.8
3.7
2.9
3.5

5:X

2.2
33

2.6
2.9

I

n

44
33
4

12
II
14

I

25
8

:

6
3

II
Y
I2

1:

42
I9

33
:::

;:

42
50

36

I2
I2
Y

I’:

:
2::

I:
14

IO

El

2’)
29
I5

::

::

42
51
37

::

46
4Y
47

34
41
4‘J
51
55
66
58
41
3Y

46
43
46
54
4’)
47
44
50
72

EMPLOYMENT

STATUS

GROUPS,

I ,61 I
4.034
6,158
11,575
11,607
17,327
JS,BY?
54.423
(1)

5,707

I .67S
4.077
6,225
8.641
12.052
17.848
33,284
63,363
149,llnl

7,687

I S1Y
):‘)I3
6.157
I.654
II,XMO
17.472
34, I52
5Y.600
153.850

6,577

Age of’head

1,531
3,733
6,OtlY
8,700
12,192
111.152
3Y.256
61 ,038
162,281

4, IO5

31. 1962

I .57Y
3,Y25
5.YlY
X.(31
ll.8Yl
In,437
35,5’J2
66,237
l56,2Y4

llJ.841

1,764
4,022
6,26iJ
X.652
12,001
17,471)
32,404
66, II)?
168,23Y

6,YYO

I .44n
3.7’)s
6.226
8.447
12.177
17,601
3I.XXX
52.520
14’J.421

2.x20

Employment s~iltus of bud

DECEMBER

Less than 2 per cent of all unirs did not report number of year, in school

4Y
43
74

I2
II
II
9
8

I6

66
28
40
49
60
73

1;
1:

44
47
4’)
:s

44

II
‘J
!!
I!,

II
12

57
47

2.8
3.0

IO

::
2:
56

2.9
2.5
2.5

3.7
3.3

II
:I

42
47

(Mean amount m dollars Tar consumer umts proupcd by oicome)

INCOME

Group characteristic

A U-MEAN

1 Average reported years were used for those not reporting.

.................................
..........
....................

10,841
6,9YO
2,820

..
.. . .

.

5,528
6,4OY
6,820
7.338
8.163
ll.I28
12.632
26,OYS
73.084

Employment status of head:
Sell-emoloved
Emploicd by others
Retired.

..

. .

5,707
7.531
7,845
6.577
4,105

..............
.......
.......
.......
.....
.......
.......
......

........
........
........
........

Age “I’ head:
Under35 .....................................
35-44 .......................................
45-54 .......................................
55-64 .......................................
65andover ...................................

_.....

1962 income:
O-SZ.YY9
....................
S3.ooo-!.‘)~~
................
mc .,,IIIIv,.*TT ................
c7 WJO- 9 999.
~10,000~ i4.9Y9
Sl5.000 - 24,9Y9..
S25.00&49,999
.......
s5o.o00-99.999..
.....
5100,000 and over

Size of portfolIO:
S, -499..............
SSOO- 1.Y9Y . . .
...
S2,00&4,999
.... . ...
S5,000-9.999
.
.
Sl0,OOO - 24,999
.
SZS,OOO- 49,999
S50.000-99.999
Sloo,OOO-499,99Y....
S500,OOO and over..
.

1::
I89
I75

c

::
23
21

:;
12
71

46
33

76

15:
62

!;

I

31
::
62

::

63
::
85
47

::
37
35

0

18
42
n4

::

:s

I4
1111
I66
I53
82

::
5n
77
I20
IOY
49

3

50
1;:
63

61

I’:
42
36
::

71
;“2
I43

66
63

4
:,

553

UECEMHER

0
57
4n
50
:‘:

45(
52;
60(
55t
425

1::
123
III

0

:;
38

12;
IkIll
1115
146
106
135
56

2:
53
79

::
::

9Y
19

Age of head:
Under35
..................................
35 -44 ....................................
45 -54 ....................................
55-64
....................................
65 andovcr
................................

401
34t
401
34(
345

6
3

1;;
89
38
I8
I5
:

I

I49
87
59

I3
4
3

n

1:‘:
280
127

I45
121
::

429

2::
?I
35

units)

GROUPS.

:t
::

2

556

ii

.
..

l2i
24:
I5(

:::

31:
47;
361
271
21:

419

1,122

::

450

4x
37

.

.

29
121
266
346
293
493
293
184
I23
164
24!

2,557

‘ii

...
...
...

.

of conumer

SPECIFIED

(Number

FOR

:;i

........
........
........
........

........
........
........
........

.

SIZE

1962 income:
Negative
...................................
0-S2.999
.................................
53.oOl-4.9YY
.............................
55.OOk7.499
.............................
$7.500-9.999
.............................
sIo.ooo-14.999
...........................
Sl5.o00-24.999
...........................
525.000-49.999
...........................
s5o.cilO-99.999
...........................
5100.000and”ver
..........................

Size,of
portfolio:
Negative
...................................
Zero ......................................
SI -499.
.................................
5500-1.999
...............................
s2.000-4,999
.............................
s5*ooo-9.999
.............................
$lO.ooO-24.999
...........................
525.000-49.999
...........................
s50.000-99.999
...........................
5100.000-499,999
..........................
S500,OOO and over. .........................

. .. . .
. . ..

.

characterislic

Sl,O@-4,999
f5,00&9.999........
SlO,OOO-24,99Y
____..
S25,000-49.999
__.._.
s5o,OOl-99,9Y9
. . . . . .
s100,OOs
199,9YY....
5200,OfK-s499,999...
f500,ooO
and over..

Zero.
SI -999..............

Size of wealth:
Negative..

All units..

Group

A 35-SAMPLE

31.

3iw
366
3YO
107
93

272
323
263
I44
5’)

241
14:

64
::
57

146

236

II
II
9
Ii
IO
5

I27
3’)

2

:‘:

I67

z

0
52
25
25
21

;:

::

I
I’)2
371
264
I36
IMY

I26

47
31

24
I7
40
21

0

236

78
39

332
I72

24;
2OY
285

26

1,536

1962

J70
462
537
4’J’J
373

262
I60
32x
341
242
lY6
I73
Y3

6

2x4

I6
0
l’J7
217
261
4l’J
2YO
I82
I23
I62
244

2,241

364
451
534
4‘))
366

1:;
2.54
276
186

3a
H?
n2
I3Y
166
I71
Ihl
‘YO

2
17

6

I 30
‘J’J
I 4‘J
233

Y6J

211
257
351
327
33’)
242
lY4
I73
Y3

I6
0
194
2x1
255
474
LX8
IXI
111
150
244

2,215

units.....................................

characteristic

...

...........
..........

.......
.......
.......

.......
.......
.......
.......
.......
.......

...........
...........
...........
...........
...........
...........

................

Age of head:
Under35 ..................................
35-44 ....................................
45-54
....................................
55-64 ....................................
65 andover ..............................

O-

1962 income:
Negative.
$2,999
53,OOl-4,999..
....
S5$&-7,499..
....
57.500-9.999..
....
$lO,OOO-14,999
....
f15,000-24,999
....
$25,00&4Y,999
....
950.00&99,999
....
SlOO,OOO and over

f5Ol-1.99’)
.......................
SZ,OOI-4,999
.....................
$5.000-9,999..
...................
SIO,ooO-24.999
...................
S25,000-49,999
...................
55o,OOl-99.999
..................
SlOO,OOb499,Y9Y
.................
S500,OOO and over.,

Size of portfolio:
Negarivc ...........................
py4.:
...................................................

..
12.1)
12.0
11.9
10.4
IO.9

2.0
.5
.2
.

2::

1:::

.2
16.1

::

ii.8
14.5
10.2
1.4
4.9
5.2
2.1
I.0

l

::
.2

I.0
4.7
Y.0
10.8
9.1
13.3
6.2
2.5

57.9

All
units

1
..

Size of wealth:
Negative ...................................
zy.d:
....................................................................
$l.ooo-4.999
.............................
SS.OOl-9.999
.............................
SlO.ooO-24.9YY
...........................
S25.o00-49.999
...........................
550.00&99.999
...........................
SlOo.oOO-199,999
.........................
S2oO,ooO-499.999
.........................
$5OO,OOOand OYel..........................

All

Group

AJ&CONSUMER

l

l

:‘:
.

2.;
3.3
3.6
2.3

l

::
.
.
.

29
519
2.4
I .o

l

.

l

1::
4.6
3.3
1.7
I.1
.2
.I
.

12.8

Under
35

UNITS

::
.

3::
4.0
5.8
4.9
3.8
1.3

::
.2
.

4.5
5.6
4.9
3.4
2.1
2.3

.

::
.I

:‘:
.I
.

3.4
I.8
2.0
I.3
I.2

.

l

2.!
I.4
1.5
1.6
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I.2
.8
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.3

.

1:
.

:t
I.2
1.7
2.9
1.7
.9

.I

10.4

23.9
.3
1.6
2.8
4.8
3.7
6.7
2.6
I.0

5564

::
.2
.I
*
.

_I
a.6
2.3
.8

::
.I
.

2.2
I.6
1.5
1.4
1.5
1.5

.

::
.2
.I

I.;
.Y
1.5
I.9
2.n
1.7

IO.9

65 and
over

POPULATION,

I I

SURVEY

‘5’,-

IN

.6
I.4
I.5
I.5
.5

:‘:
I
..

:;
.x
.9
I.1
.9

:;
.2
.2
.

::
.5

.
,
1:;

.;
.4
.7
I.6
I.0
.x
.3
.2
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.I

5.4

selfemployed

DECEMBER

I

1962

IO.8
Y 4
9.1
6.2
20

5.6
8.0
Y Y
7.4
4.‘)
I.5
.2
.
.

.

:‘:
.3
.

6.9
II.1
7.2
5 .o
3.0
2.7

l

:t

.Y
2.3
7.3
8.5
6.2
8.1
3.0
.Y
.2

37.6

Employed
by others

31,

I

.

.:
.I
.

7.8

:I
.
.
.

5:
1.5
.1
.2

::
.2
.

1;
I .o

2.0
I.1
I.1

I

1:
1.6
.9
I.2

I.0

.

7.8

Retired

‘,

H

‘, ‘>
‘, 5
H.3
87

::

6.4
8.6
7.‘)
12.9
6.0
2.4
.7

5
.

46.2

Y. 7
‘J. H
Y 4
x.1
8.5

6.3
8.4
7.x
12.7
6.0
2.4
.7
.5
.2

.5
.

45.5

5

I ‘)

1.4
I.H
2.5
2.2

l

5
.I

I ?

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I 0
I .Y
I.8
2.2

.

.4
.z

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.7
1.1
2.‘)
2.2
I.5

l

.

IO.0

BY ECONOMY

Units with income below Level 1..

.

. . ..__.____.___...
. . . . . . . . . . .. . ..
. . ..t............

Employment status of head:
Self-employed.............................
Employed by others..
.
Rcttred...................................

Age of head:
Undcr35..............
35-44................
45-64................
65 and over.

Size of family:
2 persons..
3014.................
5ormore..............

Families of 2 or more.

.....................

22
7
4
2

1:
9

9

I5
.

Underage65 ..............................
Age 65 itnd over. ..........................

Unrelated individuals
II

9

24
42
1

...........................

All other units .................................

n_..__
A...................................
nC,~=”

Employment status of head:
Self-cmploycd .............................
Employed by others ........................

:I:
21
.

Age of head :
Under35 .................................
35-44 ...................................
4s -64 ...................................
65andover ...............................

5
2

Size of family:
2persons .................................
3or4 ....................................
5ormore .................................

Families of 2 or more,
27

9

19

.........................

I

-

13
5

.

units

A!I

STATUS--SIZE

OF NET WORTH,

1;

3
I24

.

4”

23
7

13

:

:

I

2

l

2
I

IO

19
6

6
7
I

I5

II
6

2

2:
:7

::
16

1s7

;
7

26

5
::

I6

20
I5

17

17

it
16

1:

:x
2

I3

:;

26

18

I53

2:
IO

I

::

19

t:

18

20
17

19

I8

1;
:3

:x
I3

5

I6
I8
9

14

I59

I2

13

15
If

(Percentage distribution of consumer unith)

INCOME

Underage65 ..............................
Age 65 and over ...........................

Unrelated

LEVEL

................
individuals ...........................

CLAS;lF~~AIT!ON

Unrelated individuals..
Famiiies oi 2 or more ........................

All units (total population).

.
.... .: ..................

Group characteristic

A 37-POVERTY

I69

:‘
35:

::

I3
Y
I2

:,”

27
25
30

27

:;

20

26

233
7

1:

;

I43
5

7

20
16

Ill

12

I9
24

31, 1962

:‘:

1:

IO

I5

I2
I2

I2

I4

24
IO
46

4:

1:

25
I:

I6

2:

I5

16

I3
15

DECEMBER

2:

I9

::

2
9

20
II
5

I2

1:

II

I2

213
8

:
II
7

I24
2

5

25

4

5

7
II

IS
3
6

!:

:

5

:

5

3
II

6

5

.

:,

I2

8

:

.

:

2

3

:

2

3

2

.
.

:

2
.
l

.
.

I
.
.

.

.
.

l

.

I
3

2

.
.

.
.

2

I

l

I

.

1

3
5

4

SSO.OWYY .YYY

of 2 or more.

_.

.............................

-

t Level
* Level

I IS the eco”“my
2 is the low-cat

level as defined
level as defined

by the Social Security
by the Social Security

Administration.
Administration.

;r
2

1%
100

..........................
...................

2’:
7

I:

29
I?)

See text for a brtcf explanation
See texl for a brlrf explanation

3
II
I

21
6
5
3

Employmcm
staus
of head:
Self-employed
Employed
by others.
IWired .................................

19
6
3
I

tg
100
100

Age of head:
Under35
...............................
35 -44 .................................
4s -6( .................................
65 andover
.............................

9

I

8

5

I8

Ill
7

4
6

16
.

t:,

21
I7

I5

;z

100

IX
20

10

I
4

8

I8
16
15

2:
I6

100

of 2 or

7
;:
I5

;
6

1;
I3

31

1:

I

1:
IO
7

20

8

16

I9

:‘:

I!

21
13

II

::

:z
I7
3

I5
I6
I

II

14

I7

18

Size of family:
2persons
...............................
30r4
..................................
sormore
...............................

Families

.........................
.
more.

Underage65
............................
AEC 65 and over
I:

100
100

individuals.,

Unrelated

tzz
100

IZ

100
100

Izz

5
25
36

9

24

100

100

::

I2
4

fg

IS
26

In
8

100

100

AUothrunitr...............................,

............................
.......................

Employment
status of head:
Self-employed
Employed
by others
Retired ..................................

Age of head
Under35
................................
35 -44 ..................................
45-64
..................................
65 and over.

:

Size of familv:
2 persons................................
3or4
...................................
5ormore
................................

Famrhes

2.

LEVEL

..........................

Underage65
.............................
Aye 65 and over

_.

Level

LIY LOW-COST

below

individuals.

with income

Unrelated

&its

CLASSIFKATION
(Level 2) 2

and refwrnccs.
and references.

1;
10

:5
13
9

I:
19

I5

I

I2

I5

3;

23

3’0

1:

::

I8

13

2;

15

I4

.

6
I3

2&

II

2’)
26
34

::
32

7
4
6

3

3
I3

Y
I8
:z

20
I2
6

:

6
II

::,
32

3
2

6
I3

:

14

2
4
IO

.

5
2
2

:

I9

l

:
2

27

7
.
.

I
4
.

.

2
2
I

I
I
I

I

1

14
2
10

1’:

:

:

I3

.
.
l

I

I
l

I
.

26
6
Ill

19
5
IO

II

20
18

19

I4

.

BY ECONOMY

..

LEVEL

...................

Employment staus of head:
Self-employed. .............................
Employed by others ..........................
Retired ....................................

head:
Under 35 ..............................
35 -44 ................................
45-64 ...............................
65andovrr ............................

Age of

Size of family:
2personr ..............................
3or4 .................................
5 or more ..............................

Families of 2 or more.

Underage665 ...........................
Age 65 and over ........................

......................

..................................

Unrelated individuals

ABotberunits

Employment status ol’head:
Self-employed. .........................
Employed by others. ....................
Retired ................................

Age of head :
Under35..................................
3s-44....................................
45 -64....................................
65 andover................................

2personr.................................
3or4....................................
sormore.................................

<in=of
fmnil”
~
_.__
_. __
___...:

Families of 2 or more.

U”derage65..............................
Age 65 and over..

Unrelated indrwduals..

Units with income below Level 1..

CLASSIFICATION
(Level 1) 1

Unrelated individuals ..........................
Families of 2 or more. ........................

All unils (K&II populalion).

Group characteristic

..

.

INCOME

All
units

A 38-POVERTY

.
2
.

:
I
.

:

I

2

3
.

2

2

9
5
.

l

;
4

;
8

4

.

l

.

2

;
3

:
2
4

l

3
3

2

:

7

3

2;
7

1

::
26

::

22

25

::

32

28

I9
6

8

STATUS--SIZE

I:
5

33
Y
5
5

9
I7
I2

13

30
6

23

I4

3:
I3

2:
41

24

22
I3

IX

21

20
I4

I6

OF WEALTH,

7
24
9

:1
IS
IO

:‘:

II

20

20
I7

I9

I9

1:

23

:8
I6

I3

:‘:
II

I7

;:,

I3

IS

16
I9

19

12
Ill
9

::
I4
9

1:
20

I6

I2
I2

I2

16

::,

24

1:
Y
46

25
I5
I3

I7

2:

15

lb

I3
I6

I6

DECEMBER

31, I962

?X
2s
37

::
34
34

27
25
30

27

:t

20

2b

:

23

1:

;

:

14

7

20
lb

I8

12

24

IY

23

20
II
6

21
3
II

:
II
7

I2
4
2

I:

II

.
.
.

.
.
2
.

l

2
.

I

I
.

.

I

:

4

:

I3

.
2
4
L(

5
3
2

3

I
2

2

3

.
.
2

;

l

.

i
.
.

100
100

................

...........................

BY LOW-COST LEVEL

2

I

100
100
100

Employment status of head:
Self-employed. ...........................
Employed by others .......................
Retired ..................................

;
.

4
I
I
.

;
2

t Level I is lhe economy level as defined by the Social Security Administration.
2 Level 2 is the low-cost level as defined by the Social Security Administration.

z_G
100

100

Ase of head:
Under35..........~
....................
35-44 .................................
45-64 .................................
65 and over. ............................

Size of family:
2persons ................................
3 or4 ...................................
5 Ormorc ................................
100
100
100

IM)

........................

Families of 2 or more.

1

3
.

100
100

Underage65 .............................
Age 65 and over ..........................

.
2

Unrelated individuals..

100

_._.

100

AU other units..

1;
7

:
.

loo
100
100

IX

1:
2

:

2ll
8

x
I5
8

II

2:
5

:‘:
K

33

I:
21

19

21
17

10
7

1’)
20

12
23

::
17

::
17

I5

:;:

22

20

;:

I3

3;
I3

1:

48
29

::

7

26

23
I2

17

23

II
IV
Y

:‘:
I5
Y

::

I2

I7

I2
10

I2

I6

3’2

23

3’0

3
16

1;
12

14

2:

15

14

See text Ir~r.j brirlrxpkma~ion and r&rmce~.
See text for il hr~C erplnnalwn and rslcrances.

;
3

I
2
1

:
.

2

:

5

19”
10

23

::
12

Ill

::

Employment status of head:
S&employed .............................
Employed by others ........................
Retired ...................................

l

7
3
3

:
6

3

.
.

32

22

%

Kz

2
l

Age of head:
Under3S .................................
35-44 ...................................
45 -64 ...................................
6Sandovcr ...............................

Size of family:
2persons .................................
3 or4 ....................................
5 Ormore .................................
100
loo
loo

loo

.........................

Families oC 2 or more.

tg

Underagc65 ..............................
Age 65 and over ...........................

Unrelated individuals

UnitswitbincomeklowLcvelZ..

CLASSIFICATION
(Level 2)2
14

I3

2x
27
36

::
34

II

f:
33

2&l

::

21
10
30

3
IO
In
26

20
I2
7

I3

If

11

21
1’)

I:

14

;
II

I

:

II

6

s

2

3

5

1:

26

:zl

3
7

I:

1’)

II

20
IX

1’)

IY

I
4
n
Y

7
4
6

6

I’:

6

6

7
.
.

l

:

l

2
7
I

1

.

.I

:

14

I:

.
7

:

5

3

:

2

J

.
I
3

.
.
2
2

I
1
I

I

l

I
.

1
*

with income

Level 1.. ................
........................

below

........................

Self-employed.
Employedbyothers
........................
Retired ...................................

............................

Employment status of head:

Age of head:
Under 35 .................................
33-u
...................................
45-64 ...................................
6Sandover ...............................

Size of family:
2persons .................................
30r4 ....................................
Sormorc .................................

Familierof2ormore..

Underage65 ..............................
Age 65 and over ...........................

.4Botberuoih
.................................
Unrelated individuals ...........................

Employed
by others
Retired ...................................

........................

Employment status of head:
Self-employed. ............................

Age of head:
Under35 .................................
35-44 ...................................
45-64 ...................................
65andovcr ...............................

2persons .................................
30r4 ....................................
sormore .................................

Size of lamily:

Families of 2 or more ..........................

Underage65 ..............................
Agc65sndover..
.........................

Unrelated individuals

Unit9

..

INCOME

Unrelated individuals ........................
Families of2 or more .......................

All units (total population).

A39-POVERTY

STATUS-SIZE

I

.

.

.

.

.

.

l

l

l

.

.

.

t:,

3

1:
8

14

t:,
IO

IO

1:

II
16

l

IN

4”:

2s

2:
65
38

59

55
41

48

54

31
I8

20

.

EQUITY

.

.

.

.

.

.

l

.

.

.

l

.

.

.

.

1

.
.
.

OF

12
19
4

:

32
17

:;

8

I6

I6
6

13

I6

43
19
I7

::
9
IS

17

IO
.8

9

13

I6

II

I5

PORTFOLIO

OF

1:
I6

II

II
5

9

II

y”
.

;
9
.

6

1:

7

7

1:

10

LIQUID

II
I2
IO

;:
IO
II

1:
I2

II

:

8

II

:

6

2
2
2
7

3

:

6

4

Izl

10

AND

6
II
5

t:
IO
6

I’:
9

IO

6
1

5

9

3

l

5

;

I
.

:

8

INVESTMENT

16
I4
I2

I:
I3

I4

I7
I9

I7

14

4
2
II

9
2
3

4

I2
9

IO

7

ASSETS,

I;:
6

9
I
IO

:
.
I6

9
.
3

4

I’:

IO

6

II
8

8

DECEMBER

Y
5
I3

1:

2
7

4

!:

;
.

:
.

.

;
I

I

;

1

I

31,

1962

:
7

!

;

!
3

5

2
9

4

5

.
.
IO

;
IO

.

Y
.
.

3

4
I

2

2

3
4

4

I:

22

::

:

:

I3

8

1:

II

u

:

.

:
2

.

4
.
.

I

I
4

2

:

7

BY LOW-COST

LEVEL

..........................

...................
........

:
. . ................. ............. .

otherunits.................................

..........................

.

.

.

.

.

.

.

.

.

l

1

II
17
3

!

31
16

:tt

7

IS

I7
7

14

IS

:z
13

:;

12

21

;

8

17

1:
16

II

10
5

9

II

14
IO
2

1:
9
2

7
6
IO

8

6
IO

8
8

1

I’:

I5
II
9
IO

;:,
I2

II

IO
5

0

11

I7
5
I2

r:

2

1

!:

7

3
8

6

I

See text for a brief explanation and references.
See text for a brief explanation and references,

;

3

IX
5

10

7”

II

9

17
9

.
.

IS

IO

.

.

.

.

l

.

.

.

.

16
50
30

37
::,

.

l

.

.

46

55
39

l
.

46

46

.

l

1 Level I is the economy level as defined by the Social Security Administration.
2 Level 2 is the low-cost level as defined by lhe Social Security Administration.

Employment status of head:
Self-employed .............................
Employed by others. .......................
Retired ...................................

of head:
Under35 .................................
35-44 ...................................
45 -64 ....................................
65 andover ...............................

A@

Size of family:
zpersons .................................
3or4 ....................................
5 or more .................................

Families of 2 or more.

Underage65 ..............................
Agc65andwcr
...........................

Unrelated individuals ...........................

All

Employment status of head :
Self-employed. ............................
Employed by others. .......................
Retired ...................................

35-44 ...................................
45-64 ...................................
65andovcr ...............................

Ag;;de;;

Size of family:
2persons........................:
30r4 ....................................
5 ornlore .................................

Families of 2 or more

Underage65 ..............................
Age 65 and over ...........................

Unrelated individuals.

Units with income below Level 2 ..................

CLASSllI;^,T’PN

1:
4

t:
9
5

9
I2
IO

II

7
I

5

IO

:

2

2

;

:

4

3

2

4

4
7

1:
I2

::
I3

II

I5
I5
I4

I5

;!I

17

IS

IO
2
II

;
3
13

:

9

5

::

11

z
14

;‘:
13

3

a
II
7

9

is

I2

IO

1:

9

;
I
I5

:

IO

I:

10

:
II

2

:
4

:

2

:
9

1:

?

.

:

I

5

2
II

5

5

;

l

2
5

.
.

6
.
.

I5
5
6

x

2:

I2

9

:

l

.
1
4
2

t

3

......................

BY ECONOMY

LEVEL

1:
IO

I2
IL
II

II

20
II

17

OF LIQUID

4

1:
II

I2
9

::

I7
I?
9

::

IO
::

IO

14

Id

I3

I4

.

1:

10.

;:

:
8

7

I:

8

7

I:

I2

:;

20

I7
8

IS

I9

I2

:;

47
20
I9

::

46
25

:s

::
I8

I8

g

zfi

50

61

I2
8

55
43

IS
10

Employment status of head :
Self-employed. .............................
Employed by others .........................
Retired ....................................

.......
.......
.......

Ill
I2
19

49

56

32
I9

21

15
9
I?
8

.

All
units

STATUS--SIZE

ASSETS,

;:
I3

1’:
I3

16

IS
14
I3

I4

;:

I2

I4

7

:

:

5

62
3

4

4
8

6

4

I;

I2

(Pwcenvage distribution of consumer units)

INCOME

Age ol- head :
Under35...........
.,._....,._......__...
3s-44....................................
4s-64....................................
65 andover................................

Size of family:
2 persons.
3or4.................
5 or more..

Families of 2 or morn:.

Under age 65.
Age 65 and over.

...........................

..................................

Unrelated individuals.

Allothermits

Employment status of head:
Self-employed.
Employed by others..
Retired....................................

,

_....._..___.,.___..,.
._......,.._..........
. .. . .
.._..

Age of head :
Undcr35..................................
35-u....................................
45-64....................................
65 and over................................

Size 0C Iamdy:
2 persons.
3or4 . . . . . . . . . .
5 or more..

Families of 2 or more,

Unrelated indwiduals

Units with income below Level 1..

................
.......................
Under age 65..
....... . .. . ...
Age 65 and over.
. . . . . . . . . . . .._........

CLASSIFICATION
(Level 1) 1

Unrelated individuals ..........................
Families oF2 or more .........................

All units (toral population).

Group characteristic

A 40-POVERTY

I3
I2
7

‘Z

8
IS

I3
11
II

12

2”

6

II

2

.

5

:

:

z
I

3

;

7

4

I:

IO

DECEMBER

I;

I7

:d
I5

7

I:
II

IS

::

I9

I5

I;

9

I3:

.

I2.
.

4

1:

I3

n

16
I3

13

31, 1962

1:

IO

;
12

I

;
3

7

9
I6

II

7

.
2
4

:

;

3.
2

2

2
8

5

3

:

6

b

2
II

n

I3

5
2

.
I
4
II

.

I

:

3

l

2

3

7

.
.
.

.

l

5

2

:

4

5

2

4

*

.

l

2
.

.
.

I

2

.

I

3

l

I
4

b

6

:

l

1

4
2

l

l

.

.
.
.

.
.

.

.................

of 2 or more.

...............

age 65. ...................
and over..
...............

individuals

......................

t Level
2 Level

I is the economy
2 is the low-cost

level as defined
lrvel as defined

.....................
Employment
status of head :
Self~employed
...................
Employed
by others. .............
Retired.
........................

Age of head
Under35
.......................
35-44
.........................
4s-&o
.........................
65 and over

:

......................

Size of family:
2 persons.
3or4
..........................
5 ormore
.......................

Families

Under
Age65

Unrelated

ABotberhmit#.

......................
..................

Employment
status of head:
Self-employed.
Employed
by others
Retired .............................

..

by the Social Security
by the Social Security

.
. .._...

.......
.......
.......

.

. .. .
.

.......
.......
.......
.......

Administration.
Adminislration.

1;
Y

1:
5

I2

z

I2

IO

1:

fg”
II
10

I!
22

I4

I:

I3

I4

I5
10
2

18
10
2

:
IO

8

lf

Y

8

1:
7

!;

Ill
I4

I:
I3

I3

;:

I2

I3

1;

20

1:
I4

I

z

II

8

;

6

7

k
text for a brief explanation
See text L‘or a brief explanation

:;
II
8

::

IO

I8

?I

I6

I7

II
I6

::
14

::
I8
I8

::

19

56
48
52
33

.......................
.....................

Age of head :
Under35
.......................
35-44
.........................
45 -64..
65 and over

::
30

48

38

25

::

Y

19

II
7

47

::

of 2 or more.

................
.......................

.........................

48

Size of family:
2persons
...............................
3or4
..................................
sormore
...............................

Families

LEVEL

..............

BY LOW-COST

....................
over.

individuals

Undera(le65
Age 65 and

Unrelated

Uni~withincomebelorLevd2..

CLASSIFICATION
(Imel 2)2

and :cferenc.es
and rekrences.

I:
6

.I;
I3
8

I3
I2
I3

I3

!

7

I2

;

2

:
I

3

;

6

4

.

4
2
I

2

&I

.

3

7

l

.
.

.
.
.
.

.

l

l

l

1
.

.
.

1:

:,

6
:
I6

6
2
I

3

;

l

3
I
.

I

;

I

I

18

:

6

;

.

;
4

.

5
.
.

I

;

2

2

I
3
x

Y
8
3

;
3

:
2
2

;

2

I

9’

6

3

::
I4

8

I:
I3

I6

:z

I8

I6

I:

7

I:

I

l

I

I2
2

4

1:

I4

7

LEVJiL

.......................

BY ECONOMY

Automobile

Age of head:
Under35 ..................................
35 -44 ....................................
45-64 ....................................
65sndover ................................

Size of family:
zpersons ..................................
30r4 .....................................
5 Orrnorr ..................................

::
23

12

::

20

:
20

...........................

Families of2 or more

::

68
81

24
37
:;
:‘:

:;

40

37

::

31

36

19
6
5

10

16
9

12

11

31

79

86
92

;z
90

90

2

II4

89

18

51
39
34

41

45
59

52

46

69
82

80

::
12

Underage65 ...............................
Age 65 and over ............................

Unrelated individuals.

All

DECEMBER

31, 1962

:
6

.

IO
.
.

3

to
2

6

4

::

16

;
.

.

5
.
.

I

.
.

.

1

:

3

::
24

24

::

19

23

2:

.
4

IO
6
5

::

20

units grouped by various characteristics

PortColio of liquid and investment assets

OF WEALTH,

2
35
62

6

::
21

17

6

..................................

55

l

9

4

12

1;

17

...........................

ARotberlmit,

Age of head:
Under35 ..................................
35 -~ ....................................
ss-6(;
...................................
65andovcr ................................

Size of family:
2pcrsonr ..................................
30r4 .....................................
5 wInore ..................................

FamilicsofZormore
...........................

24
7

Underage65 ...............................
Age 65 and over. ...........................

38

:1:

73

I5

Unrelated individuals

Business,
profession
(tkm and
n.Xlfarm)

STATUS-COMPOSITION

a. Percentage of group having equity in specified assets--consumer

OWll
home

INCOME

............................

Unita with income below Level I ...................

CLASSIFICATION
(Level 1) t

Unrelated
Familicsof2ormorc..

All units (total population).

.
..
individuals ..........................

Group characteristic

A 41-POVERTY

2

of2

or

.............................

...................................
individuals

1 Level
2 Level

I is the economy
2 is the low-cost

level
level

as defined
as defined

................................
by the Sofia1
by the Social

!S

Security
Securely

Administratmn.
Administration.

x2

89

;:
89
73

45
6X

68

61
30

25
45

Ass OC head:
Under35
...................................
35-44
.....................................
45-64
.....................................
65 and over.

...........................

.............................

52

84

:;

72
70

30

63

::
69

18

50
::

::

62

24
10

17

47

61

44

:

37

41

;:,

of 2 or more.

I

Sue of family:
Zpersons
...................................
30r4
......................................
5 “rmorc
...................................

Families

Underag.e65
................................
Age 65 and over

Unrelated

Allotlwrunits

Age of head
U”der3S
...................................
35 -44 .....................................
45-64
.....................................
65andover
.................................

:

Size of family:
Zpersons
...................................
3014
......................................
5 01morc
...................................

Families

.............................
more ............................

Underage65
................................
Age 65 and “VW

Level

....................
.............................

below

individuals

with iofoma

Unrelated

Units

CLASSllk&A2T~ON BY LOW-COST LEVEL

See text
See text

;:
90
95

IIY
92
93

YI

::

85

90

44
53
49
71

:;
51

for a b&l
for a brlrf

:;
67

44

62
47
49

explanation
explanation

::

26
3x

::

and
and

rekrrncrr.
rckrcnces.

si

I5
I7

22
20
20

:
7

2

:

4

3

21
42

:

::
39

3

3

l

3

;

3
I
.

I

::

::,

211
24
24

25

:i

20

25

:
IO
IY

It

IO

Y

6

5

l

.

II
6

I
.

::

21

21

34

38

:
6
5

1:
24

3

Ii

r
2

4

I3

54
I7

IO
2

I5
8

45
59
52

5

II

53

::

4

I2

52

54
54

5

1;
IO
9

Y
Y
IO

Y

t

7

Y

3
5
7
II

:

II

6

4
3

4

characteristic

otherunits ...........................
individuals ............................

:

...........

....................

5,551
19,057
33,697
49,867

25.446

Age of head
Under35
..................................
35-44
....................................
45-64
....................................
65 and over

..........................
..........................
34,683
21,2Y6
20.787

of 2 or more.

18.950
29,026

22.057

25,011

Size of family:
2perrons ..................................
3or4 .....................................
5ormore
.................................

Families

Underage65
...............................
Age 65 and over.,

Unrelated

AU

1,023
3,287
8,290
12.611

:

Age of head
Under35
..................................
35-61....................................
45 -64 ....................................
65 andover ................................

6,167
13,679
3,586
2,595

of 2 or more.

5,617
6,061

5,846

6,032

14,462
22,513

20.982

Total
wealth

INCOME

Size of family:
Zpersons..................................
30r4 .....................................
5ormorc
..................................

Families

...........................
..........................

Underage65
...............................
Age 65 and over.

individuals

below

Level I ...................
............................

Unrelated

with income

Units

LEVEL

BY

CLASSIFICATION
(Level I)’

ECONOMY

..........................
..........................

population).

Unrelated individuals
Families of 2 or more

All units (total

Group

A 4l-POVERTY

Own
home

2,130
6,028
9,426
9,888

8,276
6.390
6,089

6,913

3,451
5,976

4,229

6,56Y

207
I.068
2,438
4.604

4,373
1,329
752

I.996

2,079
3,120

2,617

2.257

3,474
6.165

5.653

b. Mean

I

of

545
864
1,086
621

888
844
7Y2

844

363
240

325

778

I31
243
l9E
189

850
4.43Y
7,486
7,480

6,126
4.270
5,352

5,157

YLS
1,418

I.077

4.634

1.::
3,165
435

2.032
1,554
1,122

1,521

192
200
159
212

1,009
.

487

1,087

801
4,604

1,750
5.7YY
14,814
31,191

18,6Y7
Y,OYS
6,876

11,571

X.188
2O,Y56

12,125

I 1,642

5;:
2,138
7.334

6,Y2Y
323
4Y8

2,143

2.221
2,899

2,575

2.440

7,650
10, I67

Y.688

683
1,861
4,016
7.561

4,88Y
2.65’)
1,807

3.143

2,338
5.080

3,113

3.14’)

2;:
535
I.868

:z

1,727

624

t,OOY
1,630

1,330

921

2,315
2,760

2.675

.

I ,Ob7
3.Y39
lO,7Y8
23,631

IJ.807
6.436
5,06Y

8,428

5,850
IS.877

LI.Y4?

8,4Y4

?YI
1,803
5,466

assets

5’18
1,2Y4
5,556
13,867

8,102
?.Y12
2,IY3

4.388

),62X
M.732

5,202

4,4Y3

4
879
4,561

.

3.Y82
4
2

1,177

836
93

452

873

2,976
3,900

3,724

31
II6
487
2,308

773
456
308

517

I53
1.311

52’)

5IY

60’)
.

-I

l

2

l

640

IYO

.

l

l

II0

281
468

432

l,llO

41’)
2,528
4,755
7,456

4.Y.12
3.04u
2,568

3,522

2,06X
5.773

3,211

3,482

x5
315
YO5

.

5no
218
284

352

27h
I .Y27
886
687

,,Yb
6%
1,677

Yb I

I::
50

2 I4

I45
221
II

II4

167
6

x4
lM2
1,176

IO1

2,125
P32

7Y2

-

536

2,078
3,03Y

2,857

by vzu~ous chxactcrirtu

Investment assets
__~_~___~~__~~__~~~

unfits prouped

5,202
223
288

I.719

1,218
1,269

1,244

1,520

5.33s
7.407

7,013

__~_.~

and investment

1962 (Continued)

of liquid

31,

assrt,+onwmer

Portfolio

DECEMBER

specified

All

I__

WEALTH,

equityin

3,881

135
35

a3

147

212
745

644

OF

Business.
pr&~~lOIl
(farm and
nonkwm)

I

(in dollars)

AUlG
mobile

unount

I

STATUS-COMPOSITION

with

of 2 or

7,243

27,lY2

1 Level
2 Level

I is the economy
2 is the lowsort

level an defined
level as defined

by the Social
by the Social

Security
Security

Administration.
Administration.

2,330
6,367
9,562
10,883

8,524
6,654
6,553

37n
270

3,526
6,315

19.800
32,316

-

971

8X?
4,441
7.687
9,223

6,52X
4,346
6,008

5,480

I ,YY5
6,?Y3
15,217
38,418

20,043
Y,632
7,445

12,507

8.5117
23,581

‘J73
1,644

and rekrence~.
and reterrncer.

775
2,011
4.215
8,924

5,123
2,812
2 .OY9

3.3’))

2,435
5.175

3,371
3,224

I?,YtJii

3E
540
2,226

I,1151
374
263

737

969
1,873

1,439

12.55’1

74
648
1.855
6,476

5,5n2
I.203
I .1156

2.6811

2,097
3,034

2.584

2,653

1,166

4,Yll

503
2,121
3,3Y7
7w

1,817
2,223
1,486

1,804

934
.

449

I.351

See tex, l-or a hricr cxpl~nat~~~
See text for a brwf cxplanatmn

2s
1,127
691

Y40
ltY3
855

899

347

23,404

826

205
301
247
267

6,L160

457
I.545
3,722
5,3S8

223
199
315

4,329

26,694

1,376
4,831
Il.341
12,995

12,462
5,801
5,587

6,104
20,124
34,527
60,047
I

2,717

1,557

Age ol’head:
Under35
...................................
35 -el.....................................
45-64
.....................................
65andover
................................

or

130
37

2,073
3,182

5,388
6,259

4,681
2,037
1,911

81

254

I96

2,694

5,841

2,650

6.984

36,773
22,279
22,866

ol2

.............................
...........................
more.

...............................
over

I

I

Size of famdy:
zpersons
...................................
30r4
......................................
5 or more ...................................

Families

..................................
.............................

individuals

Underage65
Age 65 and

Unrelated

units.

Age of head:
Under35
...................................
35-44
.....................................
45-64
.....................................
65 and aver .................................

All other

LEVEL

.............................
...........................
more.

2

................................
over

Level

Sire of family:
zpersons
...................................
30r4
......................................
5 OTrnOTe ...................................

Families

LOW-COST

....................
.............................

BY

below

individuals

income

Underage65
Age 65 and

Unrelated

Units

CLASSIFICATION
(Level 2)2

s74

4.n5Y
Y,ll4

1,220
4,2X2
II,002
2Y.495

682
I,3Y5
5.836
17.734

15
I20
515
?,Y54

11x
4XY
370

Ihl
I,5L(Y

3,111s
IO.124

h.lS?
11,406

x.780
3,177
2,538

573

5,632

14,YX
6,820
5,346

574

4.Y61

26
43')
.

.

416
20
I

127

9,681

nit
2.5Y4

I3

Ii",

2,726

833

l

l

.

416
77s
85

85

6Y4

Y,lnn

I7
343
3.316
4.250

3,731
829
1,593

I ,YSI

l,lZtJ
I.161

1,145

1,682

(total

population).

Unrelated
individuals.
FamilicsofZormore..

units

characteristic

.......

.
.........

.
:I:

. .

.

Under3S..................
3s -44 . . . . . . . . . . . . . . . . . .
45-64....................
65 and over..

Age of head:

Size

of family:
2 persons..
3or4.....................
Sormore . .._._..._....._.

Families of 2 or more.
76

56
18

Under age 65. .............
Age 65 and over ............

72
44

::
33

14

;:

otherunitn..................
individuals.
..........

Unrelated

Au

Age of head :
Under35 ..................
35-44 ....................
45-64 ....................
65 and over .................

30r4 ......................
5 or more..................

36

.

2s

48

64

.

1.

Size of family:
ZDcrEons...................

..

Level

::

61

Total
debt

Families of 2 or more..

Under age 65. .
Age 65 and over..

..

below

Unrelated individuals

Unit8with income

CLASSIFICATION BY ECONOMY LEVEL (Level I)’

All

Group

43

9
5

8

38

2:
18
5

IS

:

6

II

3;

33

a.

h%:

Percentage
units

37

‘;
63

5
4
8
6

:;

42

60

6

:;

74
73

SY

1

22

43

30
62

S6

28
16

:
I

AUIOmobile

Instalment

Other

Personal debt

::
Y

48

20
36
44

33

2s
2

18

31

:t
14
3

:f

.

I6

6
.

3

IO

:t

27

65
52
34
16

27
46
60

44

26
5

20

40

:;
39
17

22
42
58

43

I2
II

II

29

I6
43

38

::
8

4s

::
46

30

24
2

Ill

2Y

::
30
21

::
48

33

IS
6

II

24

:‘:

27

Noninstal“lent

STATUS-COMPOSITION

of grou
having
specified
debts-xmrumcr
gr”upe s by various
characteristics

All

INCOME

;

I

I

:

5

Investmen,
asset*

Debt secured by-

A 42-POVERTY

(

6

5.189
6,24&l
5.164
2,033

3,211
5,454
6.560

5,034

2,401
l.IJO

2,015
2
.

4,647

1

974
I.716
1,051
369

442
1,036
1,562

1,072

313
616

469

8lY

I.291
4,431

3,x34

339
635
&I66

640

182
450

321

506

3,866
4,701
3.2YO
938

1,923
3,779
4.835

3,469

s43
54

392

3,075

31,

secured

3JY
3,039

2,szL)

Debt

DECEMBER

TOllll
debt

DEBT.

6

I
.

.
.

;
.

:

5

Debt on
hfe
insurante

OF

Pcrson~l

debt

662

2;

I77

.

1;
107

53

49

.

2s

41

229
4go
843
763

661
603
517

SYtl

I.134
1,013

I.077
YYJ
‘107
244

IOY

543
1,007
I,

8116

640
7Y

467

ll3z

3117
510
427
102

3::
5119

37s

121
II3

117

267

303
515

712

531

59s

546
JO2
332
103

21s
471
494

3YJ

272
28

IY7

370

121
176
97
7

IO.2
184

.

105

3s
.

I7

6g

II2
351

306

2tl’)
267
181
73

YY
233
321

214

YY
3

70

IYS

I52
12s
I21
66

I::
I43

II8

::

4g

BY

I::

I73

Mean
amount
(I” dollrrs)
of iprc~tird
debts
for all un,tr 1” group

I .OYl

b.

by--

IY62

242
227
3YJ
69

22‘)
303
2Y3

277

26’)
4’)

201

267

114
210
209
2Y

I::
262

IS2

6’)
37

51

II0

131
25g

2 14

4

I::
&I7

I6

::

84

g0

II

5’)

78

I2
.

I

.

1;
.

4

IO
3

6

5

61)

JJ

61

52

8
Y
6
44

57
I7
76

of 2 or more

t Level
2 Level

I is the economy
2 is the lowsoht

Age of head
Under 35.................
35 -44
45-64
...................
65 and over

level ar defined
level as defined

:
...................
...............

Size of famdy:
2 persons..
30r4....................
5ormore
. . . .

Families

Under age 65
Age 65 and over..

. .

40

46

.

individuals,

““its.

72

Unrelated

All other

::
27
7

$8
67
35

by the Social
by the Sow11

42
56
46
18

30
4x
57

%

Security
Security

:
8

:;

84
74

Admini>lrarion.
Administralion.

:
Y
4

43

34

63

66
52
33
I3
::
8

44

::
46

30

26
2

19

2Y

::
IS

40

::

II

32

14
6

IO

25

See text for a brief explanation
See text for a brief explanation

::
28
II

::

:z
60

26
2

2s
2

SO
7

22

19

19

z:
79

40

32

38

60
53
41
21

24
44
58

44

1:

I2

34

60

:‘B
I7
4

I

20

61

21

::

7
.

2’)
I7

6
5

I2

3

I4

22

48

5

I6

Age of head:
Undcr35.................
35-44...................
45 -64 . . . . .
65 and over..

66

:“o

25

2:
88

of 2 or more..

,.

2.

Size of family:
2 persons..
30r4....................
5ormore
. . . . . . . . . . . . .._.

Families

Under age 65..
Age 65 and over..

.

Level

BY
LEVEL

below

individuals.

with income

Unrelated

U&s

CLASSlFlCATlON
LOW-COST
(Level 2)2

I

54

S,bZS
6,560
5,282
2,402

3.417
5,802
7,150

4.21‘)
4,Y36
3,342
I .083

2,031
4.021
5,290

3,684

571
63

2.516
1.330
5,3S6

424

3,256

YLI2
1,431
1,102
322

2.175

4,938

I ,52Y
2,141
1,623
520

434
732
I.515

263
528
877
Y3l

717
654
576

655

I ) IY3
1,174

I ,I118

725

;:

122

l

:I
I51

69

976

1,477

544
I.137
2,347

45

.

23

I69
412

and references.
and references.

6

2

3

.

:

l

74x
295

302
565

41’)

1,130

l,I2>
1,019
Y33
27Y

578
1,057
I.167

927

665
8Y

4YY

871

547
586
437
110

3%
677

428

124
IO5

II4

323

5x2
513
342
120

230
4Y6
522

415

27’)
32

20X

388

203
241
I14
21

IO
130
250

147

42
.

20

105

?HS
261
IltO
72

::
316

212

IO3
I

74

I94

222
ISM
142
71

5s
lb4
222

I58

I8
71

46

I20

‘)I

25H
245
412
117

74x
32 I
330

JOU

?XJ
56

2lll

214,

122
157
180
19

34
‘J3
205

123

64
34

4M

:;
130
IOY

‘, I
71
II7

XY

PX
5

64

86

3
5)
3

.

5

with

income

below

1.

.

1 Level
2 Level

I is ths economy
2 is the low-cost

level as defined
level OS defined

by the Social
by.the
Social

.............................
......................

Empluynlent
~tatos of head:
Self-employed
Employed
by others.
Retired
..................................

...............................

Age of head :
Under35
.................................
35-44
...................................
45-64
.................................
65 and over

Security
Security

12,284
8,097
4,926

6,719
8,75Y
9,111
6,786

7,565
M,ZII
8,778

..................................
...............................

n.157

5,144
3,560

.

of 2 or more.

7,708
4,655

Sue of famdv:
2 persons
3or4
....................................
5 or more.,

Families

..........................

............................
over.

indivtduals.

units..

Und~ra~e65
Age 65 and

Unrelated

All other

.

I.518
2,429
1,443

1,104
I.642
2,688

Employment
sti,,u,
of head:
Self-rn1ployed..
Employed
by others..
Retired.

..........

2.050
2,260
1,758
I ,4Yo

........

1,903

Aye of head :
Undor35.................
35-44...................
45 -64..
. .
. ..
65 and over..

Size of f.t”ulv:
2 per>ons ..............
3or4
.....................................
sornlore
..............................

Famd~rb of 2 “c more..

783
834

XOY

1,444

2,853
7.206

6,378

IY62
illcome
(mea”
in
dollars)

Consunler

Administration.
Administration.

::

4’)

::

SOY
1,263
II2

347
441
957
271

672
834
510

2,016

160
61

221

2,237

20
91
31

2
34

47

AND

Jnrts

with

income
md~v~Iuals.

ol 2 or more.

. . .

. .

by other,.

.

_.

_.

“i kid:

and reference,
and rel~rencc~.

Rclirerl.

Employed

tmpi”y”ld
ah
Scli-cmpl”yd..

Under35..................
35-44.................................
45-64.................................
65 and over. _.

_,

of 2 or “core.,
famdy:
2 per,<r,,,.
3or4
..,
5 or Ilwrc..

s/e of

Famdies

. .

..__....

..............
.........................
over ........................
indlvlduals.

un,ts .......................

Underage65
Age 65 and

Unrelated

411 other

8.455
5,84n

1I,440

)

7.14’)
Y, I’)4
Y 404
8 ,O?Y

8.021
&I,637
Y,SY7

8,675

5.114
3.867

4,n97

8.175,

2,757
3,118
I.762

I ,43ll
2,IY4
3,453

2.5OY

ns2

I ,Y66

Employnlem
udtos
of head:
Self-employed.,
Elnployed
by others,
Retired.

. . .

DECEMBER

lY62
income
(“xl”
I”
doll.trs)

CROUPS,

2,822
2,Yl2
2,387
1,862

.

..
. . . .

..

Level 2.

LEVEL

SPECIFIED

Age of head:
Under
35........!................
35 -44.................................
45-64
,..,..._......._......_........_.
65 and over.

Sore of l.ll”lly:
2 perrona..
3or4.................
5ormore.......

zamdle$

Under
age 65
Age 65 and over..

Jnrrlawl

FOR

LOW-COST

SIZE

BY

b&w

SAMPLE

:LASSIFlCATlON
(Level 2)2

UNITS

See text lor a brief explu~atlon
See text for a brief explanation

IO
63
6

z:
II

21

::

2’)
39

2x

56

87

Y
4

I3

100

2:
II

Izl
II

I3

z

46

46
72

54

47

45
40
76

z!l
55
75

54
:::

I7
:t

192

:‘:

58

2:

128

20
22

310

42

34’)
2,208

2,557

IO0

k?

100

Number
in
SGXllple

““lb

CONSUMER

PeKc”tage diatribution

___

OF

62

49

:‘:

62

54

:;

49

Age of
head
(mean
in
year!.)

S~ATlIS~~~C‘tlARACTERI~~ICS

LEVEL

..........................

Level

..............................
over.

individuals.

Underage65
Age 65 and

Unrelated

Units

..

INCOME

BY ECONOMY

of 2 or more.

population).

Famiks

(total

mdividuals..

units

Unrelated

CLASSIFICATION
(Level 1)’

All

GrOUp

A 43-POVERTY

53

::
72

I’,
3’)
53
71

5s
43
40

46

46
71

54

47

47
3‘)
76

::

2x
40

64
41
42

4n

:t

62

31.

I7

IO
64
5

20
?I
36
Y

::

2’)

87

E

II

IO0

3:
I?

in
I5

I0

IL
20
2n

67

IS

33

loo

1962

I ,I’)7
YJ

II I

41 I
‘,11
245

7’)s
455

05u

I (‘AM

I54
5tl

210

2,110

41
I57
50

x3
7’)
80
60

7(>
Yn
114

xki

71
c,n

I 1’)

447