Puerto Rico Survey of Consumer Finances: Top-Line Report
Published on November 20, 2013
The Puerto Rico Survey of Consumer Finances (PRSCF) was carried out between December 2007 and April 2008. It collected detailed information on household income sources, household-specific patterns of asset ownership for both financial and non-financial assets, household indebtedness, and net worth. The survey and data are the result of a collaborative effort between the Center for a New Economy in Puerto Rico and the Federal Reserve Bank of New York to gain a deeper understanding of the financial status of households in Puerto Rico and to provide a rich data base for future analysis and academic research.
Some of the key findings are:
- Average after-tax monthly income for all families reporting having any income in Puerto Rico during the time of the survey was 1,439 dollars a month (equivalent to 17,268 dollars on an annual basis).
- For all households, 62 percent of all income is derived from wage earnings and about 24 percent from retirement sources.
- Households that reported saving constituted approximately 43 percent of all Puerto Rico households. Among those households reporting any saving activity 64 percent save primarily for unexpected emergencies.
- Across all households in Puerto Rico in 2007 the average net worth was 67,193 dollars.
- Sixty percent of families in Puerto Rico hold some sort of financial assets.
- Savings and checking accounts contain approximately 44.7 percent of the total value of financial assets held by households with such assets.
- 45 percent of families have savings accounts and 29 percent have checking accounts.
- Approximately 9 percent of households reported having some unbanked cash.
- 38 percent of households reported not having a bank account of any kind.
- 86.25 percent of all non-financial household wealth across all households is concentrated in the value of the primary residence.
- 68.1 percent of all households reported owning the primary residence.
- Across all observations, the median value of all nonfinancial assets was 83,650 dollars. Across all households, residential values constitute 85.22 percent of the value of all assets.
- The median value of the primary residence for households that reported owning a primary residence was 90,831 dollars.
- 62.7 percent of all households reported having any debt. When segmented by the type of debt, 68 percent of the value of outstanding debt was incurred with the purpose of buying a residence or re-financing one.
- In Puerto Rico the educational attainment of the head of the household is positively associated to higher leverage ratios whereas in the United States leverage ratios decline with education.
- 23 percent of all families in Puerto Rico reported having any credit card outstanding balance. This was about 82 percent of all credit card holders.