Labor, Income, Finances, and Expectations (LIFE) Survey

The Labor, Income, Finances, and Expectations (LIFE) Survey collects data on topics related to the Consumer Finance Institute’s mission to better understand how people earn, spend, save, and invest, as well as how credit markets and payment systems affect the economy.

Inaugural LIFE Survey Report

January 2024 Survey, Published March 2024

This report is part of a quarterly series that summarizes key observations from the LIFE Survey. In each report, we share data relating to employment status and concerns about working, income expectations, recent financial health and stability, and concerns about the future and personal outlook.

Key observations from the January 2024 survey include the following:

  • Respondents in January 2024 are more positive about growth in their income compared with the same period last year. This was especially the case for respondents with higher incomes.
  • About half of the respondents reported experiencing a financial disruption in the last 12 months, the most common of which was a significant nonmedical expense.
  • Access to reliable transportation is a possible roadblock to those who are currently not working. For those who are in the workforce, exposure to illness remains a significant concern.

View the Latest Report

Data Downloads

Type
Title
Description
LIFE Survey Report Data Tables, January 2024

Expanded data tables featured in the January 2024 LIFE Survey Data Report

About the Survey

Office Entrance

The Labor, Income, Finances, and Expectations (LIFE) Survey was initiated in 2023 and launched publicly in 2024 by the Consumer Finance Institute (CFI) at the Federal Reserve Bank of Philadelphia. The LIFE Survey is used to collect data on topics related to CFI’s mission to better understand how people earn, spend, save, and invest, as well as how credit markets and payment systems affect the economy.

The quarterly survey collects data from a cross-sectional sample of U.S. adults (ages 18+) through an online questionnaire designed by CFI and hosted by a third-party vendor. The questionnaire is designed to allow the analysis of key consumer trends while providing our researchers with the flexibility to investigate timely topics that are relevant to CFI’s core mission. Demographic information (e.g., age, income, gender, race/ethnicity, educational attainment, marital status, and household size/composition) is collected each quarter, and the composition is monitored and weighted to ensure national representativeness and consistency of sample characteristics across the survey series.

A summary of the survey results will be published here on a quarterly basis with additional analyses drawn from survey data published as they are developed. Data reports and downloads, all of which will be available on the main LIFE Survey page going forward, reflect weighted results unless otherwise noted.

Contact the Team

Tom Akana

Email

tom.akana@phil.frb.org

Senior Advisor and Research Fellow, Consumer Finance Institute