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Summary

Once every three years, the Board of Governors of the Federal Reserve System collects data on household assets and liabilities through the Survey of Consumer Finances (SCF). The most recent such survey was conducted in 2007, and the survey results were released to the public in February 2009. This CRS report presents data from the 2007 SCF with respect to household ownership of, and balances in, retirement savings accounts. Because the majority of assets held in retirement accounts are invested in stocks, trends in stock prices have a significant impact on households’ retirement account balances. As a result of the broad decline in stock prices in 2008, the retirement account balances that households reported on the 2007 SCF may be greater than many of those households would report in 2009. The effect of the current recession on household finances will be reflected in the next SCF, which will be fielded in 2010. Nevertheless, the 2007 SCF provides the most comprehensive and current data available on the amount and type of retirement assets owned by American households.

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