The Fed released the Survey of Consumer Finances data through 2010 yesterday, and the big story is that median family net worth declined 39% from $126,400 in 2007 to $77,300 in 2010, with median income declining 8% from $49.6K to $45.8K. There is probably something housing-wealth-effect-related to say about this.

But my own reaction to things like this is of course a competitive one; I flip through the charts thinking either “whew, still doing okay on this one” or “remind me why I became a blogger again?” For these purposes I recommend in particular Table 4 on page 17 of the report to see where you stand in the net worth league table. Households headed by under-35-year-olds had mean and median net worth of $65,300 and $9,300 in 2010, which if you work in the financial industry should I’m guessing make you feel special (or old); other numbers you might consider are college grads (mean/median net worth of $978K and $195K) and the top 10% of households by income* (mean/median of $2.9mm and $1.2mm which, let me tell you, blogging has non-financial rewards, or something).

Two quick things. First, how can you read this and not think about the battle between rentiers and proletarians? Very easily is probably your answer but I found this interesting:

This is best read in conjunction with actual income data, which I’ve thrown together here (readable form here):

So, not to get too tendentious or anything, but lots of people argue that the Fed should be taking steps to further reduce interest rates to spur employment, and lots of other people argue that the Fed should be taking steps to raise interest rates to protect savers. The above gives you a really rough guide to who’s winning. Fed Funds never went below 4.25% in 2007; since 2009 it’s been around epsilon, and across the wealth spectrum people have seen reductions in interest income. Of around two hundred bucks, at the median, or twenty-five hundred bucks, for the top 10%. Meanwhile real wages are down by thousands of dollars across the top 75%, with all but the wealthiest losing more in wage income than they are in interest. Not a guide to monetary policy but maybe helpful in keeping boosting-employment-versus-screwing-retirees debates in perspective.

The second thing is … are you not weirded out by your fellow Americans’ investment choices?


I’d focus you in particular on the columns for “Stocks,” meaning direct investments (outside of 401ks) in individual stocks, and “Pooled investment funds,” meaning all (non-MMF) mutual funds (stocks and all flavors of bonds). Here is a thing the Fed says:

The direct ownership of publicly traded stocks is more widespread than the direct ownership of bonds, but, as with bonds, it is also concentrated among high-income and highwealth families. The overall share of families with any such stock holdings declined 2.8 percentage points from 2007 to 2010, to 15.1 percent, thereby continuing a decrease observed since direct stock ownership peaked in the 2001 SCF at 21.3 percent (data not shown in the tables). Across demographic groups, declines in ownership were more common than increases, with the noticeable exception of families in the top decile of net worth, for whom ownership rose 2.5 percentage points.

So, fine, but still is it not odd that twice as many median earners have individual stocks as own mutual funds?** Much of this is I suppose employee stock ownership (35% of stock owners own their employer’s stock) but not all of it:

Loosely speaking, then, the “typical” household investor owns a single-digit number of individual stocks directly, the opposite of what I take to be the normal advice about cheap diversification through index funds. I suppose that many of those investors would have cause to regret that decision over the last five years, if they weren’t so preoccupied with their lost housing wealth.

Survey of Consumer Finances [Federal Reserve, pdf]
Family Net Worth Drops to Level of Early ’90s, Fed Says [NYT]

* That top 10%, btw, has a median income of $212K, versus $120K for the next decile; you do the math on the cutoffs.

** There’s an annoying table (page 30) of median value of holdings for families holding each asset class, which shows people owning a lot more pooled vehicles than stocks, but that is hard to compare because of the wider stock ownership. For instance, in the 20-39.9th income percentile, median stock ownership for stock owners is $8K and median mutual fund ownership for mutual fund owners is $38K, but there are almost twice as many stock owners so, whatever. Also for the 0-20th percentile its also $38K for mutual funds and $20K for stocks, which just seems obviously statistical-artifact-y.

192 comments (hidden to protect delicate sensibilities)
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Comments (192)

  1. Posted by dumb | June 12, 2012 at 1:01 PM

    Is UBS still considered a financial institution, regardless I feel old.

    UBS associate quant

  2. Posted by Guest | June 12, 2012 at 1:05 PM
  3. Posted by Grinders | June 12, 2012 at 1:10 PM

    "…the big story is that median family net worth declined 39% from $126,400 in 2007 to $77,300 in 2010."

    But we're all declining together, so it's no big deal. Right?

  4. Posted by Sad Face | June 12, 2012 at 1:16 PM

    What a nice, but depressing, article.

  5. Posted by HAM05 | June 12, 2012 at 1:19 PM

    i've cleared the rest of my afternoon

    -excited in midtown

  6. Posted by 1st year | June 12, 2012 at 1:35 PM

    Wow, I knew I made more money than my friends but… wow.

  7. Posted by lights on | June 12, 2012 at 2:04 PM

    wait a minute. you're telling me the majority of americans are not very investment savvy? nfw.

    -Guy who has a buddy that buys penny stocks because "you get more shares for the same amount of money"

  8. Posted by guest | June 12, 2012 at 2:50 PM

    Actually, the median fell twice as hard as the mean, so the one-percenters took the biggest hit since the income distribution has become less negatively skewed.

    -CFA Quant

  9. Posted by Deleveraging | June 12, 2012 at 3:27 PM

    Here is what the Fed survey on wealth fails to address. You are poorer because you are working and paying taxes, paying tuition for your 4 kids, sending your ex-wife and your mother cash. Then you have a brother-in-law that took a package from GM who is not only collecting unemployment, but also started taking Social Security at 62 and working off the books as a bartender. And of course, it is all your fault because you work on "Wall Street". You can talk till your blue in the face, it doesn't matter.

    I'm sorry, I can't help myself…

    Why are my tax dollars being wasted, paying somebody to write a report that is telling me I'm poorer! Maybe I would not be so poor if the Fed didn't have all of these over-educated, over-paid assholes sitting around blowing smoke up their own asses at my expense. Think of how much less Bess could be paying Matt if the Fed laid off 1,000 economists tomorrow and all of that talent was on the street looking for a real job. This reminds me of the 70's when the government paid people to sit around and watch farm animals having sex all day.

  10. Posted by Stupid Laymen | June 12, 2012 at 3:43 PM

    Sorry to be serious for a second but…

    It's kind of funny to see how a financial guru looks at that chart. It's pretty unsurprising to me. I have a feeling that I'm at least sort of typical of your average working class muppet in that I look at individual stocks as a lottery ticket. I have precisely 0.005 percent of my wealth tied up in individual stocks. I don't look at that as an investment, I look at it as a gamble with disposable money.

    For actual investment I sink 8% of my income into a vanilla target fund in my 401k plan like most everyone else does. So why would I invest in bonds or index funds?

  11. Posted by D. kneale | June 12, 2012 at 4:00 PM

    Keep describing these "70s" please.

  12. Posted by Prospectus | June 12, 2012 at 4:04 PM

    You do realize that the target fund you own is simply an amalgamation of other mutual funds. So in all likelihood you do invest in bonds and/ or index funds.

  13. Posted by lights on | June 12, 2012 at 4:20 PM

    hmm… referring to laid of federal employees as "talent"

    other than that, no concerns.

  14. Posted by CasuallyRacist | June 12, 2012 at 4:58 PM

    For the breakdown of income and savings by ethnicity I wanted to see blacks as its own category so I'd have some source to cite when I make fun of them

  15. Posted by Stupid Laymen | June 12, 2012 at 5:49 PM

    Of course I realize that, it's my whole point. The Stocks and Pooled Investment Funds columns are only reporting "Directly held" assets. Why is it surprising that people don't invest directly in those types of assets when they already do through their retirement accounts?

  16. Posted by The 1% | June 12, 2012 at 6:14 PM

    My wealth tripled….I guess I'm the outlier…..to hell with the 99%

  17. Posted by wadely | June 12, 2012 at 7:12 PM

    Soft landing onto a sharp spike

  18. Posted by @KzooPost | June 15, 2012 at 5:26 AM

    Your conclusion about low stock ownership is a bit misleading since stock ownership is likely in retirement accounts where it belongs. A good question might be why only 50% of median households have retirement accounts, however.

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