The FR 3077 questionnaire is used to collect insightful information from consumers concerning the well-being of U.S. households and how individuals and their families are faring in the economy. The collected information could be used for the Boardâs Report on the Economic Well-Being of U.S. Households, for Board studies or working papers, professional journals, the Federal Reserve Bulletin, testimony and reports to the Congress, or other vehicles. The SHED questionnaire includes such topics as individualsâ overall financial well-being, employment experiences, income and savings behaviors, economic preparedness, access to banking and credit, housing and living arrangement decisions, education and human capital, student loans, and retirement planning. The overall content of the SHED questionnaire depends on changing economic, regulatory, or legislative developments as well as changes in the financial services industry.
The Paperwork Reduction Act clearance for the FR 3077 covers both the annual SHED questionnaire, as well as the potential for the Board to conduct smaller cognitive interviews, which would involve asking a small group of respondents (up to 30 people) open-ended follow-up questions in order to understand how respondents interpreted the questions being asked on the SHED questionnaire. These cognitive interviews could be conducted up to three times per year.
US Code:
12 USC 225a
Name of Law: Federal Reserve Act
The estimated total annual burden for the FR 3077 is 10,285 hours, and would decrease to 7,705 hours with the revisions. This decline in the estimated total burden reflects a shorter questionnaire relative to the previous collection (i.e., some questions were cycled off of past questionnaires and other questions have been simplified to reduce the time required to complete), and improvements in the methodology for estimating respondent burden. The number of respondents represents the number of potential respondents for the cognitive interviews (Qualitative Surveys) per survey conducted, and, for the questionnaire (Quantitative Surveys), also captures contacted non-respondents, inclusive of any pretesting that would be required. For purposes of this estimate, it is assumed that the Quantitative Survey would be conducted once per year, and the Qualitative Survey could be conducted up to three times per year. The Board estimates that on average, each Quantitative Survey would require 0.35 hours to complete. The Board expects that on average, each Qualitative Survey would require two hours to complete.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
FR3077_20201124_omb.pdf
Qualitative survey