Survey of Consumer Finances

ICR 202408-7100-005

OMB: 7100-0287

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement B
2024-08-26
Supporting Statement A
2024-08-26
IC Document Collections
ICR Details
7100-0287 202408-7100-005
Active 202310-7100-001
FRS FR 3059
Survey of Consumer Finances
Extension without change of a currently approved collection   No
Delegated
Approved without change 08/26/2024
Retrieve Notice of Action (NOA) 08/26/2024
  Inventory as of this Action Requested Previously Approved
08/31/2027 36 Months From Approved 08/31/2024
7,150 0 7,150
4,410 0 4,410
0 0 0

This triennial survey is the only source of representative information on the structure of U.S. families’ finances. The survey collects data on the assets, debts, income, work history, pension rights, use of financial services, and attitudes of a sample of U.S. families. Because the ownership of some assets is relatively concentrated in a small number of families, the survey makes a special effort to ensure proper representation of such assets by systematically oversampling wealthier families. For the 2025 SCF, the Board will conduct (1) up to 150 interviews averaging about 110 minutes (pretest) to be obtained in a test or series of tests of the survey procedures in 2025 and (2) up to 7,000 interviews averaging about 110 minutes (main survey) between April 2025 and March 2026. The pretest interviews and surveys will be conducted by an outside contractor. The pretest and the main survey will be collected by a field interviewer, either in person or on the phone, using a computer-assisted personal interview (CAPI) instrument. There is no hardcopy version of the questionnaire other than the text of the computer program. The wording of the survey questions will be modified to reflect the outcome of the pretest, but it is anticipated that such changes will be relatively small.

US Code: 12 USC 225a Name of Law: Federal Reserve Act
   US Code: 12 USC 263 Name of Law: Federal Reserve Act
   US Code: 12 USC 263(c) Name of Law: Federal Reserve Act
  
None

Not associated with rulemaking

  89 FR 16571 03/07/2024
89 FR 61423 07/31/2024
No

2
IC Title Form No. Form Name
Main survey
Pretest

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 7,150 7,150 0 0 0 0
Annual Time Burden (Hours) 4,410 4,410 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$7,600,000
Yes Part B of Supporting Statement
    Yes
    Yes
No
No
No
No
Keaton Cobble 202 262-7515 [email protected]

  No

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.
08/26/2024


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