Participating in the Survey of Consumer Finances
The 2025 Survey of Consumer Finances will begin interviewing U.S households about their financial circumstances in March 2025.
A variety of national statistics provide excellent information on the economy overall, but the average situation tells us little about the state of different types of families. Information on different types of families is scarcer and often provides an incomplete picture.
Life in America is always changing and rarely have so many families’ finances changed as much as they have in the past few years. Now especially, a clear picture of the finances of all types of American families is important.
The SCF is an essential tool for making that picture visible.
The Survey of Consumer Finances (SCF) is conducted by NORC and the Federal Reserve Board (FRB) and is the only fully representative source of information on the financial circumstances of U.S. households. The survey collects information about the types and amounts of assets and liabilities that households own as well as data on employment history, pensions, income, and demographic characteristics.
Analysis based on the SCF is a key input into government policy and consumer protection. Data from the survey are widely used by a variety of departments and committees, including:
- The Board of Governors of the Federal Reserve System
- The U.S. Congress
- Department of the Treasury
- Department of Commerce
The data inform programs and policies regarding the financial health of Americans. The survey is also an important input into a wide variety of academic research.
About the Federal Reserve
As the central bank of the United States, the Federal Reserve System conducts the nation’s monetary policy and helps to maintain a stable financial system. The Federal Reserve Board of Governors is one of the key components of the Federal Reserve System. More on the Federal Reserve
Links to materials external to the website of NORC and the Federal Reserve Board do not reflect any opinion or policy on behalf of NORC, the University of Chicago, or the Board of Governors of the Federal Reserve System. This material is intended for informational purposes only.
OMB Number: 7100-0287
Expiration Date: August 31, 2027
Protecting Your Confidentiality
NORC has protected respondent confidentiality for more than 80 years and is widely respected as a leader in social science research. This reputation is built upon a fundamental commitment to respecting the privacy of every research participant.
We have conducted the SCF since 1992. The SCF collects information about families' assets, debts, income, opinions, and expectations, along with other data needed to place this information in context. Participation in this survey is voluntary, and you may skip questions that you do not wish to answer. However, we hope that you will recognize your importance in this study and answer as many questions as you can.
Confidentiality Pledge
Below you will find our pledges to you as a participant in the SCF:
- Your personal information will only be used to contact you regarding your participation and our "thank you" gift for your involvement in the study, or to respond to any questions or comments you may have.
- We will never sell or distribute your personal information to third parties.
- Information collected for the study will only be used for statistical purposes and will be protected by cybersecurity measures.
- We provide survey responses in aggregate form so that you will not be identified from your survey responses.
- Each NORC employee who interacts with you or your data in any way is covered by a legally binding agreement to protect your confidentiality not just during the survey, but for his or her entire life. Violation of the confidentiality agreement is a felony offense under the Confidential Information Protection and Statistical Efficiency Act of 2018.
Advanced Data Security
Advances in technology have allowed organizations to gather a wealth of personal data from individuals. With the global increase in data collection, threats to the data gathered have grown. Several high-profile data breach incidents and online tracking have heightened concerns about the risks associated with unauthorized disclosure of personal information.
Organizations today are challenged to minimize these risks with multilayered approaches to securing computer systems and sensitive data. NORC takes the matter of computer security seriously and has developed a multi-tiered approach to managing the issues surrounding computer and data security.
PII Information and Use
Personally Identifying Information (PII) includes names, addresses, phone numbers, birthdates, and other information unique to a participant. NORC only uses PII to administer the survey. This means we will only use PII to:
- Contact you regarding your participation in and completion of the study
- Contact you regarding potential payments associated with your involvement in the study
- Respond to any questions or comments you may have
We will never share your personal information with anyone outside of NORC and all PII gathered will be destroyed at the end of the study. Information collected for the study will only be used for statistical purposes, will be protected by cybersecurity measures, and will be presented in aggregate form so that no individual participant may be identified.
We take physical precautions including password protected equipment and restricted keycard access, as well as network security measures such as encrypted transmissions, to ensure that your information and data are secure.
Compliance to Federal Regulations
NORC abides by numerous federal regulations regarding information security, management, and confidentiality. The most important laws are described below:
- The Federal Information Security Management Act (FISMA) is United States legislation that protects government information, operations, and assets. We recognize that the Federal Information Security Modernization Act of 2014 (FISMA) requires adequate information security protections to mitigate any harm to SCF information under our management and responsibility, as set out in National Institute of Standards and Technology Special Publication 800-53, Revision 4. FISMA was signed into law as part of the Electronic Government Act of 2018. You can read more about FISMA , NIST, and the ELECTRONIC GOVERNMENT ACT OF 2018.
- Participants' answers and information are protected under the Confidential Information Protection and Statistical Efficiency Act of 2018 (CIPSEA). This act provides protection for data and information used for statistical purposes.
- We are also in compliance with the Federal Information Processing Standards (FIPS), which are requirements set forth by the National Institute of Standards and Technology that confirm that our data security system satisfies federal protection requirements.
All SCF project staff must also agree to abide by the Privacy Act of 1974, United States Code 522A, and Internal Revenue Code Sections 6103, 7213, and 7431.
Network and Data Security
The NORC infrastructure maintains a highly secure internal network storage system. NORC uses password protected access rights to prevent data loss, corruption, and unauthorized breaches, thus safeguarding PII and individual privacy. Additionally, we follow the least privilege data access model, meaning that users have visibility only to the data for which they have been approved.
We use Federal Information Processing Standard (FIPS) 140-2-(PDF) compliant encryption (Security Requirements for Cryptographic Module, as amended) to protect all sensitive information during storage and transmission. At the time of hiring, staff must read and sign a legally binding pledge upholding the confidentiality provisions established under the Privacy Act of 1974.
Physical Security
NORC takes great care to enforce physical security measures specifically designed to ensure that access to confidential data is restricted to only those with a defined need and prior authorization.
Project tablets and paperwork are always kept secured by field interviewers and NORC staff and are password protected. Our data center and offices are accessible only via front desk check-in and badge entry.
Non-NORC employees are only allowed entry if they have been pre-authorized by a designated NORC representative and are always accompanied by a NORC employee.
Participation in the SCF is completely voluntary. If you have any questions or concerns, please call 1-800-609-2911 or email scf@norc.uchicago.org.
FAQ for Participants
Survey Information
To understand the financial behavior of U.S. households, it is essential for policymakers concerned with inflation, unemployment, interest rates, and national saving, to obtain detailed information about the finances of individual households. The SCF is the only unified source of such information. The survey is widely regarded as one of the federal government's most useful surveys.
This study will also help policymakers understand how households' finances have changed in response to stresses in the economy and how families make provisions for the future. Families' access to and use of credit plays a major role in this research, particularly how people obtain financing for major purchases or for starting and running businesses.
An important feature of the study is that it attempts to determine the future pension income that many people have in connection with their current and past jobs. For many people, pensions are now a much more important source of retirement income than they used to be. However, it is also important to learn about households with no pension coverage and how they manage their finances.
The survey is typically conducted every three years and was last conducted in 2022. Because the overall U.S. economy has experienced major restructuring since that time, it is very important to be aware of changes in the economic condition of individual families.
The study is being conducted by NORC under funding from the Federal Reserve Board in Washington, D.C. NORC is one of the oldest and most respected social research organizations. We have been conducting research in the public interest for 80 years. The results from many of our studies have been used to inform national decisions and are cited frequently in newspapers worldwide.
If selected, you will be contacted by a member of the professional staff of interviewers trained by NORC. Our interviewers wear photo ID badges. For security reasons, you can check their badge using our Verify a Field Interviewer’s ID form before admitting an interviewer into your home. Our employees will be happy to comply with your request.
Based on a variety of information, including the distribution of the population across the country in the 2010 census, your household and others were randomly selected using a scientific procedure to represent the full range of types of households in the United States today. Because of the balanced nature of this process, every household is very important to the overall results of the study, and no substitutions are allowed for households that do not participate.
At each household, the interviewer follows a set of rules to choose one person to participate in the study. We hope that about 6,000 adults, aged 18 and older, from all across the country, will be a part of this study. These people will include rich, middle class, poor, old, young, and every other type of group. The voices of everyone will come together in this study to provide a picture of what is happening in America today.
We encourage you to be certain of the legitimacy of the SCF. We want every participant to be well informed. There are several ways you can check the legitimacy of this study:
- If a field interviewer visits you at your home, ask to see his or her NORC ID badge. You may validate the legitimacy of their badge by entering the interviewer's employee ID and last name at using the Verify a Field Interviewer’s ID form on NORC’s Contact Us page.
- Visit the websites listed below:
Yes. For additional information about the SCF, NORC, the Federal Reserve Board, or related topics, please see the Contact Us section.
Participating
If you would like to schedule an appointment, please call 1-800-609-2911.
Your NORC interviewer will be happy to work around your schedule. The interview can be conducted entirely at your convenience, any time, day or night. You may choose to be interviewed in-person at the location of your choice, by telephone, or via Zoom.
If necessary, your interview can be completed over more than one session. In some instances, participants in past studies have chosen their interview completed by their financial advisor or a family member who has access to this information. Your interviewer will be happy to discuss a variety of options with you.
Interviewers from NORC will contact the list of specific addresses selected as part of the study's national sample. The interviewers will call on these addresses in person and select one person from among the household residents aged 18 and older, using a special rule to determine the person most appropriate for the study design.
Once selected, the person may choose to be interviewed right away or may set up an appointment to be interviewed at a more convenient time. Interviews can be conducted in-person at a location of your choice, over the phone, or via Zoom. To guarantee the consistency of the survey data, interviewers will conduct the interview using tablets.
Yes–participation in this study is completely voluntary. Participants may refuse to answer any or all questions. However, we have found that people enjoy being interviewed and find the interviews themselves to be interesting. In the past, many respondents have told interviewers that the study gave them a new perspective on their finances.
Questions in this interview will cover a variety of topics. These topics include:
- Housing and other real estate, along with any associated mortgages or loans
- Education loans and other types of debts
- Expectations about the economy and personal finances
- Business assets
- Financial assets
- Charitable contributions
- Cars and car loans
- Employment and pension benefits
- Various opinions
Interviewers from NORC are trained to record participants' answers objectively and accurately via tablets. This computer offers a high level of security. The information on the tablet is encrypted. Once the interview is completed, the interviewer cannot access the information. The information is encrypted when transmitted to NORC using very secure methods. Our computer systems have received the highest rating for data security by the National Institute of Standards and Technology, an arm of the U.S. government.
Your name and address will be separated from your answers to the survey questions. At the end of the study, NORC is pledged to destroy all identifying information associated with your interview. Your name and address will never be shared with anyone. Your answers to the survey questions will be used only for statistical purposes.
The study hopes to provide the best picture of the situation of every participant. For that reason, we encourage participants to consult records during the interview when they do not know the answer to a question. In the past, many participants have found that the interview has been quicker and easier if they have their key financial documents available to reference during the interview. Please be assured that we will not ask for information such as account numbers.
It is natural to think that if the sample is random, we could just substitute "another random person" off the street for the people selected into the sample. It would be convenient for everyone if we could always simply find someone less busy. But this would not work for two reasons:
- First, the sample is scientifically designed so that the random selections are made in a way that is structured around groups of people defined in a precise, but impersonal, way. Once the sample is selected, there would be no way to find replacements that would maintain the correct balance without starting all over.
- Second, random sampling guarantees that the people selected into the sample are not the result of any sort of personal biases or opinions of anyone. Mathematically, this gives us the assurance that the sample as a group gives an unbiased picture of U.S. households today.
Privacy
Absolutely. NORC and the Federal Reserve Board place the highest value on maintaining the confidentiality of participants' information. The identity of the participants in the study will be known only to a very small number of people at NORC who are actively engaged in collecting the data. That information will never be given to anyone else. At the termination of the project, all records of the names and addresses of participants will be destroyed.
Each NORC employee who interacts with you or your data in any way is covered by a legally binding agreement to protect your confidentiality not just during the survey, but for his or her entire life. Violation of the confidentiality agreement is a felony offense under the Confidential Information Protection and Statistical Efficiency Act of 2002.
We have 80 years of experience in collecting and maintaining the confidentiality of many types of private information. Earning and keeping the trust of our study participants is critical to the success of our organization; without it we could not exist.
Contact Us
Telephone
- SCF project number at NORC: (800) 609-2911
- FRB Office of Public Affairs: (202) 452-2955
Have questions about your rights as a research participant? Please call NORC’s IRB Manager toll free at (866) 309-0542.
SCF Research Team: scf@norc.uchicago.edu
Locations
NORC
55 E Monroe Street, Suite 2000
Chicago, IL 60603
Federal Reserve Board
20th and C Streets
Washington, DC 20551
Show Cards
During your interview, you may be asked to use these showcards to help ensure the accuracy of your responses.
Printable Show Cards
Download and print the show card PDFs or view each card on the page below.
View All Show Cards
A …$1 - $100
B …$101 - $500
C …$501 - $1,000
D …$1,001 - $2,500
………………………………………………………………
E …$2,501 - $5,000
F …$5,001 - $7,500
G …$7,501 - $10,000
H …$10,001- $25,000
………………………………………………………………
I …$25,001 - $50,000
J …$50,001 - $75,000
K …$75,001 - $100,000
L …$100,001- $250,000
M …$250,001 - $500,000
………………………………………………………………
N …$500,001 - $1 million
O …$1 million - $5 million
P …$5 million - $10 million
Q …$10 million - $25 million
………………………………………………………………
R …$25 million - $50 million
S …$50 million - $100 million
T …More than $100 million
Missed a regular payment on rent or a mortgage
Missed a regular payment on an auto loan, a student loan, or other debt
Missed a minimum payment on a credit card
Missed a regular payment on utilities
Delayed a payment on, or were unable to pay, a medical bill
Struggled to afford food
No challenges
Other challenge (specify)
0. Not at all knowledgeable about personal finance
1.
2.
3.
4.
5.
6.
7.
8.
9.
10. Very knowledgeable about personal finance
0. Not at all willing to take financial risks
1.
2.
3.
4.
5.
6.
7.
8.
9.
10. Very willing to take financial risks
0. No searching
1.
2.
3.
4.
5.
6.
7.
8.
9.
10. A great deal of searching
Call around
Newspapers/Magazines
Material in the mail
Television/Radio
Internet/Online service
Advertisements
Friend/Relative
Lawyer
Accountant
Banker
Broker
Financial Planner
Other
Never borrow
Do not save or invest
Commercial bank
Savings & Loan or Savings bank
Credit Union
Mortgage Company
Finance or Loan Company
Brokerage
Broad Financial Services Company
Other
Personal savings or assets
Credit card (personal or business)
Personal loan/line of credit from a bank or savings institution
Personal loan/line of credit from a credit union
Personal loan/line of credit from some other type of institution or investor
Business loan/line of credit from a bank or savings institution
Business loan/line of credit from a credit union
Business loan/line of credit from some other type of institution or investor
Other
Business checking or share draft accounts
Business savings accounts
Business lines of credit
Business mortgages
Other business loans or leases
Business credit cards
Credit or debit card payment processing
Other
Next few months
Next year
Next few years
Next 5 –10 years
Longer than 10 years
Take substantial financial risks expecting to earn substantial returns
Take above average financial risks expecting to earn above average returns
Take average financial risks expecting to earn average returns
Not willing to take any financial risks
Don’t save – usually spend more than income
Don’t save – usually spend about as much as income
Save whatever is left over at the end of the month – no regular plan
Save income of one family member, spend the other
Spend regular income, save other income
Save regularly by putting money aside each month
Family
Friends
Credit Card
Payday Lender
Pawn Shop
Car Title Lender
Church
Social Service Institution
Savings account
Stocks, bonds, CDs, or other financial assets
Home equity loan or line of credit
Pension or Retirement Accounts
Automobile
Real estate
Durable goods
Other miscellaneous valuables
Credit cards
Store charge cards
Payments due for services or goods purchased
Utilities
Insurance
Rent
Mortgage
Auto loans
Student loans
Other Miscellaneous loans
Installment or layaway loans
Eating or drinking out
Food or beverages at home
Entertainment
Travel
Non-durable goods
Personal care
Health care
Personal or home services
Location of their offices
Had the lowest fees/minimum balance requirement
Able to obtain many services at one place
Offered safety and absence of risk
Some other reason
Retirement assets associated with jobs
Current Job Pensions
- 401(k) and other account plans
- Plans that provide monthly retirement income
- Hybrid plans
Past Job Pensions
- Currently receiving benefits /making withdrawals
- Will receive benefits in the future
Social Security
- Retirement, survivor’s, or disability benefits
Other retirement assets
IRAs, Keoghs
- Started directly, or rolled over from pension/account from a former job
Annuities
- Directly purchased annuities
Food (e.g., groceries, delivered food, dining out)
Clothing and footwear
Personal and family care (e.g., hairdresser, childcare and retirement home services, pet adoption, etc.)
Furniture, household equipment, and routine maintenance of the house (e.g., appliances, regular cleaning, landscaping, home repairs, etc.)
Utility and insurance payments not included in rent or housing payments (electricity, gas, water, telephone/cell services, internet service, home or car insurance, etc.)
Transportation (e.g., car purchases in last year, fuel, car maintenance, public transportation, ride-share services, plane tickets, etc.)
Electronics (e.g., TVs, computers, audio equipment, etc.)
Recreation and entertainment (e.g., cable or streaming services, books, movie/concert/sports tickets, gym fees, instruments, etc.)
Regular subscription services (e.g., news/magazines/apps, club membership fees, online shopping, delivery services, phone apps with subscription fees, etc.)
Out-of-pocket health or veterinary expenditures (e.g., medicine, health products, dental and doctor fees, etc.)
Education (e.g., tuition, textbooks, etc.)
Don’t write enough checks to make it worthwhile
Minimum balance is too high
Do not like dealing with banks
Service charges are too high
No bank has convenient hours or location
Some other reason
Retirement Assets
Working now/Self-employed
On vacation/Other leave of absence
Temporarily laid off
Unemployed and looking for work
On sick leave, short term disability, or parental leave
Disabled
Retired (full, partial, or temporary)
Student
Homemaker
On strike
Volunteer work
Not working due to personal or family obligations
Other
All telework
Mostly telework
Half telework
Some telework
No telework
Temporary Assistance for Needy Families (TANF)
Supplemental Nutrition Assistance Program (SNAP)
Supplemental Security Income (SSI)
Special Supplemental Nutrition Program for Women, Infants, and Children (WIC)
General Assistance (GA)
Other federal, state, or local welfare or assistance programs
Other
PLEASE LIST YOUR STRONGEST IDENTIFICATION FIRST
White
(For example, English, German, Irish, Italian, Polish, Scottish, etc.)
Hispanic or Latino
(For example, Mexican, Puerto Rican, Salvadoran, Cuban, Dominican, Guatemalan, etc.)
Black or African-American
(For example, African American, Jamaican, Haitian, Nigerian, Ethiopian, Somali, etc.)
Asian
(For example, Chinese, Asian Indian, Filipino, Vietnamese, Korean, Japanese, etc.)
American Indian or Alaska Native
(For example, Navajo Nation, Blackfeet Tribe of the Blackfeet Indian Reservation of Montana, Native Village of Barrow Inupiat Traditional Government, Nome Eskimo Community, Aztec, Maya, etc.)
Middle Eastern or North African
(For example, Lebanese, Iranian, Egyptian, Syrian, Iraqi, Israeli, etc.)
Native Hawaiian or Pacific Islander
(For example, Native Hawaiian, Samoan, Chamorro, Tongan, Fijian, Marshallese, etc.)
Other
0. Not at all likely
1.
2.
3.
4.
5.
6.
7.
8.
9.
10. Certain
Too expensive, can’t afford health insurance
Don’t believe in health insurance
Not much sickness in the family - we haven’t needed health insurance
Dissatisfied with previous insurance
Job layoff or job loss
Some other reason
