How the Federal Reserve defines a family
The Survey of Consumer Finances measures the finances of a primary economic unit: the economically dominant single person or couple in a household, together with anyone else living there who is financially interdependent with them. The Fed notes that this is comparable to the U.S. Census Bureau’s definition of a household.
Each family has a reference person, whose age is used for the age groups. In a mixed-sex couple the survey uses the man; in a same-sex couple it uses the older partner; for a single person, it is that person.
Which figure to use
| Your situation | Compare with a family benchmark using |
|---|---|
| Single, living alone | Your own net worth |
| Married or living as a couple with shared finances | Your combined net worth |
| Couple keeping finances fully separate | Still the combined figure, because the survey counts the couple as one family |
| Adult living with parents but financially independent | Your own figure, noting that the survey may class you differently |
| Shared house with unrelated flatmates | Your own net worth |
Common pitfalls
- Counting joint accounts twice when each partner adds the full balance.
- Splitting the home but not the mortgage, or the other way round.
- Using your own age when the benchmark uses the reference person’s age.
- Dividing a family figure by two to get an “individual” benchmark. The survey does not publish per-person figures, and halving them is not equivalent.
For your own tracking
For personal planning there is no right or wrong choice. Many couples track a household figure for shared goals and individual figures for personal ones. Pick one approach and keep it, as described in how to track your net worth.
When you are ready to compare with the published data, read average vs median net worth by age and our note on what percentile data is available.
Questions people ask
Do children’s savings count?
If they live with you and depend on you financially, the survey would generally treat them as part of the family. For your own tracking, decide and stay consistent.
Are figures outside the U.S. measured the same way?
Not always. Other surveys may use households or individuals. Check the definition before comparing.
Sources
- Federal Reserve Board, Changes in U.S. Family Finances from 2022 to 2025: definitions of the family (primary economic unit) and reference person.
Educational information only, not personal financial advice.