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Household Survey

Frequently Asked Questions

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About the FDIC:

The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nation's financial system. The FDIC insures deposits; examines and supervises financial institutions for safety, soundness, and consumer protection; makes large and complex financial institutions resolvable; and manages receiverships.

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General Questions

Data-related Questions

General Answers

Does the Household Survey follow the same households over time?

New households are interviewed at each survey wave rather than having the same households followed over time.

When is the Household Survey report usually released, and how often is a new report published?

A new survey report is released every two years, in the fall of even-numbered years.

Does each Household Survey ask the same questions?

While many questions repeat across survey waves, new questions have been added since the survey was first fielded in 2009. In addition, several existing questions have been modified, and some questions have been removed to make room for new questions. (However, the data available in the Interactive Tools have been harmonized to ensure cross-year compatibility.) Each survey report beginning with the 2011 report contains an appendix that describes how the survey instrument was revised from the previous survey instrument.

What does it mean that the Household Survey results are “nationally representative?” And what does representative at the state-level mean?

For the Household Survey, which is administered at the household level, nationally representative survey results mean that findings can be generalized to all households in the United States. Similarly, representative survey results at the state-level mean that findings can be generalized to all households in the individual state or the District of Columbia. The Household Survey data are collected by the U.S. Census Bureau through the FDIC-sponsored Unbanked/Underbanked Supplement to the Current Population Survey (CPS), which is designed to be both nationally and state-level representative. For additional information on the CPS sample design, see the technical documentation on the Census Bureau’s website. 

The findings on differences discussed in the report are only those that are statistically significant at the 10 percent level. What does this mean?

All estimated differences discussed in the Household Survey report are statistically significant at the 10 percent level, unless noted otherwise. That is, if the population difference were zero, then the probability of obtaining estimates having the observed difference or a larger difference would be 10 percent or less. For example, the estimated difference between the 2021 national unbanked rate (4.5 percent) and the 2011 national unbanked rate (8.2 percent) is statistically significant at the 10 percent level. 

Some Appendix Tables include a column that contains the “90 percent confidence interval” for the estimate in the row. What does this “confidence interval” tell me?

Confidence intervals quantify the sampling error for each point estimate (e.g., an estimated unbanked rate). Meaning, if we asked the same survey question 100 times, each time with the same number of randomly selected respondents, we would generate 100 new estimates; however, on average, 90 of those estimates would be within the 90 percent confidence interval.

Several tools are available on the Interactive Tools page. What can I do with these tools?

The interactive Custom Chart Tool and Custom Data Table Tool allow you to create and download custom charts and tables for any year that the Household Survey was administered. You can also add filters to explore specific segments of households, such as lower-income households. In addition, the Five-Year Estimates Table Tool combines data from three consecutive surveys to allow for estimates of unbanked rates for geographic areas where a single year of data may not include sufficient sample sizes for precise estimation.

My question is not answered here. How can I get my question answered?

Thank you for your interest in the FDIC’s Household Survey. If you have any additional questions, please contact the Survey Team at HouseholdSurvey@FDIC.gov.

Data-related Answers

When is the Household Survey fielded?

The U.S. Census Bureau fields the Household Survey every two years in odd-numbered years. The first Household Survey was fielded in 2009 as the FDIC-sponsored Unbanked/Underbanked Supplement to the January basic monthly Current Population Survey (CPS). From 2011 onward, the Household Survey has been fielded as the FDIC-sponsored Unbanked/Underbanked Supplement to the June basic monthly CPS. The Census Bureau’s website contains technical documentation on the basic monthly CPS and the Unbanked/Underbanked Supplement.

How often are new waves of the Household Survey data released?

A new wave of the survey data, along with a public report on the survey findings, is released in the fall of even-numbered years, following the data collection in the prior year.

How are the data structured?

The Household Survey data are cross-sectional, not longitudinal. In other words, new households are interviewed at each survey wave rather than having the same households followed over time.

Are the data publicly available for download?

The FDIC’s analysis data that contain variables used in the Household Survey report, along with the raw data, are publicly available on the FDIC’s Data Downloads and Resources page. You may also access the raw data on the U.S. Census Bureau’s Current Population Survey Datasets page.

How do I know if a variable is available in a given survey wave?

A list of analysis variables for a given survey year is available in the data dictionary on the FDIC’s Data Downloads and Resources page.

Do I need to apply weights when calculating estimates using the downloaded Household Survey data?

The results presented in the Household Survey reports are weighted estimates. To that end, the Household Survey data contain a set of sample weights that should be applied when calculating point estimates (e.g., when estimating unbanked rates). In addition, the data contain a set of replicate weights that should be applied when calculating variances (e.g., when testing statistical hypotheses). For additional information on the sample and replicate weights, see the technical documentation on the U.S. Census Bureau's website.

I want to obtain an estimated unbanked rate for a Metropolitan Statistical Area (MSA) that is not available in the interactive Custom Chart Tool or Custom Data Table Tool. Is there a way for me to obtain an estimated unbanked rate for this MSA?

An estimated unbanked rate for the MSA may be available in the Five-Year Estimates Table Tool provided by the FDIC. Five-year estimates of unbanked rates combine data from three consecutive surveys. As a result, five-year estimates are available for more MSAs than estimates based on data from a single survey. Please see the Five-Year Estimates Table Tool Instructions and FAQs for additional information on the tool.

Why are some subpopulation estimates not reported in a given survey year?

An estimate is not reported if a minimum sample size of at least 100 surveyed households is not met for the estimate in question. In that case, “NA” is reported instead. For example, estimated unbanked rates for Native Hawaiian or Other Pacific Islander households were not reported in 2019 and 2021 because less than 100 Native Hawaiian or Other Pacific Islander households were surveyed in each of these years. 

Are estimates of unbanked or underbanked rates available for U.S. territories?

Estimates of unbanked or underbanked rates are not available for U.S. territories because the CPS’s geographic scope does not include U.S. territories, and the Household survey is a supplement to the CPS. Additional information on the geographic scope of the CPS is available on the U.S. Bureau of Labor Statistics Concepts and Definitions (CPS) page.

I am interested in accessing the raw Household Survey data. How do I do that?

The raw data are publicly available on the FDIC’s Data Downloads and Resources page and on the U.S. Census Bureau’s Current Population Survey Datasets page.

I am interested in learning more about the technical aspects of the basic monthly Current Population Survey (CPS) or the Household Survey. Are any resources available?

The FDIC publishes a technical appendix to each Household Survey report. In addition, the U.S. Census Bureau’s website contains technical documentation on the basic monthly CPS and the Household Survey.

I want to explore the data without having to download it. Is that possible?

The FDIC provides free Interactive Tools for the public to create and download custom charts and tables for any year that the Household Survey was administered. These tools automatically apply weights to the survey data. Each tool page contains links to tailored instructions and FAQs.

Last Updated: October 23, 2024