Every three years, the Federal Reserve conducts one of the most detailed surveys of household finances in the United States. The 2025 Survey of Consumer Finances, or SCF, began in March and continues through the end of the year.
Conducted by the National Opinion Research Center (NORC) at the University of Chicago on behalf of the Federal Reserve Board, the survey collects financial data from thousands of American households.
It critically examines how people earn, save, spend, and borrow. The results from the 2025 survey are expected to be published in mid to late 2026 and are used to guide economic policy at the highest levels.
What the SCF measures and why it stands out
The SCF explores people’s savings accounts, retirement plans, real estate, and business holdings. It also covers liabilities like mortgages, credit cards, car loans, and student debt.
In addition to dollar amounts, the survey gathers insights into financial behavior and attitudes. Participants are asked how they manage money, whether they keep emergency savings, and how they plan for the future.
These details help researchers understand what people have and how they think about their finances.
The SCF uses a dual-frame sample, including typical households and high-income families. This helps paint a more complete picture of wealth in the United States than most other surveys.
How households are selected and interviewed
Households are selected randomly and invited by mail. Participation is voluntary, and trained professionals from NORC interview those who agree.
The interview process can take 90 minutes or more and may involve reviewing bank statements, tax returns, and other financial records.
About 7,000 households are contacted each cycle, and approximately 4,600 complete the full interview.
Because the survey is not open to the public and participants are chosen randomly, most people do not hear about it unless they are selected.
Data is protected
According to the Federal Reserve, all responses are confidential. Names, addresses, and other identifying information are removed before any data is released.
Even researchers analyzing the data only have access to anonymized results. The survey is designed to ensure that no individual can be identified in the final reports.
The survey’s importance
The 2025 SCF is happening during a period of economic uncertainty. Families are dealing with inflation, resumed student loan payments, and elevated interest rates. This year’s data will help show how Americans adjust to these challenges.
The SCF is rarely mentioned outside academic and policy circles, receives little media attention, and has no public-facing interface. Yet it remains one of the country’s most influential economic data sources.
Policymakers are especially interested in whether households maintain savings, how borrowing behavior has changed, and how different income groups are experiencing financial strain.
The 2025 survey may also capture newer trends such as remote work patterns, digital assets, and shifting retirement goals.
How policymakers use SCF results
The Federal Reserve uses SCF data to set monetary policy. Congress lawmakers rely on it to write tax and retirement legislation. Local governments use the information to guide housing programs and savings initiatives.
SCF findings have been cited in debates about interest rates, Social Security expansion, and student loan forgiveness.
Because the survey is conducted every three years, researchers can track how household finances change in response to economic shifts and policy interventions.
What it means for you and your finances
The SCF operates behind the scenes, but its influence reaches into nearly every American home. From mortgage standards to retirement rules, its findings guide decisions that shape the financial lives of millions.
By capturing not just how households earn and spend but also how they adapt and plan, the SCF offers policymakers a rare window into financial resilience and strain across income levels.
When the latest results arrive, they’ll offer one of the clearest snapshots of how Americans navigate this moment — and where we may be headed.
If you want to stay ahead of the curve, this is a good time to audit your financial habits. Check in on your savings, debt levels, and spending priorities.
The same questions policymakers will be studying, like whether families are prepared for emergencies or adjusting to interest rate changes, are worth asking at home, too.
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